The Ibex 35 activates the brake after reaching a new maximum since February 2020, before the decree of the state of alarm in Spain. The selective is trading on tables after the mid-session with an advance of 0.1% that makes it lose the level of 9,500 points. Investors are in full digestion of the data coming from China, where the government has advanced weaker-than-expected economic forecasts. This week’s agenda in the West will be marked by the speech by Jerome Powell, president of the Federal Reserve (Fed), in the United States Congress, key to knowing whether to give clues about the road map in terms of monetary policy during the next months.
In the euro area, the ECB has already opened the door to continue raising rates beyond March, with the governor of the Austrian National Bank and member of the Governing Council of the European Central Bank (ECB), Robert Holzmann, the most aggressively. Specifically, this ‘hawk’ has defended the need for the eurozone issuing institute to adopt restrictive measures in its monetary policy, with increases of 50 basis points in each of the next four meetings of the entity, which would lead to 5 % the reference interest rate from the current 3%.
Debt also gives a breather and deflates the rise in interest. Specifically, the yield on the Spanish ten-year bond stands at 3.6%, while the German one stands at 2.65% and the American one falls below 4%. “The positive reaction of the stock markets last week seems to indicate that investors are beginning to accept the new scenario that the markets will have to face in the coming months, a scenario of higher-than-expected economic growth and in which inflation will slow down to a slower pace than would be desirable in principle, which would most likely lead the main Western central banks to raise their rates more than what the markets discounted until just a few weeks ago,” Link Securities specifies.
The stock markets of the Old Continent are trading in a mixed tone with London down (-0.56%). On the rise side, Frankfurt stands out (+.03%), while Paris and Milan rebound by 0.18% each. Back in Spain, Meliá led the session with an advance of 2.23%, followed by Merlin Properties (+1.3%), Telefónica (+1%), Sabadell (+0.89%) and Unicaja Banco (+ 0.84%). On the side of falls, Grifols fell 3.5%, while Solaria fell 2.85%. Acciona Energía also lost 2.57%.
In other markets, a barrel of Brent stood at 84.44 dollars, 1.62% less, while West Texas Intermediate fell in the same proportion, until consolidating at 78.38 dollars, while in currencies, the euro has registered a flat against the growth of the dollar, so that the community currency was exchanged for 1.0632 ‘green bills’.
