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Thursday, September 28, 2023
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The Ibex suffers more cuts and puts 9,400 points at risk due to the escalation of debt

Date: September 28, 2023 Time: 01:35:46

The Ibex 35 points to another day of collecting benefits. The Spanish stock market reference 0.9% at the opening that keeps it on the edge of 9,400 points. The minutes of the Federal Reserve, the falls in the Asian stock markets and the rise in interest on bonds are an explosive cocktail for the parquets of the Old Continent, which succumb to falls. Paris left 1.3% at the opening, Milan fell 0.8%, Frankfurt corrected 0.76% and London lost 0.7%.

The additional increase in interest rates throughout this year by the Federal Reserve has put pressure on the debt. The 10-year US bond is already close to 4% and has reached its highest since the intervention of SVB Financial. For its part, the German 10-year bond exceeds 2.5%, while the Spanish one reaches 3.5%, highs at the end of May, due to the tension to reach an agreement on the debt ceiling in the US, while the Spanish risk premium was around 100 basis points.

On the other side of the Pacific, the main Asian markets suffer cuts. Thus, the reference index of the Shanghai Stock Exchange fell 0.54%, while Shenzhen left 0.55%. In Tokyo, for its part, the Nikkei, the main indicator of the Tokyo Stock Exchange, closed with a decrease of 1.7%, the third in a row, dragged down by the semiconductor sector and as concerns about the global economy resumed.

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The market’s focus of attention this Thursday is on macroeconomic data. In Europe, the PMIs for the construction sector, consumer confidence in Spain and retail sales in the euro area will be released. In this sense, factory orders in Germany registered an increase of 6.4% in May in relation to the previous month, when they had suspected 0.2%, as reported on Thursday by the German Federal Statistical Office (Destatis). In the United States, new applications for unemployment benefits will be announced.

Back in Spain, IAG (-2.9%), Grifols (-1.8%), ArcelorMittal (-1.56%), Fluidra (-1.4%) and Inditex (-1.4%). Only Acciona (+0.74%), Enagás (+0.43%), Indra (+0.64%), Endesa (+0.28%) and Redeia (+0.3%) are saved. Naturgy is trading with a slight drop of 0.11% amid rumors of Ignacio Gutiérrez-Orrantia as CEO, while Francisco Reynés remains as Chairman after recently renewing his mandate.

At the opening of the stock market, the price of a barrel of Brent quality oil, a reference for the Old Continent, fell 0.30%, to 76.42 dollars, while Texas stood at 71.72 dollars, a 0.10% less. In the currency market, the value of the euro against the dollar was placed at 1.0861 ‘green bills’.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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