2023-08-21 18:14:57
Day from more to less in the main world selectives that started the morning recovering part of the lost ground of the last days, but that they end up correcting in the face of current risks. Once again, China was the protagonist during the first hours of the day, after a new monetary policy decision, in this case by lowering interest rates, although surprisingly, it was carried out to a lesser extent than expected, and without touching the rate of loans to 5 years. In addition, Germany has reported macroeconomic data that continues to warn about the economic situation of the leading European power, after reporting the consumer price index well below expectations.
Other news of the day continues to be the evolution of debt yields. Bond yields continue to rise, which in some regions are at 20-year highs, due to better-than-expected growth data that raises the possibility of staying put for longer with high interest rates.
The Ibex 35 closes flat, after the heavyweights of the selective lose strength, as the end of the session approaches. At the sector level, utilities continue to trade with falls due to the increase in bonds. Scenario similar to that of companies with high levels of indebtedness such as Fluidra, or sectors linked to real estate with Colonial and Merlin, which end up among the worst values in the selective. Another session in which pharmaceutical companies close with bullish returns, with Grifols standing out with the best performance in the index. The banking sector manages to end almost entirely positively, with Bankinter at the forefront. Meanwhile, we find a mixed sentiment in those sectors most linked to raw materials, with Repsol advancing again to the sound of the rise in oil prices in recent weeks, while Arcelormittal and Acerinox suffer from the doubts that one of the countries continues to offer. on those that have greater dependence on their results, such as China.
In other markets, the falls of Bitcoin continue to suffer after learning last week of its massive sale in the markets, and the postponement of the SEC to new products that replicate its price.
In the coming days, the most relevant will be the speeches of different members of the central banks and the Jackon Hole event, in which we will learn more clues about the future of the monetary policy of the main economies of the world.
Manuel Pinto, XTB analyst
#Contrast #session #Ibex