2023-09-11 17:49:11
The Spanish stock market closed positive for the second consecutive session in a day without major references. Investors are pricing in the possibility that the ECB will pause rate hikes after nine consecutive increases. The slowdown in inflation and the progressive economic deterioration have precipitated this possibility, but some members of the European organization have warned that no one should be surprised by a new increase of 25 basis points, since inflation is still far from its objective of 5, 3%. The Ibex 35, for its part, is once again trading above 9,400 points and since the beginning of the year it has accumulated a profitability of close to 15%.
At the business level, Grifols led the increases, closely followed by Fluidra and Rovi. The banking sector ended positively as a whole due to the possibility that a new rise will continue to expand the interest margin. Companies related to raw materials such as Repsol, Arcelor Mittal and Acerinox also finished with promotions. Inditex will publish its results this Wednesday after rising more than 44% this year.
The dollar fell while awaiting the CPI data that will be published on Wednesday in the US and that could condition the Federal Reserve’s strategy. Although the market is discounting a pause in its meeting next week, it could resume its rise in the month of November. China and Japan issued warnings to speculators who are taking advantage of the weakness of their currencies and threatened the possibility of a change in their monetary policy. Oil prices recovered from a lower opening and returned to trading above $90 per barrel.
Joaquin Robles, XTB analyst
#Ibex #recovers #points