The Ibex faces its sixth session of falls while waiting for the ECB

2023-10-25 15:30:48

The weakness of the latest macroeconomic data and the doubts surrounding its impact on business results once again put investors on guard who are waiting behind the barrier for Thursday’s meeting of the European Central Bank (ECB). The consensus of analysts is betting on a pause in the current cycle of interest rate increases, but also expects a much more aggressive speech from Christine Lagarde, which would leave the door open to future increases if necessary.

While waiting for the outcome of the meeting, doubts prevail and the Ibex-35 loses another 0.10% in its sixth consecutive session of losses, failing in its initial attempt to recover 9,000 points. Not even the pull of Santander, which leads the selective with a rise of 2.79%, manages to avoid the red numbers. The entity benefits from results that have been in line with expectations, with a record profit of 8,143 million in the first nine months of 2023.

Aena and Banco Sabadell also recover positions, after suffering a severe setback on the stock market on Tuesday after learning of the Government pact that proposes extending the permanent tax on banks and reducing domestic flights that present an alternative by train in less than 2.5 hours, except for international connections.

Grifols and Acciona weigh at the bottom of the table, leaving 3% and 2%, respectively. Other large values ​​also put pressure on the falls, such as Telefónica, which lost 2.27%.

Debt and oil

Meanwhile, in the debt market, bond interest rates maintain their correction, reflecting less tension than in previous days. Last week, the interest rate on the ten-year US bond exceeded 5%. And today it is already moving at 4.84%. For its part, the yield on the ten-year German bond, the main reference in Europe, moves at 2.82%, below the 3% it reached a few days ago.

Regarding raw materials, the price of a barrel of Brent, a reference for the Old Continent, was above 87 dollars, 0.56% less, while the American West Texas fell 0.57%, to 83.26 dollars, both affected by the escalation of tensions in the Middle East following the open war between Hamas and Israel, as well as the situation in Iran, in addition to pressures related to the conflict in Ukraine and the cut in supplies from Russia and Saudi Arabia.