2023-12-07 21:21:18
A day of decline for the Ibex 35, which lost 1.3% in a session that has also been negative in the rest of the European and Asian stock markets. The macro has not allowed the situation to be reversed, since in the middle of the morning we knew the negative GDP references of the euro zone. On the one hand, the quarterly GDP data has shown a tenth of a contraction compared to the second quarter of the year, and in the year-on-year comparison we have seen how growth has been zero. These data only confirm the stagnation experienced by the economy of the “Old Continent” despite the good performance shown by the selective ones during the past month of November.
Within the Ibex 35, those that lost the most ground in today’s stock market session are banking entities and those related to the tourism sector. The first as a corrective as a result of the dazzling promotion they accumulated during the year due to the increase in their income, and the second due to JP Morgan’s rating downgrade for the European airline sector.
The barrel of crude oil is trading without notable changes, which prevent West Texas from recovering the 70 dollars it lost yesterday. These levels do not leave OPEC countries calm, as they see how their comments last week have not had the impact they were looking for on the markets, and doubts arise about the real effect that the additional crude production cuts planned for January will have. from 2024 and beyond (up to 2.2 million barrels per day). The scenario in which barrels recover $80 is still far away.
Day of volatility for the EURUSD pair that crashes into the lower and upper limits of the 1.075-1.079 channel while the S&P500 manages to erase yesterday’s falls and is trading 0.7% higher at the opening of Wall Street. Gold rises 2 tenths to maintain $2,030 per ounce. Bitcoin slows down its climb but manages to hold on to USD 43,700.
Adrián Hostaled, XTB analyst
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