2023-08-29 19:20:17
The bullish push continues in the parquets of the old Continent.
The IBEX35 grows 1% to close very close to 9,600 euros, with energy and tourism as the spearhead of the day and in which only slight corrections are noted Santander, Ferrovial and Grifols.
France with 7 tenths and Germany with 9 are appreciated in line with our selective. In the case of the CAC40, it is only one and a half points from the upper limit of its bullish channel located at 7,500 euros. Putting the focus on the DAX, we see that it is approaching 16,000 euros per title earlier than expected.
The scenario in which Brent and West Texas barrels remain above 80 dollars for a long time is gaining strength (the WTI price exceeds it slightly) given that OPEC announces possible new increases in the cuts already installed in daily production of crude.
In parallel, we have bad growth figures for China (the number one importer of crude oil) and local problems with supply in the US after the fire at a Marathon Petroleum refinery last week in Garyville, Louisiana.
Since the fire, the daily production estimated at 596,000 barrels of what is the third largest refinery in the US has been suspended.
The macro with the consumer confidence index of the Conference Board relative to the month of August falling by 10% with respect to the expected data added to the decrease in the number of new job offers also in the United States have led the dollar to correct its value and to mark a daily maximum of 1,084 dollars for each euro.
With the depreciation of the dollar, gold rises to 1934 dollars and silver marks its maximum in August, standing at 24.6 dollars per ounce.
For their part, cryptocurrencies led by Bitcoin gain a boost on news that the US Federal Court of Appeals ruled that the SEC was rash in rejecting Grayscale’s application regarding its Bitcoin ETF. At the end of the publication, Bitcoin rises above 5% to $27,400.
Adrián Hostaled, XTB analyst
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