Few movements among the main world selectives, which after today’s close will be able to close a new month of the year in positives, in this case marked by business results and the possible halt in rate hikes by central banks. In today’s session we have learned new macroeconomic data of special relevance for the future decision-making of these organizations, mainly the ECB.
Regarding the rise in prices, general inflation has increased by 5.3% compared to the previous year in July, as expected, slowing down compared to previous months. However, core inflation, which excludes volatile components such as food and energy, has exceeded market estimates. As for Eurozone GDP growth, the data is positive, although it has been boosted by three extraordinary months in Ireland, so the coming quarters may give us real confirmation of the common zone’s economic situation.
Regarding the Ibex 35, the session ended with moderate falls. The two sectors with the highest weighting in the selective, such as banking and energy, have had a day from more to less, finding the vast majority of companies in negative territory. However, the bottom part of the table is led by Cellnex, which falls around 3%, after suffering the punishment of the market when its financial director, and a key man in the organization chart, resigns. Among the best values of the day, we find the shifts sector led by Meliá and IAG, which in this case receives the boost of new recommendations from different analysis houses after the presentation of its quarterly results. Other sectors with positive returns are those linked to raw materials, with Arcelormittal, and Acerinox, driven by possible stimuli from China, while Repsol consolidates its rises on a new bullish day for oil.
Tomorrow it will be the turn of the services and manufacturing PMIs in Europe and the US, while at the business level the prominence of the week will fall on Thursday with the presentations of Amazon and Apple.
Manuel Pinto, XTB analyst
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