2023-06-12 18:12:16
The stock markets start a week with rises that will be decisive for the evolution of the market in the medium term, with key references such as the publication of the CPI in the US and the decision on interest rates by the Federal Reserve (Fed) and the European Central Bank ( ECB).
The Ibex-35 dismissed the day with an advance of 0.37% to 9,344 points, despite the ballast of great values such as Telefónica or Repsol, which lost more than 1% at the close.
Solaria led the rises of the selective with an advance of 4.6% encouraged by the takeover bid by the Antin fund on Opdenergy, at 5.85 euros per share. The figure implies a premium of 46% compared to the price at which the company was trading on Friday (4 euros per share). At the close of the day, Opdenergy shot up 41% to 5.67 euros, adjusting its price to that of the French fund’s offer.
Other listed companies in the renewable sector on the national stock market added to the optimism with increases of 5.96% for Grupo Ecoener, or 5.7% for Grenergy.
Investors’ first appointment will be with US inflation, which will undoubtedly determine the rest of the decisions of the central banks, with doubts that persist above all regarding the movement that the Fed will carry out on the other side of the Atlantic.
Initially, the market almost certainly discounted a halt in the cycle of interest rate rises. But the ambiguity of the president of the organization, Jerome Powell, in his latest public interventions, have opened the door to the possibility that the expected pause in the 5%-5.25% interval is just a mirage that leads to another rise. at the next meeting in July.
«Regarding the ECB, note that the expectations that the market manages are for two new rate hikes of 25 basis points; one at the meeting of the Governing Council on Thursday and the other at next month, which would place the deposit rate at 3.75%, a level at which we expect the ECB to consider while waiting to verify the impact of rate hikes in the region’s economy,” explain LInk Securities analysts.
The market is also closely following the evolution of the oil price. After the notable rebound when learning of the additional cut in production by Saudi Arabia, rumors about a possible lifting of sanctions against Iranian crude oil -which could offset the million barrels per day that Saudi Arabia will stop producing- have caused a strong drop in the markets where this raw material is traded.
Specifically, the Brent-type barrel, a reference in Europe, is trading at 72 dollars after falling nearly 3%, while West Texas definitively loses the 70 level and falls to 67.8 dollars.
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