2023-06-16 18:39:06
Investors save a week marked by the central banks with cumulative increases of 1.99% for the Ibex-35, which next Monday will start at 9,495 points. The selective even exceeded 9,500 integers at the best moments of the session, approaching the highs of the year registered at the beginning of March.
At the close of the session, the selective advanced 0.68%, driven by Solaria (+3.1%), Ferrovial SE (+2.17%), Iberdrola (+1.98%), Banco Sabadell (+1 90%), Indra (+1.74%) and Colonial (+1.50%).
The company chaired by Rafael del Pino was one of the great protagonists of the session, on the first day of joint listing in Spain and on the Amsterdam Stock Exchange. In his debut in the Netherlands, his titles rose 3.67% to 29.98 euros. In Spain, they closed the session with increases of 2% to 29.55 euros.
Positive request
After the initial uncertainty, it thus appears that the market has welcomed the latest monetary policy decisions of the world’s main central banks. At least the fact that both the Fed – which paused the cycle of increases – and the ECB – which raised its reference rate to 4% – have made it clear that, although the end of the cycle of increases is near, households must get used to it because rates will stay high for longer.
The surprise of the week came from the Bank of Japan, which on Friday agreed to keep its interest rates negative (-0.10%), given the end of the upward cycle in Europe and the US. “Although both the The Fed and the ECB have stressed that inflation continues to be the main problem, as is the fact that, so far, the main developed economies are resisting better than expected to the aforementioned high prices and interest rate hikes”, indicate the analysts of Link Securities.
What’s more, the scenario of a soft landing for the economy would be gaining ground against the risk of recession among investors. This same Thursday, the US published retail sales for May, which surprised on the rise, “confirming the great strength that private consumption has been showing in the country.”
In the debt market, this scenario that is now opening up and that points to an increase in financing costs has also been noted. Thus, the return that investors require to buy German debt (10-year bond) has exceeded 2.5%, while the interest on the Spanish bond at the same term easily exceeds 3.45%.
Meanwhile, in the raw materials market, oil continues to recover positions and a barrel of Brent, a benchmark in Europe, once again exceeds 74 dollars, after having been on the verge of losing even 70 at the beginning of the week. The American West Texas also exceeds 70 dollars, from the 67 that it marked last Monday.
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