A trader celebrates his earnings on Wall Street. /
The selective climbs above 8,900 points, new annual highs
The global stock markets have found this week a gap for respite after the strong tension experienced in recent months. The perspective that runaway inflation has already peaked and the analyzes that point to a halt in interest rate hikes by the Fed after the summer have made indicators such as the Ibex-35 return to positive ground in the accumulated for the year.
It’s more. The selective Spanish adds six consecutive sessions on the rise thanks to the upward pull of the banks, which on Friday did suffer the collection of profits with falls of 2.9% for Sabadell or 1.3% for CaixaBank.
The falls were offset by the advances of Acerinox and ArcelorMittal, which rose by 6.9% and 3.2%, respectively, at the close. Other market giants such as Inditex and IAG also contributed to the green with a revaluation of 2.9% and 1.9% each.
Its power helped the Ibex to end the session with a rise of 0.5%, which leaves its graph at 8,933 points. New annual highs after advancing 5.3% in the accumulated figure for one week with all positive closings.
protagonists
With a very limited business agenda, the publication of the personal consumption price index (PCE) in the US has been key to defining the trend. The figure, the Fed’s preferred benchmark for assessing the future of its monetary policy, fell to 6.3% in April year-on-year, below the 6.6% anticipated by consensus. The underlying rate goes from 5.2% to 4.9%.
Similarly, the monthly evolution has been limited to 0.2%, compared to 0.8% expected by analysts and 0.9% in May.
So it seems that the worst of the inflationary spiral is behind us. Already early in the morning, analysts anticipated that this would cause a positive reaction in the market “which should allow, at least in the short term, the main European and US stock market indices to continue to recover part of the ground lost in the last two months”.
Meanwhile, in the raw materials market, the price of oil remains stable with a barrel of Brent, a reference in Europe, above 113 dollars, while the US West Texas is around 112 dollars.