2023-08-07 18:25:30
The Spanish stock market closed negative again at the edge of 9,350 points in one with few economic references. Markets have recovered from Fitch’s credit rating downgrade and are once again discussing the possibility of further upgrades at upcoming central bank meetings. In the US, Fed Governor Michelle Bowman said she expects further hikes, while New York Fed President John William warned of the need to keep rates high for a long time.
At the business level, Fluidra led the rises followed by mid-cap banks such as CaixaBank, Sabadell and Bankinter. Companies from the tourism sector such as IAG, Amadeus and Meliá also ended the session with progress. On the negative side, Acciona and Solaría closed the table and have already accumulated a drop of more than 20% since the beginning of the year.
Two-year bonds in Germany rose as much as six basis points in response to an announcement late Friday by the Bundesbank that it would stop paying interest on national government deposits. The move caught investors off guard and fueled speculation that they are pouring more money into higher-yielding bonds. Wheat prices rose when Ukraine attacked a Russian tanker in the Kerch Strait, threatening a key export route.
Joaquin Robles, XTB analyst
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