2023-06-20 20:29:36
The Spanish stock market ended the session slightly positive and is once again approaching annual highs. The session started on a negative note after the stimulus from the People’s Bank of China fell short of expectations. While on Wall Street, after yesterday’s holiday, investors weigh the recent rises. The Spanish selective rose close to 15% in the accumulated year and waits for the next season of business results to break resistance.
At the business level, Iberdrola led the rises after recently announcing the development of three photovoltaic plants and extending the purchase of PNM Resources in the US until the end of the year. On the negative side, Fluidra led the falls, and from the annual highs reached at beginning of the month, it already falls close to 7%. ArcelorMittal, Acerinox and Repsol fell due to the lack of stimuli in China and the prospect of lower consumption.
Federal Reserve Chairman Jerome Powell will present his semiannual report to Congress on Wednesday after pausing rate hikes for the first time since March 2022. Although the Fed’s decision was accompanied by a forecast of at least 50 points basic, which means two increases of a quarter point or one of a half point.
In other markets, oil fell to 75 dollars per barrel because, despite Saudi Arabia’s efforts to raise prices, in recent weeks there has been an increase in supply from Russia and Iran. The EURUSD broke above 1.09 for the first time since the beginning of the year as the end of the US gains was near. A movement that is also having implications in gold that fell for the third consecutive week to lows of the last three months.
Joaquin Robles, XTB analyst
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