2023-08-01 18:34:44
The European stock markets open the month of August with falls and, once again, the Ibex-35 is once again the furthest behind. The Spanish selective lost 1.44% on Tuesday, moving away from its recent highs and falling back to 9,500 points, in a day in which the bad behavior of great values such as BBVA (-2.91%), Santander (-2.91%) weighed heavily. -2.29%) or Banco Sabadell (-2.10%).
Other giants such as Repsol, Inditex or Telefónica also closed with heavy losses, of more than 1%, while only four values remained positive: Rovi, Indra, Unicaja and Meliá.
With the stock market holidays and the lower trading of these days in the spotlight, investors prefer to wait for new indicators that serve to boost the market, such as the business results on Wall Street, which this week have the main protagonist technological sector with the accounts of giants such as Apple or Amazon.
The session has also been marked by new macroeconomic references that point to a certain slowdown in key sectors of the economy. Specifically, the manufacturing sector in the euro zone contracted again in July, with the PMI index at 42.7 points, compared to 43.4 in June. This is the worst reading in 38 months, showing that both production and new orders and employment accelerated their decline.
In the case of Spain, the indicator also falls to the lowest levels for the year, but remains above average levels in the euro area. Specifically, it stood at 47.8 points, from 48 the previous month and still below the 50 that mark the gap between expansion and contraction.
“The deterioration of the Spanish manufacturing sector is advancing at a steady pace, although without panic”. The PMI survey warns, however, of a weakness in demand that caused more pronounced reductions in production and new orders, to which companies responded by reducing the purchase of inputs and staffing.
Meanwhile, in the raw materials market, the price of oil remains low, with a barrel of Brent, a reference in Europe, trading at 84.62 dollars, while West Texas in the United States was about to lose 81 dollars at the close of the European markets.
On its side, the yield of the Spanish bond with a maturity of 10 years has been located at 3.583%, compared to 3.515% in which it closed on Monday. Thus, the risk premium against German bonds has reached 102.6 basis points, three tenths above the level observed the previous day.
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