2023-11-15 19:08:50
Global markets continue to digest the good inflation data in the US released on Wednesday, with a strong moderation in the October CPI that has given encouragement to those who think that interest rate increases have come to an end.
A perspective that is being especially noticeable in the debt markets, with the decline in bond interest rates, which indicate what investors are willing to pay to buy a country’s debt. In the US, the interest rate on the 10-year bond falls to two-month lows, below 4.45%, while the German bond for the same term is around 2.6%. For its part, the Spanish price continues to fall and is now close to 3.6%, already very far from its recent highs of a few weeks ago, when it exceeded 4%.
The cross between the euro and the dollar also reflects the expectation that there will be no more rate increases in the United States. The single currency recovers positions and goes from trading at $1.07 to almost $1.09.
Against this backdrop, and in a more moderate session marked by the beginning of the investiture session of Pedro Sánchez, the Ibex-35 advanced 0.18% to 9,640 points, very close to its highs of the year (9,694 points). Faced with the worst performance of the banking sector, IAG led the top of the table with an increase of 4.45%, followed by Grifols (3.75%), Meliá (3.02%) and Fluidra (3.01%). .
However, the main protagonist of the session on the national stock market was undoubtedly Prosegur, which shot up 22.7% to 1.76 euros after learning that businesswoman Helena Revoredo, majority shareholder and president of the group, has launched a public offer. voluntary acquisition (takeover bid) of 15% of the company’s share capital for up to 149.6 million euros.
The businesswoman, who already owns 60% of Prosegur, offers 1.83 euros per share, with a premium of 27.4% over the closing price on Tuesday, before the operation was announced.
Macro data has also accompanied the market, with retail sales and industrial production figures better than expected in China and a moderation in inflation also in the United Kingdom, whose CPI stood at 4.6% last October, compared to the price increase of 6.7% in the previous month, which represents the lowest reading of the data since October 2021.
Finally, and about to begin the big consumer season with the celebration of Black Friday, it was learned that retail sales in the US fell 0.1% in October compared to the previous month, when consumption increased 0.9% . This is the first contraction since March. But the data was better than anticipated (-0.3%).
“Americans continue to spend money at a healthy rate, even taking inflation into account,” explains Callie Cox, US investment analyst at eToro. “This retail sales data should be good news for investors, especially now that recession fears could grip the market again,” she insists.
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