2023-07-10 18:06:57
The Spanish Stock Market falters in its attempt to put an end to four consecutive sessions of falls in which the Ibex-35 has gone from exceeding 9,600 points to being on the verge of losing 9,200. The selective closed the session with a very moderate rise, of barely 0.04% to 9,252 points, a day of little activity, with many investors staying out of the market waiting for the important appointments that the investors face. next days.
Meliá led the increases with an increase of 4.38%, followed by Acerinox and Indra, which rose 2.4% and 1.9% at the close. On the other hand, in the lower part of the table were Acciona, which fell by 2.8%, followed by Enagás (-1.66%) and Naturgy (-1.64%).
The market thus awaits the inflation data for June in the US that will be released on Wednesday, and that will give new clues regarding the future movements of the Federal Reserve (Fed) in terms of monetary policy. Precisely, the recent market correction has been caused by the fear that the body will go too fast with the next rate hikes after the June break, harming the economic recovery.
Bankinter’s analysis department estimates that calm will return to the market when the “frankly digestible” inflation data is known, pointing out that the CPI will stand at 3.1%, moderating from the previous 4%. A figure “perfectly compatible with the current Fed rate level”, in the range of 5%-5.25%.
“The problem is that the underlying rate improves much more slowly, naturally,” anticipating that the indicator will be 5% from the previous 5.3%. “This, in combination with a really solid economy, suggests that the Fed will raise rates again at its meeting on July 26 and perhaps also on September 20,” they indicate.
While waiting for the indicator, the market is also expecting the start of a new season of results that is precisely marked by the impact of the rate hike on business margins. The first to report to investors will be, as usual, the country’s large banks, with JP Morgan, Wells Fargo and Citigroup launching the round of accounts starting next Friday.
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