2023-06-29 18:13:27
The Spanish stock market is heading to close its best semester in more than two decades. But, after rising 0.31% on Thursday, the Ibex-35 once again collided with its highs of the year at 9,510 points, unable to surpass those 9,511 achieved on March 6 for the moment.
Banks have been the main drivers of gains, amid evidence that while the end of interest rate hikes is near, the bullish cycle is not over yet. That’s how clear Jerome Powell made it this Thursday, indicating during an event held at the Bank of Spain headquarters in Madrid that the Federal Reserve (Fed) still has at least two interest rate hikes left this year.
This cycle is being favorable for the banking sector, which on Thursday led the rises with increases of 2.4% for Unicaja, 1.9% for CaixaBank, 1.5% for BBVA and 1% for Sabadell. The revaluation experienced by Inditex moves at these levels, which continues to rise with increases of 1.5% about to reach 35 euros per share.
macro doubts
More doubts exist in the European Central Bank (ECB), which still does not see clearly how the monetary policy of recent times is affecting the real economy. There will be a rate hike in July. But the September meeting “is completely open”, as the governor of the Bank of Spain, Pablo Hernández de Cos, also detailed yesterday.
The macro indicators do not allow us to be forceful in this sense, at least for the moment. And it is that the pressure on inflation does not cease since, although in countries like Spain it is moderating at an accelerated pace -the CPI for June fell below 2%-, in Germany the first increase in prices has been registered since beginning of the year. Specifically, the German CPI has risen from 6.1% to 6.4%, above expectations.
On the other hand, in the raw materials market, the price of a barrel of Brent fell 0.16%, to 73.91 dollars, while the West Texas Intermediate (WTI) fell to 69.53 dollars, a 0 .05% less.
In the debt market, the yield on the Spanish bond with a maturity of 10 years became more expensive and stood at 3.334%, with the risk premium reaching 98.5 basis points.
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