The Stock Market awaits the round of results from the banks to prop up the increases

2023-07-13 18:04:07

The relaxation of inflation that is being observed in the euro area and, above all, in the US, has restored some calm to the market. The world stock markets breathe with relief at the evidence that, although the central banks will continue to raise rates between now and the end of the year, the end of the bullish cycle is closer than ever.

Against this backdrop, the Ibex-35 closed the session on Thursday with a rise of 0.26% to 9,478 points, with full green since Monday and an accumulated gain of 2.5% in the absence of the last session of the week.

Acerinox led the selective with an increase of more than 4%, followed by Solaria (+2.5%) and Cellnex (+1.7%). Sufficient progress to offset the falls in the tourism sector in the midst of collecting profits, with Aena leading the red numbers with a fall of 1.1%, followed by Meliá, which dropped 0.91%.

The banks, protagonists

In any case, the fact that the 9,500 point barrier has not been broken shows that prudence is still very much in the minds of investors, who this Friday are facing another of the key moments in July: the beginning of the season of corporate results.

As usual, it will be the large US banks that will kick off the new round of accounts, with JP Morgan, Wells Fargo and Citigroup as the real stars.

All these entities will have to certify to investors that the crisis caused by the fall of Silicon Valley Bank in March is over, in addition to advancing their vision for the final stretch of the year, when higher provisions are expected against possible risks of default, an effect less than the rise in interest rates in the country.

While waiting for the data, the market continues to rely on easing prices to maintain share purchases these days. But analysts insist: “although the moderation of inflation is a positive step forward, there is still work to be done,” they indicate from the Federated Hermes manager.

“The Federal Reserve (Fed) will want to make sure to avoid further increases in the CPI in the near future, so we do not foresee a relaxation before the middle of next year,” they warn against those voices that suggest that there will be a drop in rates before of the end of the year.