The stock market fails in its attempt to recover 9,400 points

2023-08-24 18:26:56

The Stock Markets limit the strong rises with which they had started the session and the Ibex-35 closed with an advance of 0.10% to 9,324 points, far from the 9,400 that it reached at intraday maximums. And all this despite the pull of the banking sector, with increases of more than 1.33% for BBVA, 1.14% for CaixaBank or 0.8% for Unicaja and Bankinter, although Aena was the value that led the increases with increases of 1.36% at closing.

Investors began the day very encouraged by the good performance on Wall Street, where the results of the technology giant Nvidia have confirmed that the boom in the sector -especially of companies that are strongly committed to artificial intelligence- is far from over.

Its sales and profit figures easily exceeded what was initially estimated by analysts. But what the market liked the most was that the chip manufacturer presented sales forecasts for this quarter that were much higher than what had been handled so far, while announcing a program to buy back its own shares for 25,000 million dollars.

Despite the good reception by the market, this business reference was mitigated by the prudence that the market is showing before the big event of the week, the start of the annual meeting of central bankers in Jackson Hole, which this Friday will have its main event strong with the expected speeches by the US Fed Chairman, Jerome Powell, and his ECB counterpart, Christine Lagarde.

“Investors expect a lot from these interventions, especially to be able to determine when they will terminate the rate hike process, although it is not entirely clear to us that both officials are going to get wet on the matter,” analysts at Link Securities anticipate.

So it seems more likely that officials will emphasize their message that monetary policy will continue to depend on macroeconomic data coming out in the coming months, especially as it relates to inflation and the labor market.

In any case, the central banks are expected to send an aggressive message to the market. Not so much in terms of further rises in interest rates, but in the need to keep them at the current high levels for a long period of time in order to control inflation or, at least, stabilize it at the targets of around 2%. A softer than expected message would give stocks wings to continue rising in the coming days.

Meanwhile, in the raw materials market, the price of a barrel of Brent oil, a reference in Europe, fell slightly to 83.10 dollars, while West Texas in the US stood at 78.80 dollars.