The Stock Market, live | The Ibex exceeds 11,400 points stimulated by the good inflation data | Financial Markets

2024-08-30 09:10:58

What does the Ibex 35 do?

The Ibex registers 35 gains of more than half a percentage point and exceeds the level of 11,400 points in the last session of August, a turbulent month marked by Black Monday. European markets are still on the rise today due to the positive inflation data in the eurozone and awaiting the data on personal consumption prices from the United States, the Fed’s favorite inflation indicator.

Which values ​​rise or fall the most?

The most bullish are:

Sacyr: 1.5%

Grit: 1.3%

Merlin: 1.1%

The worst are:

ACS: -0.34%

Inditex: -0.2%

Fluid: -0.09%

What do the rest of the stock markets do?

European stock markets show small increases, lower than those of Ibex. The German Dax is trading almost flat after setting an all-time high yesterday. The general drop in prices confirms the market’s expectation that the ECB will lower interest rates again in September, although Isabel Schnabel, a member of the monetary institution’s executive committee, warned today against cutting rates too quickly since that the inflation risk is still above 2%. .

A positive sign in the main Asian indices. The Nikkei rose 0.3%, Hong Kong’s Hang Seng gained 1.8% and the Shanghai Composite gained 1.3%.

Wall Street closed mixed last night after the drop in Nvidia shares. The Dow Jones continued to rise to end with an increase of 0.59% to establish a new record of 41,335 units, but the optional S&P 500 ended almost flat, and the Nasdaq fell 0.23%. The good growth data in the US, which was revised from 2.8% to 3%, outweighed the tech major’s fall of 6.4% after the results were presented.

Keys of the day

• Los Spain published good inflation data yesterday and Germany, already on track with the ECB’s price stability objective, boosted European indices, also supported today by France’s CPI, at 2.2% year-on-year in August, the lowest in three years . Advance inflation data for the eurozone in August was also positive, with CPI of 2.2% year on year compared to 2.6% previously and 0.2% in the monthly rate compared to July, in line with expectations. The core CPI is as good as expected, at 2.8% year on year. At the same time, the eurozone published the unemployment rate for July, better than expected, falling a tenth to 6.4%.
• So far this month, the Ibex 35 has gained 2.64%, despite the sharp falls on Black Monday (August 5), when panic took over the markets.
• In the United States, the CTP price index and personal expenditure are known for July. These are indicators that the Fed analyzes with great interest and upon which the consolidation of lower US rate expectations depends.
• The number of mortgages established on homes fell by 5.5% in June compared to the same month in 2023, totaling 31,526 loans, with an average interest rate slightly higher than the previous month, according to data from released by the National Institute of Statistics next Friday ( INE).
• Retail trade registered a 2.8% increase in sales in July compared to the same month in 2023, a rate of 4.2 points higher than the previous month and the highest rate since last February, according to the INE.

What do the analysts say?

At Link Securities they show that it is the macro-economy that is once again the focus of investors’ attention today. August’s preliminary reading of eurozone CPI is expected to show a significant slowdown in headline inflation, which is moving closer to the 2% target set by the ECB. “This evolution is mainly due to the slowdown in the most volatile prices of the index, especially those related to energy and, also, those related to some unprocessed foods. This is why core inflation, which excludes the prices of these products from its calculation, is not falling at the same rate as general inflation, and is still driven by the strength that services prices continue to show, far from the 2 mentioned above. %. However, given the weakness of economic growth in the major Eurozone economies, most of our investors believe that the behavior of general inflation in August in the eurozone will make it easier for the ECB to lower again reference interest rates in September. Any other decision would be surprising.”

Bret Kenwell, investment analyst at eToro, said of US GDP: “After a sluggish first quarter, revised GDP growth remained strong in the second quarter, helping to reassure investors that the economy is not collapsing . Although there has been some weakness in the labor market in recent months, other economic data shows that consumers are still spending, as evidenced by personal consumption. Despite the upward revision in the second quarter, the Federal Reserve is unlikely to change its plans to cut rates at next month’s meeting, after Chairman Powell made it clear that the time has come for policy to shift towards lower rates. This is because the Federal Reserve is considering a set of data, not a single indicator, and will not change its plans because of a particular report.”

What is the evolution of debt, currencies and raw materials?

The euro is still at 1.1077 dollars.

Brent oil, the benchmark in Europe, recovers positions above $79 a barrel.

The yield on Spain’s 10-year bond falls below 3.1%.

Quotes

STOCK EXCHANGE – CURRENT – DEBT – INTEREST RATES – RAW MATERIALS

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