2024-09-11 07:08:41
What does the Ibex 35 do?
The positive tone reflects the opening in the European trading floors. The Ibex 35 advanced 0.5% after losing 0.61% yesterday, thanks to Inditex, which has again broken records with its results. Markets await US inflation data today.
Which values rise or fall the most?
Values that increase the most:
Inditex: 3.3%. The textile group closed the first half of its 2024 fiscal year with record sales figures and new profits, but with growth below expectations in both variables.
Grit: 1.6%
Acciona Energy: 1.5%
Those who fall the most:
Ravi: -0.7%
Ferrovial: -0.4%
Merlin: -0.2%
What do the rest of the stock markets do?
Wall Street closed mixed last night. The Dow Jones fell 0.23%, the S&P 500 advanced 0.45% and the Nasdaq tech gained 0.84%. A negative sign today in the main Asian indices. The Nikkei fell 1.5%, the Hang Seng in Hong Kong lost 1.5% and the Shanghai Composite fell 0.9%.
Keys of the day
- Operators are waiting for the publication of the consumer price index (CPI) today and the producer price index on Thursday, two reports that could give clues about the direction the Federal Reserve (Fed) will take in relation to interest rates. In terms of inflation, a slowdown in the general rate is expected to 2.6%, after a modification in July to 2.9% year on year, and stability in the base rate at 3.2%.
- The National Institute of Statistics (INE) publishes statistics on passenger transport for the month of July and for commercial companies for the same month and for the year 2023.
- In Europe, some data from the United Kingdom stand out: the evolution of GDP in the second quarter, industrial production and trade balance.
- The Organization of the Petroleum Exporting Countries (OPEC) revised its forecast for global oil demand growth in 2024 and 2025 to 104.24 million barrels per day (mbd) and 105.99 mbd, respectively.
What do the analysts say?
According to Marco Giordano, director of fixed income investments at Wellington Management, “in Europe, despite the fact that the latest inflation data exceeded the ECB’s expectations, we do not believe that these data will prevent those responsible for a new reduction” to be implemented at the meeting. of September. A similar scenario played out in June and, if anything, the difference now is that the growth data suggests a downside risk to the ECB’s growth forecasts for the third quarter. The ECB is also giving more weight to wage forecasts, some of which have been softer than current inflation data. “We still think the ECB is willing to cut rates, but we will do so gradually, bearing in mind the possibility that inflation will be very high next year.”
Nomura experts, on the recession in Germany. According to the report, Germany has entered a three-quarter recession, with GDP falling by 0.4% followed by stagnation due to structural factors. Analysts suggest that this recession, along with stagnation in France, will affect eurozone GDP growth, although tourism may benefit marginally. Likewise, the firm expects the ECB to reduce the deposit rate to 2.50% by September 2025, although this could happen faster and at a lower level.
What is the evolution of debt, currencies and raw materials?
The euro advances to $1.1049.
Brent oil, the benchmark in Europe, rises to $69.61 a barrel, after falling last night to the lowest level since December 2021. Investors were expecting a supply surplus against stagnation in supply.
The yield on Spain’s 10-year bond falls to 2.967%.
Quotes
STOCK MARKETS – MONEY – DEBT – INTEREST RATES – RAW MATERIALS
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