2023-07-12 18:21:53
The Stock Markets are optimistic about the new inflation data that point to a faster-than-expected moderation of prices in the US. The most optimistic forecasts suggested that the CPI in the country would fall from 4% to 3.1% in June . And the final figure was even one tenth better, standing at 3%.
Investors have also been supported by the underlying rate, which eased more than expected to fall below 5%, suggesting that the end of the interest rate hike cycle is near.
As soon as the data was known, the stocks around the world resumed their increases, which in the case of the Ibex-35 reached 1.3% to leave the indicator at 9,453 points.
Banco Santander was the main driver of the earnings, with a revaluation at closing of more than 4% after knowing the good grade of its British subsidiary in the Bank of England stress tests, followed by Fluidra (3.35%) and ArcelorMittal ( 2.74%).
At the bottom of the table, only three stocks ended the session in the red: IAG (-2.7%), Aena (-1.56%) and Acciona Energía (-0.21%).
Confidence thus returns to the market while the Federal Reserve (Fed) maintains that there will be another two rate hikes this year. But be careful, some voices suggest that “with a still resilient American economy and high inflationary pressure, rates could rise more than what markets currently expect,” as indicated by Pablo Duarte, senior analyst at the Flossbach von Storch.
In any case, the evidence that the battle against inflation is finally beginning to tip in favor of the central banks has given the stock markets a breather. And it is also leading to further weakness of the dollar.
Precisely, the fall of the greenback boosts the price of oil again (in general, they move inversely, since the raw material is traded in this currency). Specifically, a barrel of Brent crude, a benchmark in Europe, is once again above 80 dollars. A level that has not been seen since the beginning of May.
For its part, the American West Texas rose to $75.60, breaking the $75 barrier for the first time since early June.
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