2023-05-11 19:35:07
Macro data from the United States continues to attract investors’ attention. The most relevant this week was the reference to US inflation. The data was slightly better than expected, specifically standing at 4.9% compared to the expected 5%, also coinciding with the data published the previous month. Investors can predict with this publication that it is not yet the time to start cutting interest rates by central banks. The day has also started with data from China which has indicated that it will not have a recovery in consumption with the agility that was expected, a fact that has mitigated the confidence of many analysts.
The national selective has had a clear protagonist, Telefónica. Despite having exceeded expectations, it has conditioned the Ibex today with almost 5% losses and the index has chained three consecutive days without adding up. Telefónica has continued to reduce its net financial debt and indebtedness and has adopted a conservative approach in refinancing its debt, with more than 80% of its debt at fixed rates and maturities covered in the next three years. Even so, the rate increases do not fully offset the increase in staff and content costs. Its shares lead the losses in the Ibex 35.
The main objective for now is to hold on and overcome the 9,200 barrier, lost last week, while we continue to await the macro data, so far not too positive on the other side of the Atlantic. On the positive side, we have companies that suffered a lot in 2022 due to rate increases, such as Solaria, Grifols, with significant increases of more than 3%.
The big European stock markets are all in a similar situation or even worse with several days turning red and losing their key levels. This is the case of the French CAC, the Italian FTSE MID, the UK FTSE 100 and the German DAX 30.
The dollar has recovered ground against the euro, reaching a price point of $1.09 again. Consequently, gold today has a significant correction and loses all-time highs and reconsolidates the barrier of $2,000 per ounce. Even so, it continues to have an upward trend and always correlated with the weakening of the dollar.
The barrel of oil is lower compared to the last sessions, where it is already marking the levels of $76 and WTI at $72. We remember that it is a raw material that is more sensitive to news of rate hikes by central banks.
In the crypto asset market, bitcoin has corrected to reach $27,000 while Ethereum is trading around $1,800.
Felipe Fernández, XTB analyst
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