The Ibex 35 has closed the session with a fall of 0.92%, which has led it to lose the barrier of 8,000 points for the first time since mid-July and to chain nine consecutive days in ‘red’, its worst streak since November 2017.
The selective has closed at 7,989.6 points in a scenario marked by the tightening of the stance of central banks, willing to reduce inflation both in the United States and in the eurozone, although it may be at the cost of economic growth.
Last week was marked by the appearance of the chairman of the US Federal Reserve (Fed), Jerome Powell, at the Jackson Hole central bankers’ summit. The moderation in the rise in inflation in July in the American country made the market anticipate a softer position for the next rate hikes, although Powell reiterated last Friday the Federal Reserve’s intention to curb inflation.
“The brief and forceful message caused notable falls in the stock markets, as well as a greater difference in the inversion of the interest rate curve between the two-year bond and the ten-year bond,” said XTB analyst Joaquin Robles. The falls in the stock markets have continued this Monday.
For the eurozone, analysts at Renta 4 point out that investors would be beginning to discount a rate hike of 75 basis points at the next meeting of the European Central Bank (ECB) to be held on September 8. It should be noted that in this region the peak of inflation has not yet been reached, which in its last reading in July reached 8.9%.
On the other hand, investors learned this Monday that the gross domestic product (GDP) of the Organization for Economic Cooperation and Development (OECD) grew by 0.3% in the second quarter of 2022, in line with the expansion observed in the first three months of the year, according to data published by the ‘think tank’ of advanced economies.
As regards the escalation of energy prices in Europe, the energy ministers of the European Union will meet extraordinarily on September 9 to discuss measures to “fix the energy market”, in the midst of an escalation in prices in Europe.
The president of the European Commission, Ursula von der Leyen, defended this Monday a reform of the electricity market in Europe, after pointing out that it was designed “for other circumstances” and that it is behind the “exorbitant” prices paid on the continent in the context of the war in Ukraine by linking the price of gas to that of other energies.
In this scenario, the biggest drops in the Ibex 35 have been recorded by Solaria (-7.61%), Amadeus (-3.98%), Corporacion Acciona Energia (-3.26%), Melia (-3.16%) and Rovi (-2.96%).
In the positive field, only Arcelormittal (+3%), Sabadell (+1.77%), Repsol (+1.49%), Acerinox (+1.4%), Bankinter (+0.83%) have been placed ), CaixaBank (+0.35%), Colonial (+0.25%) and Sacyr (+0.09%).
The rest of the European selective also ended the day in ‘red’, with falls of 0.7% in London, 0.83% in Paris, 0.61% in Frankfurt and 0.24% in Milan.
The price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 103.97 dollars, with a rise of 2.95%, while Texas was trading at 96.05 dollars, after revaluing 3.18 %.
In the currency market, the euro traded slightly below parity with the dollar, trading at 0.9997 ‘greenbacks’, while in the debt market the return on the 10-year Spanish bond exceeded 2.681% and the Spanish risk premium stood at 121 basis points.
Source: Europa Press