The Ibex 35 has moderated its advance to 0.33% at the end of the session, which has led it to stand at 8,380.0 integers, after reaching the level of 8,400 points shortly after noon, in a day still marked by the US CPI data released yesterday.
The rise of the CPI in the North American country of 8.5% in July –compared to 9.1% in June– managed to give a certain boost to the main stock market indices yesterday, although today the moderation has returned to prevail, after some members of the US Federal Reserve (Fed) considered that inflation was still “too high”.
Generali Investments Senior Economist Paolo Zanghieri noted that while it appears that peak inflation may have already been reached, which could lead to a moderation in the pace of rate hikes, “the Fed’s task remains” very difficult”.
“Last week’s very positive employment figures and continued signs of wage growth show that the labor market is following an extremely positive growth pattern,” the expert explained.
Thus, he considered that the “limited and timid advances” in inflation “are not enough for the Fed to pivot towards a much less aggressive rate of normalization” and maintains the forecast that the central bank will apply a rise of 50 basis points in September “with some risk of another 75 basis point move, like in July.”
On the other hand, Renta 4 experts highlighted today the slowdown in the demand for chips and their possible transfer to the global economy, after South Korea registered a slowdown in exports of technological material for the first time in two years.
They also highlighted the end of Chinese military maneuvers around the island of Taiwan, although it has threatened that exercises could take place more frequently, after the president of the United States House of Representatives, Nancy Pelosi, decided to visit the island. , considered by China as one of its provinces and, therefore, not independent.
Returning to the Ibex 35, despite not having closed above the level of 8,400 integers, this is its eighth consecutive rise, which implies its best streak since September 2018, when it chained ten consecutive advances. Furthermore, he has reached highs since June 10, when he closed at 8,390.6 integers.
At the close, the biggest increases were recorded by Repsol (+2.16%), Solaria (+1.75%), Cellnex (+1.56%), Ferrovial (+1.21%) and Grifols (+0 .87%), while on the opposite side were Amadeus (-2.02%), Indra (-1.55%), IAG (-1.47%) and Bankinter (-0.94%).
The rest of the European stock markets have ended with a mixed behavior, with falls of 0.55% in London and 0.05% in Frankfurt, while Paris has advanced 0.33% and Milan, 0.69%.
Likewise, the price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 98.59 dollars, with an increase of 1.21%, while Texas stood at 93.21 dollars, with a increase of 1.39%.
Finally, the price of the euro against the dollar was 1.0338 ‘greenbacks’, while the risk premium stood at 108 basis points and the return on the 10-year Spanish bond stood at 2.048%.
