June 6 () –
The Ibex 35 has advanced 0.80% in this Thursday’s session, which has helped it surpass the level of 11,400 integers and reach its highest levels since mid-July 2015, thanks to the boost from the banks and after the meeting of the European Central Bank (ECB), which has agreed to lower rates by 25 basis points, to 4.25%, making the first cut since 2019 and ahead of the US Federal Reserve (Fed).
In this way, the issuing institute has reduced rates after it hit the brakes on its rate path in October 2023 and decided to leave them intact for four consecutive meetings. Previously, it had undertaken ten consecutive ones, starting in July 2022, which took official rates to their highest level in more than 20 years.
However, the ECB has already announced that it will continue to apply a data-dependent and meeting-by-meeting approach, so the entity does not commit in advance to any rate path in the future, as there are still difficult months ahead and the path ahead will be “full of potholes.”
To this end, the supervisor will keep rates “at sufficiently restrictive levels for as long as necessary”, while continuing to apply a data-dependent approach on a meeting-by-meeting basis.
This situation has made the banks the ones that ‘pull’ the Madrid selective, which has closed at 11,444 integers, thanks to a better outlook for their businesses in the face of a prolonged situation of high rates. Thus, CaixaBank has led the increases, with an increase of 3.87%, followed by Bankinter (+2.94%), BBVA (+2.60%), Unicaja (+2.03%) and Banco Sabadell (+ 1.39%). They were followed by Aena (+1.39%), Banco Santander (+1.36%) and Mapfre (+1.27%).
On the other hand, the biggest falls have been those of Solaria (-2.97%), Acciona Energía (-1.99%), Grifols (-1.70%), Meliá (-1.60%), Acciona (-1.08%) and IAG (-0.98%).
Beyond the ECB, the International Monetary Fund (IMF) today announced a revision of five tenths upwards in its growth forecast for the Spanish economy in 2024, which it now estimates at 2.4%, while maintaining the forecast for 2025 at 2.1%, the same as for 2026.
The main European indices have also closed with increases: Milan has appreciated by 0.95%; London, 0.47%; Paris, 0.42%; and Frankfurt, 0.41%.
In the raw materials market, a barrel of Brent reached $79.74, up 1.67%, while West Texas Intermediate (WTI) rose 1.85%, to $75.44.
In the debt market, the yield on the Spanish bond with a 10-year maturity reached 3.271% after learning of the ECB’s decision, compared to 3.242% at the close on Wednesday. In this way, the risk premium stood at 72.6 basis points.
In the foreign exchange market, the euro appreciated 0.12% against the dollar after learning of the monetary policy decision, reaching an exchange rate of 1.0883 ‘greenbacks’ for each unit of the community currency.
Add Comment