The Ibex 35 closes with a rebound of 1.32% and is once again above 11,000 points

3 Jul. () –

The Ibex 35 has finally closed with a rebound of 1.32%, thus placing itself at 11,056.8 points, in a day in which investors are awaiting, in particular, the minutes of the last meeting of the Federal Reserve (Fed) of the United States.

On this last point, Banca March experts point out that the minutes, which will be released after the close of the session in Europe, will provide more information on the new dot plot of interest rates, especially the reasons behind the reduction of cuts expected in 2024 and what factors are leading some members to be even more restrictive in terms of their view on rates.

It is worth noting that Wall Street will only be open for half a session on Wednesday and will remain closed tomorrow to mark the Independence Day holiday in that country.

Going into the details of the macro agenda for this Wednesday, it has been reported that the activity of the private sector in the Eurozone moderated its expansion in June to three-month lows, according to the composite PMI index, which fell to 50.9 points from 52.2 the previous month, with Spain leading the way, with a reading of 55.8 points.

At the national level, the growth of activity in Spain’s services sector maintained an above-average pace of expansion in June, according to the purchasing managers’ index (PMI), which stood at 56.8 points, compared with 56.9 in May, driven by positive demand from both domestic and foreign customers.

In the afternoon, the US services PMI was released, which registered a further drop to 48.8 in June, its lowest level since 2020.

In other geographies, it is worth noting that in China the PMI data carried out by Caixin disappointed in June, with confidence in the services sector falling to 51.2 from the previous 54.0: “With this, the composite indicator fell in June to 52.8 from the previous 54.1, a figure that remains in economic expansion territory but points to a slowdown in activity in the coming months,” said Banca March.

On the business front, Amazon recorded total gross revenue from its activities in Spain of €7.1 billion in 2023, an increase of 10.9% compared to €6.4 billion a year earlier, according to the e-commerce giant, which has achieved its job creation target set for 2025 two years ahead of schedule, with 25,000 permanent employees.

In this situation, almost the entire Ibex 35 closed in the green, with notable gains in Grifols (+5.81%), IAG (+5.39%), Sabadell (+2.34%), Amadeus (+2.33%), Meliá (+2.23%) and Santander (+2.20%). On the other hand, only Rovi (-1.62%), Repsol (-1.39%), Bankinter (-0.68%), Solaria (-0.53%), Indra (-0.21%), Acciona Energía (-0.10%) and Mapfre (-0.09%) closed in the red.

The main European stock markets have all been on the rise: Paris has gained 1.24%; Frankfurt, 1.16%; Milan, 1.09%; and London, 0.61%.

The price of a barrel of Brent crude oil, the benchmark for the Old Continent, rose 0.15% at the close of trading in Europe, to $86.40, while the price of Texas crude oil stood at $82.98, up 0.21%.

On the currency market, the euro rose 0.50% against the dollar to 1.0799 euros, while on the debt market the interest rate on 10-year Spanish bonds fell slightly to 3.373%, with the risk premium (the differential with German bonds) at 83 points.