The Ibex 35 conquers 7,500 points with an advance of 2.37% in the session

Oct. 17 () –

The Ibex 35 has conquered the barrier of 7,500 points after recording a rise of 2.37% in the session on Monday, in a scenario marked by inflationary pressures, rate hikes and the process of economic slowdown.

The new UK Finance Minister, Jeremy Hunt, appointed last Friday after the dismissal of Kwasi Kwarteng, announced on Monday the practically total dismantling of the plan for tax cuts and public spending announced by the British Government last September to reverse nearly all announced tax cuts and cut the scope of spending plans, including capping energy prices for consumers.

Given the foreseeable repercussion on the markets of the changes introduced in the ‘mini budget’ and in order not to fuel speculation, according to the Prime Minister, Liz Truss, it has decided to advance the main lines of the amendments before the fiscal program in the medium term that it plans to communicate on October 31.

After the dismantling of the Lizz Truss fiscal plan, the price of the pound sterling registered this Monday its best day since March 2020, at the beginning of the Covid-19 pandemic.

On the other hand, the vice president of the European Central Bank (ECB), Luis de Guindos, has indicated this Monday that he considers it possible that in the coming quarters the euro zone will enter a technical recession, although he trusts that the fall in GDP will not be especially intense , while anticipating that only in 2023 will inflation begin to moderate, which represents a complex scenario for the central bank.

In Spain, the governor of the Bank of Spain, Pablo Hernández de Cos, has endorsed this Monday in Congress the accounts on which the new General State Budgets for 2023 are based, thanks, especially, to the boost in income on which , in part, has said to have no explanation.

In this scenario, the Ibex 35 closed the session at 7,557.1 points, with IAG (+5.91%), Cellnex (+4.2%), Merlin (+3.92%), Fluidra (+3 .57%), Colonial (+3.48%) and Grifols (+3.17%) at the head of the increases. Only Siemens Gamesa has closed the session in ‘red’, after giving up 0.08%.

The rest of the European stock markets have also registered advances, of 0.9% in London, 1.83% in Paris, 1.7% in Frankfurt and 1.86% in Milan.

Likewise, the price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 91.99 dollars this Monday, with an increase of 0.38%, while Texas stood at 85.89 dollars, with a rise of 0.34%.

Finally, the price of the euro against the dollar stood at 0.9841 ‘greenbacks’, while the Spanish risk premium stood at 117 basis points, with the interest required on the ten-year bond at 3.414%.