economy and politics

The Ibex 35 distances itself from Europe and falls 1.47% weighed down by Inditex, with its sights already set on the ECB

The Ibex 35 distances itself from Europe and falls 1.47% weighed down by Inditex, with its sights already set on the ECB

MADRID Dec. 11 () –

The Ibex 35 has distanced itself from the European increases this Wednesday by recording a fall of 1.47%, reaching 11,789.3 points, weighed down by the collapse of Inditex after presenting record results but insufficient for the market, while that attention now shifts to the monetary policy meeting of the European Central Bank (ECB) scheduled for tomorrow.

The Spanish selective has thus moved away strongly from the level of 12,000 integers with which it started the week due to the downward pressure of the textile conglomerate, which has subtracted 6.54% from its price in what has been its worst session since beginning of the war in Ukraine in March 2022, although a cumulative revaluation so far in 2024 of 29.65% is noted.

Specifically, Inditex has presented a net profit of 4,449 million euros in the accumulated first nine months of its fiscal year, 8.5% more, while sales were 27,422 million, 7.1% more.

In the quarter, Inditex recorded a net profit of 1,681 million euros. Although this figure grows 5.7% year-on-year, it remains below the 1,763 million expected by the analyst consensus recorded in Bloomberg; Sales were 9,357 million, 6.8% more, but also below the 9,533 million that the market expected.

Under the macroeconomic umbrella, the markets have pivoted this Wednesday around the fact that the United States Consumer Price Index (CPI) stood at 2.7% year-on-year in the month of November, which implies an acceleration of one tenth compared to the previous data, as reported this Wednesday by the Bureau of Labor Statistics of the Department of Labor.

eToro experts have assessed that the November CPI report is consistent with a narrative of gradual easing of inflation, keeping the central bank on track for a rate cut at its meeting this month.

Looking ahead to tomorrow’s ECB meeting, the vast majority of the market is discounting a cut in interest rates of a quarter point, given that inflation in the eurozone settles at around 2% and economic growth forecasts they languish.

In this context, and behind Inditex, the stocks that fell the most at the close of trading were Acciona Energía (-4.33%), Acciona (-3.6%), CaixaBank (-2.44%), Enagás (-1.59%), Solaria (-1.33%), Sabadell (-1.31%) and Endesa (-1.13%).

On the opposite side, just a dozen stocks have achieved a positive result with IAG leading (+2.4%), followed by Acerinox (+1.29%), Fluidra (+1.26%), Indra (+1 .23%), ACS (+1.06) and Ferrovial (+1.05%).

Contrary to the Spanish market, the rest of the European indicators have advanced this Thursday: London has added 0.26%, Frankfurt 0.34%; Paris 0.39% and Milan 0.6%.

The barrel of Brent stood at $73.25 at closing time in the Old Continent, up 1.47%, while West Texas Intermediate (WTI) reached $69.9, up 1.92%. % further.

In the debt markets, the yield on the Spanish bond maturing in 10 years closed at 2.756% after subtracting one basis point, with the risk premium compared to the German bond at 63.2 points.

Regarding currencies, the euro depreciated 0.28% against the dollar at the same time, until it was trading at 1.0495 dollars for each unit of the community currency.

For its part, the troy ounce of gold rose by 0.84%, to recover the level of $2,700 due to the tension in the East, and bitcoin rose by 4%, returning to the level of $100,000 per unit.

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