The Ibex 35 falls 0.38% due to inflation in the United States, but maintains 10,700 points

This afternoon, with the market already closed, the minutes of the last meeting of the Federal Reserve (Fed) will be known.

April 10 () –

The Ibex 35 has chained its fourth consecutive day of losses this Wednesday, recording a fall of 0.38%, reaching 10,775 points, motivated by the data on inflation in the United States, worse than expected by the market. in March and the negative implications that it would have in turn with the beginning of an easing of monetary policy in the form of interest rate cuts.

The Spanish selective has started the day with a positive tone that has led it to move towards 10,900 integers; However, once the inflationary reference of the United States was known, the national indicator – along with its European counterparts – has changed direction with a vertical fall and has turned to losses.

However, the selective, which has endangered the level of 10,700 points, has managed to reduce losses at the close to the aforementioned 0.38%, while the New York indices registered falls of more than 1%.

Going into detail, the consumer price index (CPI) of the United States stood at 3.5% year-on-year in the month of March, which implies an acceleration of three tenths compared to the February figure (the market expected a rebound of two tenths), as reported by the Bureau of Labor Statistics of the country's Department of Labor.

For its part, the underlying index, which excludes food and energy prices from its calculation due to their greater volatility, closed the third month of 2024 with an increase of 3.8%, the same figure as the previous month and its lowest mark since the end of 2021, when the consensus anticipated a decrease of one tenth.

Pimco economist Tiffany Wilding explained that this data “complicates the Fed's rate cut schedule”, while the manager DWS (Deutsche Bank) has explained, in a similar vein, that it drives the tone' hawkish' (a tough monetary policy).

The market, which until recently projected a beginning of rate cuts in the United States for the month of June, will be awaiting the publication this afternoon of the minutes of the last monetary policy meeting of the Federal Reserve (Fed).

In the business field, Grifols has assured this day to the National Securities Market Commission (CNMV) that it will allocate the income derived from the sale of 20% of its participation in Shanghai RAAS Blood to Haier, through its subsidiary Qingdao Medical Haier Medical Technology, to reduce secured debt.

Ercros, for its part, has informed the supervisor that it has hired Evercore Partners International as financial advisor and Uría Menéndez Abogados as legal advisor, to provide assistance to the board of directors during the public takeover bid (OPA) process presented by the company. Portuguese chemical firm Bondalti, owned by the José de Mello group, over the Spanish company.

Given this situation, the biggest increases within the Ibex 35 have been recorded by Amadeus (+1.86%), Caixabank (+1.5%), Mapfre (+1.23%) and Banco Sabadell (+1.07% ). On the other hand, the most notable falls have been those of Grifols (-3.58%), Acciona (-3.26%), Acciona Energía (-2.71%), Endesa (-2.17%), Fluidra (-2.06%), Colonial (-1.92%), Solaria (-1.87%), Inditex (-1.31%) and Iberdrola (-1.03%).

Despite the strong initial falls due to the CPI data from the United States, the main European markets have managed to recover for the most part and finish in positive territory: Frankfurt has added 0.11%; Milan 0.28% and London 0.33%. Paris, which was just short of profits, closed with a drop of 0.05%.

In the raw materials market, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.1%, to 89.5 dollars, while that of Texas stood at 85.3 dollars , 0.12% more.

In the currency market, the price of the euro plummeted 1.15% against the dollar, to 1.0731 'greenbacks', due to the prospect of a more aggressive monetary policy in the United States to control inflation.

For its part, the interest rate on the long-term Spanish bond has closed at 3.238% after adding six basis points, with the risk premium (the differential with the German bond) at 80.5 points.