July 13 () –
The Ibex 35 has fallen by 0.8% in today’s session, which has led it to finish below the psychological level of 8,000 integers, in a session in which the markets have been pending the IPC data in United States, published this Wednesday.
Specifically, the year-on-year inflation rate in the American country stood at 9.1% in June, half a percentage point above the rise in prices in May and its highest level since November 1981, while the core CPI was 5.9%, according to the United States Bureau of Labor Statistics.
Analysts at Renta 4 confirmed this morning that investors were expecting a new high for the IPC in the US of 8.8%, compared to 8.6% in May, while the underlying index would moderate to 5.7%, compared to 6 % of May. Finally, this last metric has only moderated one tenth, and not three, as the market estimated.
It should be noted that the US Federal Reserve (Fed) is determined to curb inflation, so these new data reinforce the idea that the central bank will raise rates another 75 basis points at its next meeting, scheduled for the end of this month. .
In Spain, the National Institute of Statistics (INE) has confirmed that the CPI rose 1.9% in June compared to the previous month and its year-on-year rate shot up 1.5 points, to 10.2%, its highest level since April 1985.
In this context, the Ibex 35 has ended the session at 7,944.9 integers, with most of its values in ‘red’, highlighting IAG (-3.21%), Grifols (-2.72%), Indra ( -2.37%), Iberdrola (-2.32%), Ferrovial (-2.08%), Fluidra (-2.03%), and ACS (-1.85%).
The bank of the Madrid selective slowed down its falls yesterday, when the Government’s intention to approve a new temporary tax on large financial entities was revealed in anticipation of interest rate increases.
Specifically, CaixaBank, which yesterday was the most affected with a decrease of 8.63%, today rose 0.19%, BBVA, 0.11% and Banco Sabadell, 0.03%. For its part, Bankinter has closed practically flat (-0.04%), while Santander has seen how the value of its titles has been cut by 0.81% at the close.
On the rise side, Amadeus was the bullish value today, with a revaluation of 1.24%, followed by Merlin (+1.00%), Colonial (+0.41%), Naturgy (+0, 39%) and Acerinox (+0.35%).
Like Madrid, the main European cities have also ended with falls, 1.16% in Frankfurt, 0.93% in Milan, 0.74% in London and 0.73% in Paris.
The main US indices were also trading in ‘red’ at the close of the Spanish Stock Exchange: the Dow Jones was down 0.59%, the S&P500, 0.55%, and the Nasdaq, 0.23%.
On the other hand, the price of a barrel of Brent quality oil, a reference for the Old Continent, was trading below 100 dollars, at 99.25 ‘greenbacks’, with a decrease of 0.21%, while the Texas It was placed at 96.03 dollars, with an advance of 0.18%.
In the debt market, the Spanish risk premium was around 110 basis points, with the interest required on the ten-year bond at 2.235%.
In the foreign exchange market, the euro continued to weaken against the dollar and traded at 1.0078 ‘greenbacks’, after touching parity yesterday for the first time in 20 years.
The expert and co-founder of Embat, Carlos Serrano, points out that the depreciation of the euro against the dollar will particularly affect companies that have disparity in exposure to these currencies in their income and cost structures, or those that have carried out hedging strategies against the dollar to less favorable levels.
INDUSTRY AND FOREIGN TRADE, THE MOST EXPOSED TO PARITY
By sectors, Serrano points out that the impact will be felt by industrial companies and those dependent on international trade, “mainly exposed to the dollar in their cost structure, and that cannot carry out natural hedging strategies by receiving income in that currency.” Thus, it would be the case of the aeronautical, logistics, food, construction and those sectors that consume raw materials referenced in dollars.
“For sectors dependent on the inflow of capital or foreign consumption, an increase in the demand of tourists from countries in the dollar area to Spain and Europe in general is expected,” adds the expert.
Add Comment