The Ibex 35 falls 2.65% and moves away from 12,000 points weighed down by Inditex and after the ECB cut

MADRID Dec. 13 () –

The Ibex 35 closed the week with a fall of 2.65%, reaching 11,752.1 points, affected by the downward pressure from Inditex after reporting record results, but below market expectations and after that the European Central Bank (ECB) has cut interest rates again.

The main indicator of the Spanish market has thus moved away strongly from the level of 12,000 integers that it reached last week for the first time since 2010. However, so far this year, the index continues to show a revaluation of 16, 33%.

Going into the details of this week, market analyst Manuel Pinto has noted that in Europe the most relevant thing has been the new cut of 25 basis points by the ECB, the fourth in the year and which has placed the reference rates at 3%, as well as the downward revision of its economic growth and inflation projections: “It continues to fuel the possibility of seeing a greater pace of rate cuts for next year,” he added regarding these weak predictions. .

On the other side of the Atlantic, the United States inflation data for the month of November has shown a growth in prices in line with expectations, standing at 2.7%, so Pinto sees that there is a “green light” for that the Federal Reserve (Fed) will cut rates next week, in an event that will mark the end of the year in the stock markets.

Despite this, due to the return of the Trump Administration and the impact of its policies, the market has recalibrated the Fed’s expectations for 2025, while fewer cuts are expected and more spaced out over time.

In other geographies, it has highlighted that China’s promise to cut monetary policy rates and banks’ reserve ratios have caused 10-year Chinese government bonds to fall below 1.8% for the first time in history. .

On the business front, Inditex has stood out on the negative side after disappointing the market with its record results: “The textile giant reported data that in general terms did not even reach the minimum consensus estimates, at a time when we also see margins to contract more than expected,” explained Pinto.

On the other hand, Grifols has stood out as one of the best values ​​​​in the week after announcing a new issue of guaranteed bonds for 2030 worth 1,300 million euros, which will allow it to meet the maturities of 2025 and buy more time to carry out the adjustments necessary to generate free cash flows consistently.

Thus, within the Ibex 35, the stocks with the worst weekly performance have been Inditex (-10.07%), Enagás (-6.38%), Acciona Energía (-6.35%), Colonial (-5.21% ) and Cellnex (-4.66%). On the other hand, only nine stocks closed the week with gains, among which Grifols (+8.4%), IAG (+3.07%) and BBVA (+1.57%) stood out.

The rest of Europe has been divided between gains and declines, although with movements that have not reached half a point: Frankfurt has added 0.1% and Milan 0.4%, while Paris has subtracted 0.23% and London 0.1%.

In the raw materials markets, the barrel of Brent, the reference in Europe, rose 4.6% in the week, to 74.5 dollars, while the barrel of WTI from Texas, the reference in the United States, appreciated 6%, up to $71.2.

Pinto explained that oil is rising this week due to the prospect of more severe US sanctions against Iran and Russia; In addition, oil markets have been affected by instability in the East due to Syria.

As for currencies, since the ECB has already made a move and the market is waiting for the Fed, the euro depreciated 0.7% in the week against the dollar, to 1.05 dollars.

For its part, the interest on the long-term Spanish bond has closed at 2.92%, with the risk premium with respect to the German bond at 66.6 points.

For its part, the troy ounce of gold advanced 1% in the week, to $2,660, while bitcoin maintains the level of $100,000 after having fallen to the level of $94,000 in the middle of the week.