The Ibex 35 goes back 1.6% and stops the worst streak in its history, but it does not reach 8,000 points

It falls 1.63% in the week

Sep. 2 () –

The Ibex 35 has managed to stop the worst streak in its history and break with twelve consecutive sessions in ‘red’, scoring this Friday a rise of 1.62% that has led it to close at 7,932.2 points.

The weekly balance is negative, with a fall of 1.63%. The Spanish selective has starred in its longest losing streak after having previously chained eleven sessions in a row since the beginning of August. According to XTB analyst Joaquín Robles, high inflation, expectations of rate hikes and fears about an energy crisis have caused “a change in investor sentiment.”

At the business level, banking, led by Sabadell, Bankinter and CaixaBank, has posted increases due to the expectation of greater monetary tightening. Thus, the European Central Bank (ECB) could raise rates by 75 basis points next week, causing a widening of interest rates and, therefore, a greater ability to increase bank profits.

On the negative side are companies related to energy, after the Group of Seven (G7) reached an agreement this Friday to establish a price limitation on Russian oil and other derivative products.

The price limitation will be effectively carried out through a general ban on providing services that allow the maritime transport of these products of Russian origin. Transportation services will only be allowed if the oil and derivatives are purchased at a price equal to or less than that set by the coalition.

This week it was also known that the inflation data in the euro zone was 9.1% in August, exceeding expectations for the fourth consecutive month.

“Inflation reaches a maximum since there is a record in the euro zone and puts even more pressure on the ECB in the rate meeting that it will hold next week. Since the publication of the data, investor estimates on the possibility of a rise of 75 basis points have risen to close to 70%”, highlighted the XTB analyst.

As for Friday’s session, the Ibex 35 has managed to close in positive, after knowing the employment report in the United States, which has revealed that the country’s unemployment rate rose by two tenths in the month of August, to stand at at 3.7%.

Robles explained that these data have had different interpretations. “On the one hand, more employment was created than expected in non-farm payrolls, but on the other, the unemployment rate rose two tenths, to 3.7%. In fact, forecasts of a possible rise of 75 basis points in the next meeting of the Federal Reserve fell from 75% to 67%”, he pointed out.

The biggest increases in the Ibex 35 in the last session of the week were presented by Acerinox (+5.42%), Arcelormittal (+4.17%), Fluidra (+3.9%), Repsol (+3.84% ), IAG (+3.13%), Colonial (+3.05%), Merlin (+2.92%) and BBVA (+2.82%).

On the contrary, only Solaria (-4.64%), Corporación Acciona Energía (-3.06%) and Acciona (-0.21%) closed in ‘red’.

The rest of the European stock markets have also ended the session on Friday in positive, with increases of 1.86% in London, 2.21% in Paris, 3.33% in Frankfurt and 2.91% in Milan.

Likewise, a barrel of Brent quality oil, a reference for the Old Continent, was at a price of 94.28 dollars, with an increase of 2.06%, while the Texas was placed at 88.41 dollars, after advance 2.03%.

Finally, the price of the euro against the dollar stood at 1.0025 ‘greenbacks’, while the risk premium stood at 120 basis points and the return on the 10-year Spanish bond stood at 2.709%.

Next week will be marked by the aforementioned ECB meeting on Thursday, although there will also be other highlights, such as services PMIs, third quarter GDP in Germany and data on the trade balance in the US and China.

In addition, the American market will remain closed on Monday for Labor Day. “After the sharp falls in recent weeks, the market could enter a period of stabilization while waiting for more economic data to clarify the economic outlook,” Robles pointed out.