economy and politics

The Ibex 35 loses 1.2% in the session, pending the Fed, and drops below 11,200 points

The Ibex 35 loses 1.2% in the session, pending the Fed, and drops below 11,200 points

Jul 31. () –

The Ibex 35 lost 1.23% in Tuesday’s session, pending the meeting on monetary policy held today by the US Federal Reserve (Fed) and affected by the problems with the dissemination of market data on the Madrid Stock Exchange, which generated high volatility at certain times during the day.

Throughout the morning, the index has remained unchanged for an hour and a half, from 9:11 a.m. to 10:41 a.m.

Despite the fact that the release of market data has been disrupted, the market has continued to operate normally, so buy/sell orders have not been affected, according to sources at BME who spoke to Europa Press.

The Madrid index closed the day at 11,065.0 points, losing the 11,200-point mark that it had recovered in yesterday’s session. However, in the accumulated seven months of the year, it has registered a revaluation of 9.5%, compared to the 10,100-point mark at which it started 2024.

Aside from this incident, investors’ attention has been focused on the publication of results in Spain by firms such as CaixaBank, BBVA, Amadeus, Aena and Rovi, among other companies.

Before the stock market opened, CaixaBank informed the National Securities Market Commission (CNMV) that it had closed the first half of the year with a profit of 2.675 billion euros, 25.2% more.

In addition, BBVA achieved a net profit of €4.994 billion between January and June, 29% more than in the same period in 2023, while Telefónica recorded a net profit of €979 million, an increase of 28.9% compared to the €760 million in the same period of the previous year.

Amadeus, for its part, earned €650.1 million in the first half of 2024, 20.2% more than the €540.7 million in the same period last year, while airport operator Aena, which has announced a tariff increase for 2025, recorded a profit of €808.6 million in the first half of the year, 33% more. Rovi, for its part, made a net profit of €44.3 million, 33% lower.

However, the main event of the day will be the Fed meeting, which is being held with the European markets already closed due to the time change with respect to the US.

Although the market consensus does not foresee a change in official rates, it does expect that the president of the central bank, Jerome Powell, will give clues about the ‘dot plot’ that the institution will follow until the end of the year.

The biggest falls were for Aena (-6.21%), Ferrovial (-5.16%), BBVA (-4.63%), Sabadell (-3.08%), Unicaja (-2.20%) and Indra (-1.49%). On the rise, Rovi (+3.25%), Acciona Energía (+2.53%), Grifols (+2.51%) and Puig (+1.98%) stood out.

The performance of the Ibex 35 has differed from that of the other major European stock markets, except for Milan, which has fallen by 0.43%. For its part, London has advanced by 1.13% in the session, Paris by 0.76% and Frankfurt by 0.53%.

On the commodities market, the price of a barrel of Brent crude oil rose by 2.66% to $80.72, while West Texas Intermediate (WTI) crude oil stood at $77.47, up 3.64%.

On the debt market, the price of the Spanish 10-year bond was at 3.111%, compared with 3.161% at the close on Tuesday. The risk premium was therefore at 81.0 basis points.

On the foreign exchange market, the euro gained 0.07% against the dollar, trading at an exchange rate of 1.0823 euro for each unit of the common currency.

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