The Ibex 35 scaled 16.57% in the first half of the year and stood at February 2020 levels

It advances 6% in the month of June and 3.53% only in the last week

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The Ibex 35, the main indicator of the Spanish Stock Market, has closed the first half of the year with a revaluation of 16.57%, reaching 9,593 integers, for which reason it has returned to the maximum of February 2020, a few weeks before the that the confinement due to coronavirus was decreed and the markets sank.

The 6% increase in the month of June, the second highest after January (+9.78%), has returned to the national selective the good tone with which it began the year and which was only interrupted in March by the turbulence that generated in the markets the bankruptcy of American financial entities and the absorption in Switzerland of Credit Suisse by UBS.

The increases in interest rates undertaken this month by the main central banks to curb inflation have not stopped the rises in the stock markets on both sides of the Atlantic either.

In this sense, the European Central Bank (ECB) has raised rates this month to 4%, the Bank of England (BoE) to 5% and the United States Federal Reserve (Fed) left them unchanged at 5- 5.25%, although its members have anticipated that there are more increases ahead.

XTB expert Joaquín Robles has pointed out that investors continue to bet on the strength of the economy despite the prospects for further rate hikes, more persistent inflation than expected, the progressive slowdown of the economy and geopolitical risks.

FULL OF SESSIONS IN GREEN DURING THE WEEK

The Spanish Stock Market has concluded the last week of June with an appreciation of 3.53%, after reaping a full five positive sessions, registering a rise of 0.87% in the session this Friday, without worrying about the message from the central bankers at the forum in Sintra (Portugal), where they reported that monetary policy still has a long way to go.

Robles (XTB) has pointed out that two other increases of at least 25 basis points are discounted in Europe, and in the US the one in July is taken for granted.

Important macroeconomic references have also been released during the week: inflation in the euro area in June has moderated to 5.5%, although core inflation has risen by one tenth, to 5.4%; while the unemployment rate stood at 6.5% in May, record lows.

In Spain, inflation fell to 1.9% in June, the lowest since April 2021, and it was the first major economy in the common market to fall below the 2% target, while core inflation stood at 5.9%.

For its part, French inflation stood at 5.4% and German inflation at 6.4%.

On the other side of the Atlantic, PCE inflation, one of the Fed’s reference measures when evaluating its monetary policy, fell to 3.8% in May and core inflation to 4.6%, which meant that Wall Street indices marked provisional increases of around 2% for the week.

AT THE DOORS OF THE 9,600 POINTS

The Ibex 35 has traded for a good part of the session this Friday above 9,600 integers, but it has lost strength in the final stretch of the negotiation and has closed with a rise of 0.87%, to the aforementioned 9,593 points.

The focus of the session has been on Applus+, since the National Securities Market Commission (CNMV) suspended trading of Applus+ shares before the opening in a precautionary manner and with immediate effect, pending the release of relevant information about the company.

At around 12:15 p.m., the US fund Apollo launched a takeover bid for 100% of Applus+ at a price of 9.5 euros per share in cash, which yielded a total amount of 1,226.2 million euros. Right after, the CNMV announced that it was lifting the suspension of the stock, which closed the session with a rise of 5.85%, the third best result in the continuous market.

Within the Ibex 35, Grifols has led the increases this Friday with a rise of 1.87%, followed by Merlín Properties with 1.69% and Indra with 1.67%. In contrast, Acerinox led the small group of five stocks that closed the session with losses, losing 1.5%, while Acciona Energía dropped 1.03%.

The main European stock markets have closed with increases: London has added 0.8%; Milan 1.08%; Paris 1.19% and Frankfurt 1.26%.

In the raw materials market, Brent crude, a benchmark in Europe, rose 0.7%, to $75 a barrel, while Texas oil, WTI Intermediate, appreciated 1.1%, at $70.95 a barrel. For its part, the euro appreciated 0.45% compared to the “green ticket”, to 1.0915 dollars.

In the debt market, interest on long-term Spanish debt has closed at 3.377%, while the risk premium (the differential with the German bond, considered the benchmark) remained at 98.9 points.

Looking ahead to next week, investors’ attention will focus on the publication of macroeconomic data: the PMI manufacturing indicators will be released on Monday, which are expected to remain in contractionary territory, and will be published throughout the week. the minutes of the last monetary policy meeting, which together with the statements by central bankers on the outlook for economic rates and growth could alter the course of the stock markets pending the start of the business results season.