The Ibex 35 closes a flat week (0.16%) but consolidates 10,100 points with an eye on 2024

MADRID, 22 Dic.

The Ibex 35 closes a flat week (0.16%) but consolidates 10,100 points with an eye on 2024


The Ibex 35 has concluded the week with a flat result - it has risen 0.16% -, reaching 10,111.9 points, in a week in which the markets have shown a lateral behavior despite the arrival of important macroeconomic references and after the bullish 'rally' that began at the end of October and that was only stopped last week, when it fell 1.25% and lost 10,200 points.

Thus, with three sessions left to close the year (it will not open either on Monday the 25th, Christmas Day, or on Tuesday the 26th), the main indicator of the Spanish market accumulates a revaluation of 22.88%.

The XTB analyst, Javier Cabrera, has assessed that the Ibex is having a flat week in which the markets already expect the beginning of 2024, since the 'macro' data does not seem to have had a direct impact on the Spanish index either. who, together with their European counterparts, are experiencing calm after the November 'rally'.

On the macroeconomic agenda, after the carousel of central banks and the prospects for rate cuts last week, the German IFO index in December has stood out, which has been below expectations and which reflects, according to Cabrera, the delicate economic situation experienced by the continent's main power.

Likewise, it has been known that Eurozone inflation for November was 2.4% year-on-year and the underlying inflation was 3.6%, while PCE inflation in the United States in November has moderated more than as expected, until falling to 2.6% in the general rate and 3.2% in the underlying rate.

Regarding economic growth data, this day it was published that the Spanish economy grew by 0.3% between July and September (the year-on-year increase in GDP stood at 1.8% in the third quarter), which It is one tenth less than in the previous quarter, thanks to the increase in consumption and despite the fact that investment was negative.

Yesterday it was reported that the gross domestic product (GDP) of the United States registered a growth of 1.2% in the third quarter of the year, which represents one tenth below the previous estimate, although still at a much higher rate of expansion to 0.5% in the second quarter of 2023; For its part, the United Kingdom recorded a contraction of 0.1% in the third quarter compared to the previous three months, when Europe's second largest economy stagnated.

In the business field, Cabrera has noted that the most important news has been the official announcement of the entry of the Spanish State through the SEPI into Telefónica, with the aim of acquiring 10% of the shares and counteracting the influence that could come. to have STC. After that, the 'teleco' closed the week with a drop of 1.13%.

Given this situation, in the weekly evolution the advance of Rovi (5.11%) has stood out thanks to the positive message from Moderna about its vaccine against skin cancer, which will be manufactured with the technology in which the Spanish pharmaceutical company is a specialist. They have been followed by ArcelorMittal (4.44%); Repsol (2.06%); Bankinter (2%); Grifols (1.93%); Merlin Properties (1.82%) and Inditex (1.77%).

On the other hand, the stocks with the worst performance in the week have been Enagás (-6.93%); Mélia Hotels (-4.41%); Acciona Energía (-3.7%); Acciona (-2.7%); Naturgy (-2.59%) and Unicaja (-2.56%).

At the close of this Friday, London has been the only European place along with Madrid to gain ground, rising 0.8%, while Milan has lost 0.07%; Frankfurt 0.27% and Paris 0.37%.

At closing time in the Old Continent, a barrel of Brent crude oil, the reference in Europe, rose 3.5% in the week, to 79.2 dollars, while the US WTI appreciated 3%, to almost 74 dollars a barrel.

From XTB they have highlighted that in the raw materials markets, Angola's departure from OPEC has stood out due to disagreements with other members and, "despite the fact that it only produces one million barrels a day, it clearly marks the tense situation that the cartel is experiencing. currently".

In the currency market, the euro appreciated 1% against the US dollar compared to last Friday's close, at 1.1005 'greenbacks' for each unit of the community currency.

For its part, in the secondary debt market, the interest on the ten-year Spanish bond has closed at 2.873%, levels from just a year ago, by subtracting just over a tenth, while the risk premium (the differential with the German bond) has stood at 89.7 points.

All of this, furthermore, after this week the Twenty-seven of the European Union (EU) agreed to the reform of the fiscal rules that, after four years frozen by the pandemic, once again limit the debt and deficit of the Member States.

The Spanish stock market will go through half-board next week, as it will not open on either Monday the 25th or Tuesday the 26th, while the holiday period will predictably result in low trading volumes.

However, Cabrera (XTB) has highlighted that next week the advance inflation data for December in Spain could be highlighted and that it will mark the average for the year.