The Ibex 35 falls 0.5% in the week of central banks, but holds 9,500 for banking

MADRID, 22 Sep.

The Ibex 35 falls 0.5% in the week of central banks, but holds 9,500 for banking

MADRID, 22 Sep. (EUROPA PRESS) -

The Ibex 35 concluded the central banks' week with a decrease of 0.5% but held the level of 9,500 points thanks to the rise of most banking stocks, which closed the week with increases of more than 3%. .

Specifically, the main index of the Spanish market ended the week at 9,502 points and, so far this year, has accumulated a revaluation of 15.47%.

The week has been marked by the monetary policy meetings - which ended without movements - by the main central banks: the Federal Reserve (Fed) of the United States complied with the script and left interest rates in a range on Wednesday target between 5.25% and 5.5%; while the Bank of England (BoE), contrary to expectations and after a very close decision, kept them at 5.25%.

For its part, the Bank of Japan (BoJ) unanimously decided this Friday to maintain its ultra-loose monetary stance, with the reference interest rate at -0.1%, the same rate it has applied since January 2016, when entered negative territory for the first time in its history.

"None of them made changes, but all showed their concern about possible increases in inflation and leave the door open to new rate increases," said XTB analyst Joaquín Robles.

The Spanish market has navigated during the week alternating positive and negative closings, closing last Monday below 9,500 points and exceeding the level of 9,600 at the close of last Wednesday, a session in which it was trading at maximums of end of last July.

In that sense, the perspective that rates will remain high for a long time has led to banking securities, which have great weight in the Spanish index, ending the week with the best performance of the index: Banco Sabadell has risen 5% , BBVA 3.55%, Caixabank 3.53% and Bankinter 3.01%; while Telefónica has added 2.67% and Repsol, supported by the increase in crude oil prices, 2.36%.

On the other hand, the stocks with the worst weekly performance were Grifols (-6.62%); Rovi (-5.28%); Mélia Hotels (-4.88%) and ArcelorMittal (-4.23%). Other values ​​with great weight in the selective, such as Inditex and Iberdrola, have dropped, respectively, 2.43% and 1.13%.

Within the 'macro' agenda, according to Robles, the CPI for the month of August in the United Kingdom fell below expectations, down to 6.7%, which could have precipitated the BoE's pause; Unemployment claims fell again in the US, confirming the strength in the labor market and the ability of the North American economy to withstand high rates.

Finally, he highlighted the sharp fall in the services PMI in Europe, which enters the contraction zone and confirms the downward trend, while the economic indicators of the United States have shown the worst performance since last February and are holding up. almost in the expansion zone.

In this context, the New York indices registered provisional losses in the week of around 2%, while in Europe stock market corrections have spread: London has subtracted 0.36%; Milan 1.11%; Frankfurt 2.12% and Paris 2.63%.

In the raw materials market, Brent crude oil, the benchmark in Europe, was trading flat at the close of this Friday compared to last week, at $94 a barrel, although it has reached close to $96 for the first time since November. of 2022.

For its part, the barrel of Texas (WTI Intermediate) has experienced a similar situation: it was trading unchanged this Friday, at $91, but came close to $94.

The interest on long-term Spanish debt closed at 3.805% after adding almost seven basis points in the week, while the risk premium (the differential with the German bond) remained at 107 points.

In the currency market, the euro repeated its result against the "greenback", at 1.0657 dollars, the lows of mid-March, although it rose to 1.074 dollars after the Fed's pause.

The Ibex concluded trading this Friday with a fall of 0.49% in a day in which the publication of the National Institute of Statistics (INE) that the gross domestic product (GDP) grew by 0.5% stood out. in the second quarter, one tenth more than expected, due to the boost in consumption.

In this context, only five stocks closed with gains this Friday: Fluidra (1.5%); Rovi (0.68%); Caixabank (0.38%); Acciona (0.28%) and Banco Sabadell (0.28%).

On the opposite side, Solaria has presided over the losses with a drop of 1.47%; followed by Acciona Energía (-1.39%); Redeia (-1.39%); Grifols (-1.36%) and Indra (-1.14%).

Regarding the rest of the large European cities, only London has escaped the 'green', rising 0.07% at the close. For its part, Frankfurt has discounted 0.09%; Paris 0.4% and Milan 0.46%.

Robles has pointed out that next week will be marked by economic data, among which the IFO Business Confidence Index in Germany, the Conference Board consumer confidence in the United States, the September CPI in the eurozone and the US consumption data stand out.

Investors have shown, according to Robles, that they continue to trust in a "soft landing" in which central banks will manage to control inflation without the economy suffering a major contraction.

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