The Ibex 35 rises 0.69% and climbs to 10,100 points, highest in six weeks, waiting for the Fed

MADRID, 21 Feb.

The Ibex 35 rises 0.69% and climbs to 10,100 points, highest in six weeks, waiting for the Fed


The Ibex 35 closed this Wednesday with an increase of 0.69%, which allowed it to climb to the level of 10,100 points - specifically, it ended at 10,107.2 points, the highest since January 8, just before of the Grifols episode - thanks to the leadership in the advances of two very important values ​​such as BBVA and Inditex and waiting to know this afternoon the minutes of the last monetary policy meeting of the Federal Reserve (Fed) of the United States.

In this regard, Renta 4 analysts expect the Fed to reiterate its speech of keeping rates high for longer to give the market "greater conviction" about inflation control.

In fact, they indicate that market expectations about the Fed's rate path have moderated, since investors now expect four cuts, instead of the seven they anticipated at the beginning of 2024, and a delay in the timing of the cuts, being more likely from June.

Likewise, Banca March experts have pointed out that the first touches of the debate on the pace of balance sheet reduction will be seen, although the deeper conversations were postponed to the March meeting, according to the Fed President Jerome Powell's own words. .

A similar situation, regarding the possible schedule of rate cuts, occurs with the European Central Bank (ECB): the market has also lowered its expectations, reducing the cuts from between seven and six to four, which would begin in June, and not in spring.

Renta 4 experts also highlight the increases in China's indices after the government has applied new measures to stabilize the market, such as the approval of new loans for real estate developers or obstacles to bearish funds.

On the European macroeconomic agenda this Wednesday, the advance data on consumer confidence in the eurozone in February has barely stood out, which has improved more than expected (it has gone from -16.1 points to -15.5 points).

Given this situation, the advances of the Spanish selective have been led by BBVA (2.15%), followed by Inditex (1.77%), the airline group IAG (1.74%), Logista (1.27%). and Acerinox (1.23%), while on the decline side Grifols (-1.19%), Acciona Energía (-1.15%) and Banco Sabadell (-0.98%) stood out.

The majority of European markets have opted for advances this Wednesday: Paris has added 0.22%; Frankfurt 0.29% and Milan 1%, while London was the exception by dropping 0.73%.

In the raw materials market, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose by 0.51% at the close in Europe, to 82.78 euros, while that of Texas stood at 76.6 euros, 0.7% more.

In the foreign exchange market, the price of the euro against the dollar advanced to 1.0814 'greenbacks', while in the debt market the interest required on the 10-year Spanish bond closed at 3.362% after adding eight basis points, with the risk premium (the differential with the German bond) at 91.7 points.