The Ibex 35 rises 0.7% in the week but cannot hold the level of 9,500 points

MADRID, 11 Ago.

The Ibex 35 rises 0.7% in the week but cannot hold the level of 9,500 points


The Ibex 35 has concluded the week with a rise of 0.7%, reaching 9,434.3 points, and has thus resumed its rise after having collapsed by 3.27% last week as a result of the reduction in the credit rating of the United States by the Moody's agency.

In this way, the main index of the Spanish market has added 65.9 points, reaching the aforementioned 9,434.3 integers, close to the maximum of the year that it reached two weeks ago, at the edge of 9,700 points. So far this year, the indicator accumulates a revaluation of 14.65%.

The week has been marked by two events: the announcement of the tax on extraordinary bank profits by the Italian government and the rebound, less than expected by analysts, in US inflation in July.

The Italian executive announced last Tuesday a 40% tax on the extraordinary profits of banks, which caused the European markets, weighed down by bank values, to fall sharply, although the next day the government backed down and limited the tax on extraordinary income at 0.1% of the assets of each bank, which generated a significant rebound in the vast majority of the industry, said XTB analyst Manuel Pinto.

The following day, the stock markets were driven up by the inflation data from the United States in July which, although it rose to 3.2%, the rise was less than expected by the consensus and motivated investors to think that there will be no more increases in interest rates, Pinto recalled, so the Ibex managed to close at the level of 9,500 points.

However, the Ibex -as well as its European counterparts- has registered a correction this Friday after learning that the consumer price index (CPI) in Spain increased by 0.2% in July in relation to the previous month and raised four tenths its year-on-year rate, up to 2.3%, mainly due to the rise in fuel prices and also to higher food prices, which rose five tenths to 10.8%.

All in all, during the week the trading volume typical of holiday periods has been visible, and that is that both on Monday and Wednesday the Ibex registered trading of less than one hundred million shares.

In this context, when analyzing the weekly performance, Fluidra (4.1%) stood out; BBVA (3.7%); Rovi (3.31%); Telefónica (2.8%), which reached a commercial agreement with Starlink, owned by Elon Musk, and Repsol, which has added 2.47% thanks to the rise in crude oil in international markets (Brent barrels rose more than 1 % and closed the week around 87 dollars, the highest since November 2022).

At the opposite extreme, the most bearish value in the week was ArcelorMittal (-2.19%), due to the slowdown in the Asian economy, Pinto pointed out; followed by Inmobiliaria Colonial (-2.11%) and Acciona and Merlín Properties (-1.89% each).

On the European scene, only Paris, like Madrid, has managed to rise 0.34% in the week, while London has dropped 0.52%; Frankfurt 0.75% and Milan 1.09%.

In the raw materials market, in addition to Brent crude, a barrel of Texas oil (WTI Intermediate) became more expensive by 1% and stood at $83.67, while TTF natural gas closed with a rise of 20 %, up to 35.7 euros per megawatt (MWh), although it has reached around 40 euros this week, due to the probable strike of workers at two gas fields in Australia.

As for currencies, the euro appreciated 0.13% in the week compared to the 'green ticket', to 1.0963 dollars, while the interest on the long-term Spanish debt has closed at 3.626% after adding four basis points compared to last Friday's close and the risk premium (the differential with the German bond) remained at 100.6 points.

The Ibex has registered a correction of 0.71% this Friday, reaching 9,434.3 points, after the strong rebound this Thursday -it rose 1.58%- with almost all its components closing in losses.

The Spanish market has navigated losses throughout the session, although they were rather light and allowed the selective to remain close to 9,500 points until the opening of Wall Street (its indices traded with a mixed sign at closing time this Friday), moment in which the declines intensified.

Precisely in the United States, it was published this Friday that industrial production for July in the interannual rate rose more than expected, up to 0.8%, although Michigan consumer confidence in August worsened less than expected.

At this juncture, the biggest drops in the Ibex in this Friday's session have been for Fluidra (-2.11%); Merlin Properties (-1.89%); Acciona (-1.71%); Solar Energy (-1.7%); Colonial (-1.68%) and Inditex (-1.54%).

On the other hand, only four values ​​have closed this day with gains: ACS (0.09%); BBVA (0.2%); Caixabank (0.34%) and Bankinter (1.43%).

The rest of the European indices have also reaped falls of varying degrees this Friday (which has caused the majority to fall back in the weekly calculation): Frankfurt has fallen 1.03%; Milan 1.05%; London 1.24% and Paris 1.26%.

Next week the leading role will fall on the inflation data in Europe, which aim to be key to knowing the next steps of the European Central Bank (ECB), while in the United Kingdom these same results will be published on Wednesday, Manuel Pinto has indicated. .

In the United States, construction permits and the minutes of the last meeting of the Federal Reserve (Fed) will be announced on Wednesday, while the day before it will be the turn of retail sales.

At the business level, with the season of business results giving its last throes, the presentation of results from companies such as Home Depot or Walmart will stand out, which could give us signs about the evolution and future expectations in consumption and real spending of households, has pointed Pinto.