The Ibex 35 signs its best month in November (11.54%) in three years and consolidates 10,000 points

MADRID, 30 Nov.

The Ibex 35 signs its best month in November (11.54%) in three years and consolidates 10,000 points


The Ibex 35 concluded the month of November with a revaluation of 11.54%, which represents the best monthly figure for the main indicator of the Spanish market since November 2020 (then it rose 25.18% after months of depreciations by the arrival of the pandemic), and has consolidated the level of 10,000 points - specifically, it closed this Thursday at 10,058.2 points - after accumulating three months of falls since last July.

The Spanish selective has thus accumulated a rise of 22.23% so far this year, which has allowed it to recover levels not seen since February 2020, when the pandemic broke out in the markets; In addition, this day it was traded intraday above 10,100 points, the highest since 2018, although finally this Thursday it closed in a draw (-0.04%).

Thus, in the month of November, the Ibex 35 has accumulated up to sixteen upward closings compared to six sessions of falls, while the upward momentum has occurred throughout the second fortnight of the month given the increasingly encouraging outlook - and even supported by the comments of some members of the central banks - that interest rates will be cut next year.

This scenario would also occur in a context marked by the progressive fall in inflation and a mild economic slowdown that would avoid recession and sharp falls in economic activity, employment and business profits.

In this sense, it is worth noting that, precisely in this last session of the month, it was known that the interannual inflation of the euro zone has moderated in November more than expected, to 2.4%, half a percentage point below the data from the previous month and its lowest reading since July 2021, according to the preliminary estimate of the community statistics office, Eurostat.

Furthermore, it has been published that the eurozone unemployment rate stood at 6.5% last October, the lowest in the entire historical series where it has remained stable since last March despite the economic slowdown, while which in the European Union as a whole remained stable at 6% for the fifth consecutive month.

For its part, PCE inflation in the United States - one of the Federal Reserve's (Fed) most reference measures when guiding its monetary policy - has moderated to 3% in October and the underlying inflation has fallen to 3.5%.

In this context, all the Ibex 35 values ​​have concluded the eleventh month of the year with advances: the most significant have corresponded to Cellnex (26.41%); Grifols (22.48%) and Solaria (21.31%).

The large stocks of the selective have posted the following gains in the month: Inditex has revalued 16.22%; BBVA 14.61%; Banco Santander 9.67%; Telefónica 8.45%; Iberdrola 8.05%; Caixabank 7.72% and Repsol, which has advanced the least of the entire index due to its exposure to the fluctuations of the crude oil market, has added 1.56%.

The rest of the European selective markets have also made significant gains in November, although none like the Spanish market: London has risen 1.8; Paris 6.17%; Milan 7.19% and Frankfurt 9.49%. For their part, Wall Street indices - in the absence of today's closing - rose around 8% and 10% during the month.

In the raw materials market, the barrel of Brent crude oil, the reference in Europe, depreciated 2.74% in the month and stood at 82.7 - on the 16th it hit a monthly minimum of 76 dollars. , while the Texas WTI barrel fell 6% and was trading at $75.66 - it also fell on the 16th to $72.

The price of oil fluctuates today pending the OPEC meeting (the meeting, in fact, was scheduled for this past weekend), from which new cuts in oil supply are expected to boost its price.

On the other hand, the euro appreciated 6% in the month compared to the "greenback", up to 1.09 dollars, given the prospect of lowering rates by the main central banks.

For the same reason, the interest rate on the long-term Spanish bond closed November at 3.466% after subtracting 41 basis points - the equivalent of four tenths - in said period, with the risk premium (the differential with the German bond) at the 102.2 points.