The Ibex closes the week 0.9% lower after the entry of STC into Telefónica and waiting for the ECB

MADRID, 8 Sep.

The Ibex closes the week 0.9% lower after the entry of STC into Telefónica and waiting for the ECB


The Ibex 35 closed this week with a decrease of 0.9% compared to last Friday, reaching 9,364.6 points, a week that was marked by the decision of the Saudi STC to acquire 9.9% of Telefónica and in which investors are waiting for what the European Central Bank (ECB) will decide next week.

Compared to the closing of this Thursday, the selective of the Spanish stock exchanges and markets has advanced 0.59%.

"The evolution of inflation and the decisions of central banks will continue to set the course of the financial markets, but the progressive economic deterioration could awaken greater volatility," warned XTB analyst Joaquín Robles.

Next week will be marked by the meeting on Thursday of the European Central Bank (ECB). The monetary authority is debating between stopping its rate hike path, after nine consecutive increases, or continuing with the monetary tightening strategy, which on this occasion could be around a quarter of a point. Last week Eurostat reported preliminary that eurozone inflation held at 5.3%, unchanged from July.

The macro agenda is dominated by more data. On Tuesday, unemployment in the United Kingdom, inflation in Spain and investor confidence in Germany will be announced. On Wednesday, GDP data from the United Kingdom, industrial production from the eurozone and inflation data from the United States will be published, which will offer clues to the decision adopted by the country's Federal Reserve the following week.

On Friday, more European data will be released, such as eurozone labor costs or inflation data from France and Germany. China will also offer a general snapshot of the state of its economy, with the publication of the CPI, retail sales and industrial production.

The week will be crowned by the informal meeting that the ministers of Economy and Finance of the European Union (Ecofin) will hold in Santiago de Compostela (Galicia). Likewise, during the week it will also be known whether Margarita Delgado is finally the candidate chosen by the ECB to replace Andrea Enria as head of the Supervisory Board of the monetary authority.

On Friday, only six stocks closed the session in the red: Fluidra (-1.95%), Grifols (-0.90%), Cellnex (-0.55%), ArcelorMittal (-0 .10%), IAG (-0.06%) and Acerinox (-0.04%).

Among the stocks that have had the best performance this Friday are Acciona Energías Renovables (2.63%), Repsol (1.88%), Banco Sabadell (1.67%), Logista (1.61%), Meliá (1 .52%), Bankinter (1.43%) and Unicaja Banco (1.43%).

The rest of the main European markets have also closed in 'green'. London has advanced 0.49%; Paris, 0.62%; Frankfurt (0.14%); and Milan, 0.28%.

At the close of the European trading session, a barrel of Brent was trading at $90.74, up 0.91%, while West Texas Intermediate (WTI) advanced 0.89%, to $87.62. The price of crude oil has been influenced this week by the decision of Russia and Saudi Arabia to extend their voluntary cut to oil production and exports until the end of the year, beyond the pacts agreed upon within OPEC.

In the debt market, the yield on the 10-year Spanish bond closed the session at 3.648%, almost flat compared to 3.649% on Thursday. In this way, the risk premium with respect to German debt has stood at 103.8 basis points, three tenths more.

For its part, the euro appreciated 0.11% against the dollar at the close of the European stock market session, which is why it was traded in the market with an exchange rate of 1.0710 dollars for each euro.