The Ibex 35 digests the Fed's pause with a 1% drop, but holds at 9,500 points

MADRID, 21 Sep. (EUROPA PRESS) -

The Ibex 35 closed this Thursday with a fall of 1%, reaching 9,548.9 points, after digesting the pause that the United States Federal Reserve (Fed) adopted yesterday - with the European market already closed - and due to the which left interest rates a target range between 5.25% and 5.5%.

The main indicator of the Spanish market has navigated losses throughout the session and has reached the level of 9,500 points, which erased all the gains made yesterday; However, it has moderated the setbacks in the last stretch of the negotiation and has managed to hold this level comfortably.

Despite the Fed's decision to pause rate increases, the president of the central bank, Jerome Powell, indicated in the subsequent press conference that some additional increase in the price of money was not ruled out for the remainder of the year.

A Banca March report has explained that the 'dot plot' indicates that the majority of members believe a new rate increase is appropriate in one of the last two meetings of the year. Likewise, they substantially raised their rate expectations for 2024, from 4.6% to 5.1%, confirming a scenario of higher rates for longer.

On the other hand, the expected growth for this and next year has been revised upwards and the inflation forecasts for 2023 have been revised downwards.

During the first stages of negotiation this Thursday it was also known that the Swiss National Bank has decided to leave interest rates unchanged at 1.75%, while the Bank of Sweden has decided to raise them to 4%, that is , 25 basis points more, and the Bank of Norway has placed them at 4.25%, also 25 basis points more.

This carousel of central banks was joined at noon by the Bank of England (BoE), which paused interest rates at 5.25% when the market expected another quarter-point increase that would have placed them at 5. 5%. The decision was close: five members of the committee voted in favor of the pause and the remaining four in favor of a new increase.

In the 'macro' agenda this Thursday he also highlighted that the Spanish industry cut its sales by 5.3% in July and has chained four months of declines, while sales in the services sector resumed their rise after rising by 1.5%. %.

For its part, consumer confidence in the eurozone in September has fallen for the second consecutive month and more than expected, while in the United States the Philadelphia Fed manufacturing index in September has worsened much more than anticipated, as than the weekly unemployment claims and the sale of second-hand homes in August.

After these data, the New York stock market registered falls at closing time in the Old Continent: the Dow Jones lost 0.5%; the S

The European places have reaped, like Madrid, notable corrections: Milan has subtracted 1.78%; Paris 1.59%; Frankfurt 1.33% and London 0.69%.

In this context, within the Ibex 35, only the following values ​​have managed to escape the 'red': Repsol (1.85%); Bankinter (1.5%); Caixabank (1.16%); Banco Sabadell (0.42%) and BBVA (0.03%).

Among the rest of the values, the biggest decreases have been those of Grifols (-3.95%), Solaria (-3.21%), Naturgy (-3.17%), Acciona (-3.11%), IAG (-2.44%), Mélia Hotels (-2.44%) and Colonial (-2.22%).

On the other hand, a barrel of Brent, the benchmark in Europe, stood at $93.4, 0.13% less, while West Texas Intermediate (WTI) reached $89.75, down 0.1%. % further.

The yield on the Spanish bond maturing in 10 years closed at 3.792% after rising almost five basis points - it exceeded 3.8% during the session - while the risk premium (the differential with the bond German) was at 106 points.

In the currency market, the euro was trading flat against the US currency, at $1.0663.