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The Ibex 35 gives up 0.2% and loses 10,100 points, pending the Fed

MADRID, 13 Dic.

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The Ibex 35 gives up 0.2% and loses 10,100 points, pending the Fed


The Ibex 35 closed with a fall of 0.22%, losing 10,100 integers in a session marked by the interest rate decision of the United States Federal Reserve (Fed), which will be known in a few hours, with the European market already closed.

Tomorrow the monetary policy decisions of the European Central Bank (ECB), the Bank of England, the Swiss National Bank and the Bank of Norway will also be known. With influence on banking values, the meetings of the central banks of Mexico and Brazil will also take place this week.

Renta 4 analysts believe that the level of rates may have reached a ceiling, but does not share investors' expectations of a "soon and intense" reduction, since "victory cannot yet be declared in relation to the control of the inflation".

In the business field, Inditex reported this morning that it registered a net profit of 4,102 million euros during the first nine months of its 2023-2024 fiscal year (between February 1 and October 31), which represents an increase 32.5% compared to a year before.

Analyst reaction to the results has been mixed. Jefferies has raised the target price from 40 to 44 euros, while Alantra has maintained it, but has recommended selling. Other analysis houses such as Morgan Stanley, Barclays or Citi have decided to maintain both their target prices and their recommendations on the textile group.

Outside Spain, it was announced this Wednesday that the Gross Domestic Product (GDP) of the United Kingdom suffered a contraction of 0.3% in the month of October, compared to the 0.2% growth observed in September and the expectation of stagnation of the analyst consensus.

For its part, industrial production in the euro zone registered a decline of 0.7% last October compared to the previous month, when it had fallen by 1%, while compared to the same month in 2022 it decreased by 6. 6%.

Renta 4 also highlights the "disappointment" of the market due to the lack of "clear" stimuli for growth in China, as well as the first measures of the Argentine Executive of Javier Milei, which includes a 54% devaluation of the peso and "massive" cuts of public spending.

"The International Monetary Fund (IMF) applauds the measures, which it believes will help stabilize the economy and lay the foundations for more sustainable growth led by the private sector," say Renta 4 experts.

In this context, ACS has been the bullish value, with an advance of 2.87%, followed by Solaria (2.38%), Colonial (1.20%), Logista (1.19%), Cellnex (0. 74%) and Bankinter (0.73%). On the other hand, the biggest falls have been those of Meliá (-3.51%), Telefónica (-3.39%), IAG (-2.03%), Repsol (-2.00%), Amadeus ( -1.22%) and Banco Santander (-0.97%).

The rest of the main stock indices have also closed negative, with falls of 0.15% in Milan and Frankfurt and 0.16% in Paris. Only London has appreciated a slight 0.08.

In the raw materials market, a barrel of Brent stood at $74.36, up 1.53%, while West Texas Intermediate (WTI) reached $69.64, up 1.49%.

In the debt market, the yield on the Spanish bond with a 10-year maturity stood at 3.170%, compared to the 3.241% observed at the close of Tuesday. In this way, the risk premium against German debt stood at 101 basis points.

In the foreign exchange market, the euro depreciated 0.01% against the dollar, reaching 1.0793 'greenbacks' for each unit of the community currency.