Up 1.47% in the Friday session
MADRID, 9 Sep. (EUROPA PRESS) -
The Ibex 35 has broken with three consecutive weeks down and has managed to recover 8,000 points, posting an advance of 1.27% in a week marked by the rise in rates by the European Central Bank (ECB).
The ECB agreed on Thursday to raise interest rates by 75 basis points, so that the interest rate for its refinancing operations will be 1.25%, while the deposit rate will reach 0.75% and the loan facility, 1.50%.
In this way, the price of money has reached its highest level since 2011, when the ECB began a path of stimulus at the monetary level that has lasted more than a decade and that led it to place interest rates in negative territory. .
Likewise, the president of the organization, Christine Lagarde, stressed that the ECB's commitment is to lower the current high inflation rates and return to the 2% target, but recalled that monetary policy cannot act on energy prices.
"The markets continue to be conditioned by high inflation and the progressive economic deterioration, which could be altered in turn by the progressive rises in interest rates and by energy supply. The Spanish selective continues to perform better than the rest of its European counterparts due to its exposure to sectors such as banking, renewables and raw materials," said XTB analyst Joaquín Robles.
The financial sector, led by CaixaBank, Bankinter and Sabadell, has risen strongly in the face of the new increase in interest rates, as investors have discounted the potential increase in profits due to the widening of interest margins.
On the negative side, Meliá has stood out this week, after a report from Deutsche Bank in which it lowered its valuation by forecasting a stabilization of the sector. Likewise, Inditex has been infected by the poor prospects of one of its competitors, AB Foods (Primark), which predicts a drop in profits, the XTB analyst pointed out.
The Ibex 35 accumulates a fall of more than 8% so far this year, while it has advanced 1.47% in the session this Friday, in which the Ministers of Energy of the European Union have agreed to limit the price of gas in the community market and establish a goal to reduce electricity consumption as part of the four legislative proposals that the European Commission will present next week to stop the rise in energy prices in the EU.
The selective ended the session at 8,033.1 points, with Grifols (5.05%), BBVA (4.91%), Sabadell (4.05%), Bankinter (3.86%), CaixaBank (3, 58%) and Santander (3.45%) at the head of the advances.
On the contrary, only Solaria (-1.91%), Acciona Energía (-1.13%), Endesa (-0.6%), Iberdrola (-0.42%), Rovi ( -0.34%), Siemens Gamesa (0.28%) and Acciona (0.25%).
The rest of the European stock markets have also closed the trading day in 'green', with gains of 1.23% in London, 1.41% in Paris, 1.42% in Frankfurt and 1.92% in Milan.
The price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 91.79 dollars, with an increase of 2.95%, while Texas stood at 86.11 dollars, after rising 3 .08%.
Finally, the price of the euro against the dollar stood at 1.0038 'greenbacks', while the risk premium stood at 113 basis points and the return on the 10-year Spanish bond stood at 2.831%.
Next week will continue to be marked by the evolution of the energy crisis and economic data. The measures of the European Union may have a response from Russia, which keeps its main gas pipeline closed, while the most relevant data that will be known is the CPI for the month of August in the US, in which a new decrease to 8.1%, and the ZEW of investor confidence in Germany, which could fall to 2008 lows, according to XTB.
"Over the next week we could see a rebound in the stock markets after several negative weeks. Given this environment, we could see the Ibex 35 approach the 8,200 point zone again," added Joaquín Robles.