Ibex 35 is looking forward to a new week in which central banks and macroeconomics will once again be “peaceful” for the stock market. This happens with a rise of 0.26%, with which it reaches 9,489.45 points. It is just looking for a level of 9,500 points, a level that has not been reached since February 2020, when the market began to fall due to the impact of the beginning of the Covid-19 pandemic.
The national index has already risen 2.85% last week. This Monday, the banking sector pulls the national index again. The biggest rise in the Ibex 35 is Unicaja, which returns by 1.34%. Then Banco Sabadell returns by 1.34%, while Santander, of 1.07% or Bankinter, of 0.9%, also stands out.
On the opposite side of the table there are the decreases of Grifols, 2.97%; Acerinox, 1.08% and Fluidra, 0.9%.
This week that has just begun has two important features. The first of these is the intervention of the Federal President of the United States (Fed), Jerome Powell, before the Banking Committee of the Senate (Tuesday) and before the Services Committee of Representatives (Wednesday).
Friday is the second release of US nonfarm payrolls data for February.
“Both institutions should serve to clarify what the next rate move in the US is going to be and, in particular, how much the US central bank is going to make its official rate, that is, what the termination will be. Now the market expects it to be in the range between 5.25% and 5.50%, “Securities link analysts.
These experts do not expect Powell to deviate from this scenario when speaking in front of both cameras, “although we will have to be very careful what he says about the recent behavior of inflation and how he expects this variable to behave in the future.”
“It is also relevant to know, again, your opinion on the state of the US labor market, which has strengthened much more than expected at this point after the strong increase in official rates, while the labor market has high inflation rates. “, exaggerate.
Regarding US official jobs data for February, forecasts indicate the creation of 215,000 non-funded jobs, compared to the strongest job creation in January, which reached 517,000 jobs, accelerating from 260,000 in December. Estimates also add that the unemployment rate will remain at a record low of 3.4%.
But earlier on Wednesday, the ADP private employment figures will be known. On the same day, the IOLTs survey of job vacancies will be published (analysts expect 10.58 million vacancies), which, as Renta 4 mentions, “rose to 11 million in January, showing the labor market.”
This week, in addition, the central banks of Canada, Australia and Japan are holding monetary meetings, where they have just appointed Kazuo Ueda as the new president, who will take over the post in April.
So on a day of transition, when a large part of the market is waiting for what Powell can say on Tuesday, when he approaches the Senate Banking Committee, most markets can register gains from the main European stocks. Frankfurt rose 0.19%; Country, 0.47%, Milan 0.52%; while in London it was subtracted 0.03%. The Euro Stoxx 50 advanced 0.46%.
This Sunday, the 14th edition of the “Two Sessions” began in Beijing: the National People’s Congress, China’s legislative body, and the Chinese People’s Political Consultative Conference, the country’s top political advisor.
“The agenda is expected to be the transition to the third term of Xi Jinping and the reform of the State Council, perhaps more in national security, technology and high technology” (he holds the key in the middle of the technological conflict with the United States of America) in an effort to counter the growing geopolitical challenges”, point out the Rents 4 analysts.
The Chinese government on Sunday announced its growth target for 2023, which stood at a modest 5%, against forecasts of between 5.5% and 6% by economists and despite no end to covid policies.
The euro advanced against the dollar and was exchanged at 1.065 “green note”, after a week the single currency came to lose the level of 1.06 dollars.
Brent oil, the benchmark in Europe, fell 0.45% and stood at $85.42 per barrel.
The 10-year Spanish bond yield fell to 3.69% and the risk premium in Spain relaxed to 100.95 basis points.
