Monday, January 30, 2023

Ibex advances over 8,300 points with eye on macro and Fed

Las european stock They advance positions on the last day of November, which is marked by the publication of various macro data, such as the CPI for the euro area and the GDP of the United States, and the appearance of Federal Reserve (Fed) Chairman Jerome Powell.

After closing Tuesday’s session on the tables, Ibex 35 rose 0.4% and remained above the 8,300 mark. Within the Spanish index, Acciona Energia was the top gainer with a gain of 4%. It was followed by its parent company, Melia Hotels and Pharmamar, with gains of more than 2% each. Merlin Properties and Inmobiliaria Colonial registered the biggest declines in the order of 2% each.

In Europe, inflation in the euro area slowed for the first time in 17 months, down to 10% in November. This means six tenths as compared to the historical record registered in October. This represents the first sign of a rise in prices beginning in the summer of 2021, thus showing the European Central Bank (ECB) the first signs of the effects of its monetary policy changes.

Fed Chairman Jerome Powell is scheduled to speak about the economy and the labor market at a Brookings Institution event today. Analysts say this is the last intervention by a Fed member ahead of its December 13-14 policy meeting, and could anticipate information on the next rate hike. A series of data will also be released this week. Americans on Manufacturing, Inflation and Employment.

“This week will provide an interesting test for markets in the form of the next key macro data from the US, especially PCE inflation data and Friday’s November jobs report,” said Wong of Saxo Markets.

The ISM US Manufacturing Survey for the month on Thursday also expected a contraction in the US Manufacturing Survey for the month, Wong said.

Also, this week and next week, data on output and the US labor market is expected, which could influence the deliberations of that meeting.

Moreover, the market is still witnessing protests in China over the “zero covid” policy and the possibility that the authorities will relax them due to their impact on the Asian giant’s economy.

Chinese officials said on Tuesday that the country would accelerate vaccination against COVID-19 for the elderly. The vaccination is seen as key to ending nearly three years of tough restrictions on the world’s No. 2 economy that have hammered economic growth, disrupted the lives of millions and sparked unprecedented protests this past weekend. have performed.

However, most analysts say the reopening will be slow and difficult, taking a toll on the economy until 2023.

Oil prices are up more than 1% today. Brent crude futures were up 1.05% at $83.90 a barrel, while US crude futures were up 1.14% at $79.09 a barrel.

Nation World News Desk
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