Monday, October 2, 2023

Markets | The Ibex 35 opened higher (+0.4%) and reached 9,400 points pointing to the ECB

The Ibex 35 started the session this Monday with a an increase of 0.42%, leading the choice to reach the level of 9,400 points, which puts itself at the opening of 9,404.08 integers, in a week marked by this Thursday’s meeting of the European Central Bank (ECB).

The monetary authority is debating between stopping its rate hike path, after nine consecutive increases, or continuing the monetary tightening strategy, which on this occasion could be almost a quarter at a point.

At the macro level, Tomorrow will be known about the strike in the United Kingdom, the inflation in Spain and the confidence of German investors while on Wednesday the GDP data from the United Kingdom, the industrial production from the eurozone and the inflation data from the United States will be published, which will give clues to the decision adopted by the Federal Reserve of the country next week.

In addition, more European data will be released on Friday, such as eurozone labor costs or inflation data from France and Germany. In addition, China will also offer a general snapshot of the state of its economy, by publishing the CPI, retail sales and industrial production.

Finally, the week will be crowned with the informal meeting that the ministers of Economy and Finance of the European Union (Ecofin) will be held in Santiago de Compostela (Galicia).

In the early part of the session this Monday, the biggest increases within the Ibex 35 were recorded by Grifols (+1.77%), Banco Sabadell (+1.4%), Acerinox (+1.37%), Solaria (+1.18%) and Banco Santander ( +1.16%).

On the other hand, the biggest decrease was recorded in Mapfre (-0.46%) and Acciona (-0.21%).

The main European stock markets also opened on Monday with a positive sign: 0.64% in Milan, 0.47% in Frankfurt, 0.4% in London and 0.29% in Paris.

At the opening of the stock market, the price of a barrel of Brent quality oil, a reference for the Old Continent, fell 0.3%, to 90.38 dollars, while Texas stood at 86.94 dollars, a 0.65% which is lower.

In the foreign exchange market, The price of the euro against the dollar increased to 1.0736 ‘greenbacks’, while in the debt market the interest required on the 10-year Spanish bond increased to 3.665%.

Nation World News Desk
Nation World News Desk
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