BBVA and Bankinter are strong in an IBEX 35 that recovers the 9,500 mark
The IBEX 35 rose 0.48% on Tuesday after the falls of the previous day in a day of rebound in which it regained 9,500 points while awaiting the decision to be taken by the Federal Reserve (Fed) at its two-day meeting, which began today. In a session in which 27 out of 35 stocks rose, BBVA and Bankinter rose more than 2%, while the disappointment of the day was Fluidra, which fell more than 3%, and Inditex, among the large companies, which fell more than 1%.
The IBEX 35, the main selective of the stock market, rebounded 45.1 points, that 0.48%, to 9,527.2 integers and in the year has already gained 15.77%, according to market data consulted by EFE.
The stock market has started the session with falls, although minutes later it has reversed the trend to take the upward path that has maintained for the rest of the session, in which the OECD has published its macroeconomic forecasts that draw a scenario of economic weakness in the eurozone.
The OECD has updated its economic outlook in which it further reduces its growth forecasts for this year and next year in the euro area – mainly dragged down by Germany and with the exception of Spain – to 0.6 % in 2023 and 1.1 % in 2024; while at a global level it expects GDP to grow by 3 % this year and 2.7 % next year.
Economic slowdown
In this context of economic slowdown, the markets have been watching the rise in oil prices, which maintained the upward trend of the last few sessions after the announcements of production cuts by some countries and with the fear of the impact that this rise in crude oil will have on inflation.
At the close of trading, Brent oil, the benchmark in Europe, was up 1.05% to 95.42 dollars per barrel.
Regarding inflation, another of the indicators that set the pace of the markets, Eurostat has published on Tuesday the update of the eurozone figure for August, which stood at 5.2%, one tenth less than the previous month’s rate and also one tenth less than the agency’s preliminary estimate.
This data is known after the European Central Bank raised rates again last week – a rise of 25 basis points to 4.5 % – although it left the door open to the end of the rate hike, which will remain high to try to bring inflation to the 2 % target.
European stock markets closed the day mixed. Milan rose 0.6%; Frankfurt, 0.4%; Paris and London closed almost flat, with a slight rise of 0.08% in the case of France and 0.09% in the UK.
Pending the United States
Meanwhile, in the US, housing starts fell in August to the lowest levels since June 2020 (lower than expected); on the other hand, building permits rose more than expected.
These data are the prelude to the meeting that is of most interest to investors this week, the Fed begins its two-day meeting today and tomorrow afternoon its decision on interest rates will be known, although the market expects the body to pause and keep them unchanged.
Wall Street opened in the red and the Dow Jones Industrials, its main indicator, was down 0.17% at the start.
The Bank of England’s monetary policy decision will also be announced tomorrow, which is expected to raise interest rates due to the strength of macroeconomic data and persistent inflation.
BBVA and Bankinter lead the IBEX 35.
On the IBEX, the stock that has risen the most is BBVA, up 2.21%, followed by Bankinter, with 2.03%. ACS also performed well, with close to that percentage, and Solaria and Colonial, which rose more than 1.7%. Fluidra fell the most, by 3.06%.
Among the rest of the big stocks, Telefónica gained 1%; Iberdrola, 0.72%; Repsol, 0.65%; Santander, 0.54%. Inditex, on the other hand, fell 1.07% (the second biggest fall on the IBEX).
