The Spanish stock market takes a breather after six consecutive days of rises and the Ibex-35 lost 0.3% on Wednesday to 9,551 points. The selective was pressured by the correction in energy values, with falls of more than 2% for Solaria, Iberdrola and Energía, three of the companies that rose the most the previous session.
At the top of the table, the banks once again stood out, with Unicaja leading the sector with a revaluation of 1.8%, while BBVA, Bankinter, CaixaBank and Sabadell registered more moderate advances. Even so, it was not enough for the Ibex to attack 9,600 points. Investors had a deluge of macro data to digest. References that once again sow doubts about the future of the monetary policy of the central banks.
Moderation in the US
On the one hand, inflation data was released in the euro zone confirming that although the battle against rising prices is having an effect, there is still a long way to go. In Spain, the CPI rose to 2.6% in August and the underlying index softened one tenth, but it is still above 6%. In Germany, the general rate also remains above 6%.
The data leaves a completely different situation on the other side of the Atlantic, where growth and even the labor market show signs of moderation. Specifically, the US published the ADP report on private employment – prior to the official data that will be released on Friday – and which reflected the creation of 177,000 jobs in August, its lowest level since March 2022 and far from 200,000 jobs. that anticipated the market.
It was also known that the growth of the economy slowed down, with a drop to 2.1% in GDP in the second quarter of the year from the 2.4% initially estimated.
Against this background, investors chose not to make large movements on the stock market and to withdraw from their positions in dollars, with the greenback losing positions against other currencies. The cross with the euro is now close to 1.10 dollars.
Meanwhile, in the raw materials market, the price of oil is on the rise, with a barrel of Brent –a reference in Europe– above 85 dollars, while West Texas in the US is around 81 dollars.
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