The Ibex 35 closed this Thursday with a rise of one 1.08%which allowed it to return to the levels of two weeks ago, at 11,400.2 points, on a day marked by the new drop in interest rates by the European Central Bank (ECB) and the stock market rises of Inditex and the banking sector.
The Governing Council of the European Central Bank (ECB) decided on Thursday to comply with the scenario and lower interest rates by 25 basis points, so that the deposit rate (DFR) remains at 3.50%. The president of the institution, Christine Lagarde, refused to commit to a scheduled timetable.
Interest rates applicable to the main refinancing operations (MRO) and the marginal lending facility (MLF) will decrease to 3.65% and 3.90%respectively. These changes will take effect from September 18, 2024; As a result, the spread between the deposit rate and that of the MRO will be 15 basis points and that maintained with that of the MLF will be a quarter of a point.
The ECB has thus resumed its cycle of monetary easing after interrupting it at its July meeting, when it had chosen to maintain the price of silver.
Regarding economic projections, it should be noted that euro keeper kept its three-year headline inflation forecast unchanged from its June projections. Overall, headline inflation is expected to average 2.5% in 2024, 2.2% in 2025 and 1.9% in 2026.
Estimates of the underlying in 2024 and 2025 have been revised “slightly upwards” due to services: it will remain at 2.9% in 2024, 2.3% in 2025 and 2% in 2026. On the other hand, the ECB has revised growth expectations downwards and now forecasts GDP growth of 0.8% this year, 1.3% in 2025 and 1.5% in 2026, which represents a variation of one tenth less for the three years analyzed.
As for the rest of the economic agenda for this Thursday, we know that inflation in spain It stagnated in August compared to the previous month but reduced its interannual rate by five tenths, to 2.3%, its lowest level since July 2023.
Across the Atlantic, the US producer price index rose 0.2% in August, implying a rebound from the previous month’s stagnation.
On the business front, we know that some major shareholders of Grifolsthrough the law firm Araoz & Rueda, sent several letters to the blood products company, complaining, among other things, about the cancellation of the Capital Markets Day until further notice, which was to be held on October 10, due to the “lack of transparency” in the process of the possible public purchase offer (OPA) of the Brookfield Asset Management fund and the founding family of the Catalan company.
On your side, Inditex reached a new all-time high, bringing its share price to 48.82 euros and placing its market capitalization at 155.27 billion euros.
Bouquetin 35 companies
The biggest increases in the Ibex 35 were: Inditex
- Hint : +2.98%
- CaixaBanque: +2.62%
- ArcelorMittal: +2.36%
For its part, the biggest declines of the Ibex 35 were:
- Fluidra: -1.31%
- Enagas: -1.43%
- Rovi: -1.73%
International markets
The main European stock markets were positioned as follows:
Paris: +0.52%
London: +0.57%
Frankfurt: +1.03%
Milan: +0.84%
He Barrel of Brent At the close of trading on the Old Continent, it stood at 72.46 dollars, or 2.6% more, while the West Texas Intermediate advanced by 3.05%, to 69.4 dollars.
On the market of debtThe yield on the 10-year Spanish bond closed at 2.948% after adding two basis points. The risk premium (the differential with the German bond) thus remained at 80 points.
Regarding the exchangeThe euro appreciated in the afternoon, after the ECB decision, by 0.32% against the dollar, reaching a crossing of 1.1047 green bills for each unit of the community currency.
Meanwhile, gold rose 1.6% to a new high of $2,550, while bitcoin remained stable at $57,600.
