Last week, investors reacted to Donald Trump’s victory in the US presidential election with purchases on Wall Street’s major indexes, which became the oldest rally bullish trend of the year for the main American benchmarks. On the other hand, stocks from the Old Continent collapsed due to the negative outlook for European industry, given Trump’s promise to impose higher tariffs on their products. Although European benchmarks managed to rebound from the previous week’s declines, only the Ibex 35 and the Italian FTSE Mib ultimately managed to save the weekly price and close in positive territory. The Spanish Stock Exchange gained 0.97% in the weekly calculation to 11,635 points, after being the most penalized by the euphoria of the Republicans’ return to the White House.
It should be noted that this has been an atypical week for the Spanish stock market, with not just one, but two new stock market jumps this week: Inmocemento and Cox. Midweek, the photograph of the Ibex 35 was completely different, since the index saw its price fall by up to 1.9%. Even if, ultimately, the Spanish index manages to finish in positive territory and above 11,138 points, the intermediate support of the stock market indicated by Joan Cabrero, strategist and analyst of eco-retailer. Cabrero explains that losing support by 11,560 and 11,600 points during election week was “anything but somewhat optimistic, and I never tire of repeating it ever since.
For the analyst, the risk is that “we are witnessing a broader consolidation which could target 10,900 and 11,000 points in the worst case”, but he recommends “see if the intermediate support of 11,138 points, which are the September lows, manages to stop the fall“. It is around 10,900 and 11,138 points that Cabrero would recommend re-exposing to the Spanish stock exchange, since “the upward trend that has guided the increases since the lows of 2022 crosses this range”.
On the other hand, the Milan Stock Exchange is the most bullish on the continent this last week, approaching the annual rise of the Dax and the Ibex, with an increase of 13%. Over the past five days, the The Italian FTSE Mib appreciates up to 1.8%. For the rest, the price of European indices closed practically flat, affected by the change in mood on Wall Street, from the Dax and the British FTSE 100. The European reference, the EuroStoxx 50decrease of 0.12% on a weekly basis. Although, he The Cac 40 is left behind at the end with a weekly drop of 0.9%. The Paris Stock Exchange continues its trading colored of red at the annual level, and this decline increased to 3%.
In the United States, the exhaustion The investor took control of Wall Street during the week, after incredible gains. And even if the declines were slight for the American indices, after the speech of the president of the Federal Reserve, Jerome Powell, the declines in the American indices Big Apple. The main leader of the central bank, who surprised by once again using a harsh tone regarding his monetary policy, He stressed that the evolution of the American economy is “remarkably good”.Thus “sends no signal that we need to rush to lower rates“.
This dashed hopes that at the last meeting of the year, scheduled for December 18, the monetary entity makes a new cut. Considering this, Wall Street corrects above 1%. At the European close, the S&P 500 led the declines, falling 1.5% in weekly counting, which left the American benchmark trading around 5,880 points, after having managed to cross the psychological barrier of 6,000 points. The technology index par excellence, the Nasdaq 100, has also lost 1.5% over the last five days. For its part, the Dow Jones industrial fell 1%.
The most bullish and bearish of the ibexes
With regard to securities listed on the Ibex 35, Unicaja leads the rise of the index by recording 5.2% last week. The electricity companies, Solaria and Acciona Energías, also managed to increase by 5%, although they continue in a difficult year for their prices. Meanwhile, Sabadell and Acciona increased by 4.1% respectively. While Cellnex tops the bottom of this benchmark, losing 4.2% in recent days. For its part, Rovi fell by 3.3%, and Rovi by around 3%.
In currency terms, the dollar was strengthened by Trump’s prospects in power in the United States, which caused the exchange rate to fall against the euro, to 1,051 dollars per European currencythe lowest levels of the year and not seen since 2023. Although the euro managed to advance slightly, the exchange rate closed at $1,057, while the prospect of possible parity between the two currencies increased. strengthens.
In the commodities market, Brent fell again to $71.8, although it managed to revalue to $72.09 per barrel of crude oil. Gold also plunged 5% midweek to $2,564 an ounce, despite starting trading above $2,700. Although it is recovering, it is not above $2,575.
