MADRID, 24 Nov. (EUROPA PRESS) –
The Ibex 35 continues its bullish ‘rally’ and has closed its fourth week positive, after revaluating by 1.81%, which has brought it to 9,939.0 points. In this way, it continues at its highest levels since February 2020. This Friday alone it has advanced 0.34%.
XTB analyst Joaquín Robles points out that the week has not been full of “big references”, so the markets have been driven by the change in tone of the central banks and the falls in the oil market.
In this regard, Robles points out that the minutes of the November 1 meeting of the United States Federal Reserve (Fed) show the preference of the members of the central bank to maintain rates at current levels and that “they will only raise them in the case of a new overheating of the economy or a rebound in prices”.
Thus, he states that speculation about when the first cuts will occur has begun and in the US they already give a 60% probability to the month of May.
In Europe, rates are also expected to remain high for a long time. This week, the president of the European Central Bank (ECB), Christine Lagarde, commented that it is first necessary to slow the increase in wages.
“The real fear of the central banks is to start cutting them and that there will be a new rebound, which is why they want clear signals that prices are stabilized,” he adds.
On the other hand, Robles highlights that Javier Milei’s victory in Argentina went “unnoticed” by European markets, since there is no great exposure of European companies in the region.
“However, the victory of the far-right bloc in Holland did generate greater uncertainty, as its leader, Geert Wilders, has promised his voters a referendum to leave the European Union,” he added.
Next week, Robles believes that there could be a “slight” profit-taking given the strong increases in recent weeks, although there is ‘macro’ data that is “relevant enough” to extend purchases. Among the most notable, the analyst highlights the manufacturing PMI and the CPI corresponding to the month of November in Spain, Germany and the US.
In this Friday’s session, the biggest increases have been those of Rovi (2.32%), Grifols (1.75%), Repsol (1.22%), Cellnex (1.18%), Enagás (1. 06%) and Solaria (0.89%). On the opposite side, Acciona (-1.35%), Indra (-0.90%), Unicaja Banco (-0.78%) and BBVA (-0.64%) were placed.
It should be noted that the non-executive president of Unicaja Banco, Manuel Azuaga, has submitted his resignation to the board of directors, a change that will be effective once the ECB’s supervisory no-objection is obtained and when the appointment of his replacement is agreed.
As for the rest of the European markets, they have also closed positively, with increases of 0.67% in Milan, 0.22% in Frankfurt, 0.20% in Paris and 0.06% in London.
In the raw materials market, the price of a barrel of ‘Brent’ crude oil, a reference in Europe, rose 0.31% to 81.67 dollars, while that of West Texas fell 1%, to 76. 33 dollars.
In the currency market, the price of the euro increased by 0.23% against the dollar, up to 1.0930 ‘greenbacks’, while the interest rate on the long-term Spanish bond stood at 3.630% after add one basis point, with the risk premium (the differential with the German bond) at 100 points.
