MADRID, 5 Oct. (EUROPA PRESS) –
The Ibex 35 has recorded a decline of 1.52% in the session this Wednesday, to 7,579.9 points, in a day in which the Organization of Petroleum Exporting Countries and other allied producers (OPEC) have decided to cut its production by two million barrels per day and in which the Bank of Spain has revised downwards its forecasts for the Spanish economy for 2023.
OPEC and its allies, led by Russia, have decided to undertake a downward adjustment of 2 million barrels per day from next November on the supply levels reached last August.
The president of the United States, Joe Biden, has been against OPEC’s decision, for which he has decided to release 10 million from the country’s reserve.
On its side, the Bank of Spain has raised its growth forecast for the Spanish economy to 4.5% this year, four tenths more than its previous estimates in June, but has cut those for 2023 by 1.4 points, until 1.4%, well below the 2.1% estimated by the Executive. For 2024, it foresees a growth of 2.9%, three tenths more.
On the other hand, the Composite Purchasing Managers’ Indices (PMI) have been published, which show that the activity of the private sector in Spain suffered in September its first contraction since last January as a result of the impact of inflation and uncertainty , as the indicator fell to 48.4 points from 50.5 in August, its worst reading since January 2022. In the eurozone, the index fell in September to the lowest since January 2021.
Regarding the geopolitical conflict, the member states of the European Union reached an agreement this Wednesday to approve the new round of sanctions against Russia, which will include a cap on the price of Russian oil, and which responds to the escalation of the conflict in Ukraine. after the illegal referendums and the annexation of four Ukrainian regions occupied by the Russian Army.
In addition, yesterday the data on job vacancies was published in the United States, which was reduced by one million in August, to ten million, with which the number of vacancies exceeds “only” the number of unemployed by four million, “what which shows a labor market that is still stressed, but less and less,” according to analysts at Renta 4.
In this scenario, the Ibex 35 has turned ‘red’ and only Repsol has closed positive (2.58%). The biggest falls were presented by Colonial (-5.18%), Meliá (-5.08%), Grifols (-4.8%), Fluidra (-4.7%), Cellnex (-3.7%) and Merlin (-3.43%).
The rest of the European stock markets have also ended the trading day with falls, 0.48% in London, 0.9% in Paris, 1.21% in Frankfurt and 1.52% in Milan.
Specifically, the price of a barrel of Brent quality oil, a reference for the Old Continent, stood at a price of 93.64 dollars, with an increase of 2.02%, while the Texas was trading at 88.09 dollars , with an increase of 1.8%.
Finally, the price of the euro against the dollar stood at 0.9872 ‘greenbacks’, while the Spanish risk premium stood at 116 basis points, with the interest required on the ten-year bond at 3.222%.
