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Sunday, August 14, 2022

The Ibex 35 recovers 1.05% mid-session and targets 8,200 points

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The Ibex 35 reversed, gaining 1.05% midway through this Friday’s session, leading it to approach the 8,200-point mark in a scenario that continues to depend on how inflation moves, measures of central banks and the fear of an economic recession.

At the macroeconomic level, it was announced this Friday that the year-on-year inflation rate in the euro area was 8.6% in June, compared to the 8.1% registered in May, representing the highest increase in the cost of prices in the euro area entire historical series and more than four times the European Central Bank’s (ECB) price stability target of 2%, according to the preliminary reading of data released by the Community’s statistical office, Eurostat.

In Spain, manufacturing activity growth slowed to a 17-month low in June, according to the Purchasing Managers’ Index (PMI), which fell to 52.6 from 53.8 in May as a result of the impact of the war in Ukraine economic outlook and inflation that increase the risk of stagflation.

After posting its worst semester since the pandemic between January and June, the Ibex 35 rose to 8183.7 at midday, with most of its readings positive.

The largest increases were those of Iberdrola (+3.07%), Sabadell (+2.94%), IAG (+2.83%), Endesa (+2.75%), Aena (+2.14%) , Solaria (+2.12%), Enagás (+1.95%) and Inditex (+1.95%).

On the contrary, in the negative terrain ACS (-6.14%), Acerinox (-3.96%), Rovi (-2.05%), Meliá (-0.91%), Amadeus (-0.53%) , Repsol (-0.46%), Cellnex (-0.43%), Siemens Gamesa (-0.28%) and Fluidra (-0.1%).

Major European stocks were also trading green in mid-session, with gains of 0.33% in London, 0.31% in Paris, 0.26% in Frankfurt and 0.42% in Milan.

On the other hand, the price of a barrel of Brent oil, a reference for the old continent, was quoted at 110.81 dollars, with an increase of 1.63%, while Texas stood at 107.35 dollars, with an increase of 1. 5%

In the FX market, the euro lost positions against the dollar, getting exchanged at 1.0465 greenbacks, while in the debt market, the Spanish risk premium was around 111 basis points, with 10-year bond rates asking at 2.417%.

Source europapress.es

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