The Ibex resists the fall of banks above 8,700 points

Interior of the Madrid Stock Exchange. / afp

The selective closes with a timid rise of 0.16% a transition day awaiting the CPI in the US

Clara Alba


Wednesday, January 11, 2023, 18:22

Transition day for the Spanish stock market, which ended the session lagging behind in Europe with a minimal rise of 0.16% to 8,712 points. The selective was able to hold that level despite the ballast from the banking sector, which these days is beginning to correct the strong rises of recent weeks.

Specifically, Bankinter was the most bearish value of the day, dropping 2.51%, followed by Cellnex, which lost 2.45% after learning of the resignation of its CEO, Tobías Martínez. Unicaja, CaixaBank, Sabadell, BBVA and Santander also ended the session in the red.

The top part of the table was led by Colonial, Solaria and Grifols, which rose more than 4% at the close, followed by Meliá and Acciona with increases of more than 3%.

In the rest of the stock markets of the Old Continent, the increases exceeded 1% in Germany and were around 0.8% in France and Paris, while on Wall Street the green numbers also prevailed with a little more forcefulness.

Without macroeconomic or business references of interest, investors are waiting for the publication this Thursday of the US CPI for the month of December, a variable that will be key in the decision of interest rates by the Federal Reserve (Fed) at its meeting of beginning of February.

The consensus is that the headline rate will stand at 6.7%, easing from 7.1% in November, while core inflation will ease from 6% to 5.7%.

This could make it easier for the agency to not be so aggressive in its monetary policy, although Fed Chairman Jerome Powell has already made it clear this week that the priority is to guarantee price stability.

Against this backdrop, investors are also waiting for the unofficial start of the earnings season on Wall Street, with the country’s big banks giving the go-ahead for accountability next Friday. A day in which the consumer confidence of the University of Michigan will also be known, in which the operators will find new clues about the behavior of inflation.

Meanwhile, in the raw materials market, the price of a barrel of Brent, a reference in Europe, recovered 2.5% to 82.2 dollars. For its part, the American West Texas was close to 77 dollars.

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