MADRID, September 5 (-) –
The Ibex 35 closed the stock market session this Tuesday at 9,392 points, which represents a decrease of 0.26%, in a day in which a multitude of macroeconomic data was released.
Before the opening of the European markets, it was learned that the Reserve Bank of Australia, the body in charge of the monetary policy of the oceanic country, has decided to maintain interest rates at 4.10%, the highest since April 2012. , although it has opened the door to future increases.
This morning it was learned that activity in Spain’s services sector contracted in August of this year for the first time since October 2022, according to the PMI index, which has fallen from 52.8 points in July to 49.3 points. , below the 50 points that separate expansion from contraction.
For its part, it has been published that the activity of the eurozone has deteriorated during the month of August at the fastest rate since November 2020 after remaining at 46.7 points compared to 48.6 in July, while the document has pointed out that the contraction was simultaneous, for the first time this year, in both the manufacturing and services sectors.
Likewise, the consumer price index (CPI) of the Organization for Economic Cooperation and Development (OECD) stood at 5.9% in July, two tenths above the year-on-year increase in prices in the previous month. and the first increase in the cost of living since October 2022
For its part, the Public Treasury has placed 4,940.97 million euros in short-term debt this Tuesday, in the expected medium-high range, and has done so by offering higher returns for 6-month bills, but cutting interest. for 12-month bills, according to data published by the Bank of Spain.
Investors have also had to digest that Russia and Saudi Arabia have announced additional cuts to their oil exports until the end of the year.
BANK OF AMERICA RAISES INDITEX TARGET PRICE
In this context, the majority of stocks on the Spanish stock market have closed the session negative. Among those that have closed in ‘green’, Inditex stands out, which has risen 1.34%, coinciding with a report issued by Bank of America in which it has raised its recommendation to buy and has raised the target price from 37 to 43 euro.
“The group has entered, and is reinforcing, a virtuous cycle that fuels a significant gain in market share with leading margins in the sector,” explained the financial institution’s analysts.
Among the rest of the stocks that have risen the most are Indra (+0.69%), Enagás (+0.58%), Bankinter (+0.51%) and Repsol (+0.44%). On the contrary, Solaria has led the declines (-1.87%), ahead of BBVA (-1.81%), Fluidra (-1.27%), Sacyr (-1.24%), Acciona (- 1.17%) and Acciona Renewable Energies (-0.92%).
Compared to the rest of European places, London has fallen 0.20%; Paris, 0.34%; Frankfurt, 0.34% as well; and Milan has risen 0.02%. For its part, a barrel of Brent advanced 2.21% at the close of the European stock market session, up to $90.93, while West Texas Intermediate stood at $87.82, up 2.64%.
In the debt market, the yield on the Spanish bond maturing in 10 years has climbed to 3.645%, while the risk premium has reached 103.8 basis points.
In the foreign exchange market, the euro was trading with a depreciation of 0.63% against the dollar, until trading in the markets with an exchange rate of 1.0728 dollars for each euro.