The Ibex reaches 9,750 points in the mid-session, the highest since February 2020, before the pandemic

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Several panels of the Ibex 35, in the Palacio de la Bolsa, on October 25, 2023, in Madrid (Spain). – Eduardo Parra – Europa Press

MADRID, Nov. 17 (-) –

In the mid-session, the Ibex 35 achieved the milestone of reaching around the level of 9,750 points, which represents the best level recorded by the Spanish selective since February 2020, just when the Covid-19 pandemic was beginning to spread throughout Europe.

In this way, the Ibex registered 9,751.39 points in the mid-session, 0.87% more than Thursday’s close. The highest close so far this year was recorded on July 27, when it stood at 9,694.7 points. The next day, the stock market climbed to 9,741.9 points during the session, but finally ended up closing at 9,685.10 points.

Just when the pandemic spread across Europe, the Ibex 35 registered a collapse in just one month that took the index from being above 10,000 points to around 6,100 points.

This Friday, investors learned that the euro zone’s annual inflation rate moderated last October to 2.9%, its lowest reading since July 2021, compared to a price rise of 4.3%. % recorded in September. This slowdown in price increases occurs after last Tuesday, the United States reported a price increase of 3.2% in the tenth month of the year, five tenths less than the previous month and a better than expected figure. .

This could give clues that both the European Central Bank (ECB) and the United States Federal Reserve (Fed) could pause for a longer period the monetary tightening that they have been carrying out for months.

In fact, on Thursday, the president of the Federal Reserve Bank of Cleveland, Loretta Mester, advanced that monetary policy is “in a very good place” at this time, although she warned that she needed “more evidence” that inflation was on its way to reaching the 2% target.

In this context, Merlin led the increases in the selective of the Spanish stock markets and markets this Friday, rising 2.76%, after having presented results yesterday at the close. Behind them were ArcelorMittal (+2.14%), Rovi (+2.08%), Colonial (+1.98%), Amadeus (+1.95%) and Endesa (+1.46%).

On the opposite side, only five stocks were trading in ‘red’ towards mid-session: Acciona Energías Renovables (-0.36%), Cellnex (-0.24%), Acciona (-0.23%), Unicaja Banco (- 0.20%) and Redeia (-0.13%).

Optimism in the markets was widespread in the mid-session for all the main European stock indices. The British FTSE 100 advanced 1.04%; the French CAC 40, 1.01%; the German DAX, 0.99%; and the Italian FTSE MIB, 0.89%.

In the raw materials market, Brent was trading at $78.21, up 1.05%, while West Texas Intermediate (WTI) advanced 1.02%, to $73.64.

In the debt market, the yield on the Spanish bond with a 10-year maturity stood at 3.528% towards the mid-session, compared to the 3.591% observed at the close of Thursday. In this way, the risk premium against German debt fell by seven tenths, to 99.4 basis points.

In the foreign exchange market, the euro appreciated 0.17% against the dollar, reaching an exchange rate of 1.0871 dollars for each unit of the community currency.

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