The textile giant gains the backing of analysts in the week in which it presents its results
The Spanish stock market is taking another step to recover from the blow suffered at the end of August. The Ibex-35 advances more than 1% in a bullish session in Europe, thanks to the pull maintained by the banks and especially large values related to the cycle, such as the steel companies or Inditex, absolute protagonist of the week for the presentation on Wednesday Your results.
Citigroup has upgraded its advice on the textile giant to ‘buy’, with its price target raised from 21 to 25 euros per share.
With the appeal of these great values, the Spanish selective has already chained four sessions on the rise and is recovering 8,100 points, but experts advise not to launch the clocks right away.
Link Securities’ analysis department advises caution when increasing positions, as “we believe the recent good behavior of western stock markets is just a technical recovery.”
In addition, they recall that as we get closer to Friday, a session in which the quadruple expiration of equity and index derivative contracts will occur at the end of the quarter, “the volatility in the stock markets will increase and their behavior may become something erratic”.
All eyes are now on the release of US CPI data for the month of August. Investors are beginning to discount that the prices of the world’s greatest power have peaked, anticipating the possibility of falling to levels closer to 8%, from 9.1% in June and 8.5% in July.
Something that, on the other hand, would take the pressure off the Fed for the next rate hikes. However, the market has been reckoning for weeks that the September meeting will see another 75 basis point gain.
Meanwhile, the commodities market has a barrel of Brent-type, a benchmark in Europe, at $92, while the US West Texas is trading at $86.
Source: La Verdad
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