The Ibex resists the doubts of the market thanks to the bank’s appeal

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The selective debates between red and green amid the resurgence of tensions over the next rate hikes

The European stock markets are extremely cautious just hours before the opening of Wall Street. The Ibex-35 is blocked just below 7,600 points, despite the bank’s upward pull at the start of the earnings season at the hands of Bankinter.

The entity led by María Dolores Dancausa is at the top with increases of 3.6% after the announcement of 430 million euros between January and September. Sabadell, CaixaBank and BBVA are also at the top of the list, in a day marked by the poor performance of bonds, whose yields (moving inversely to price) have risen sharply again.

Behind the rise has much to do with various statements by members of the Federal Reserve (Fed), who have again made it clear that inflation remains the main target to beat. Concerns about the price increase persist within the monetary organization, which is once again sticking to its commitment to meet the 2% target over the medium term.

As Link Securities analysts put together in their daily report, futures place final interest rates — the level at which the Fed is expected to set official rates — very close to 5%, significantly above what it showed in September in the dotted chart where members of the Federal Open Market Committee (FOMC) sign their expectations for this reference.

In this environment of rate hikes, investors have been eyeing the banking sector for some time, which dominated the top of the Ibex-35 on Thursday. Some managers have even increased their exposure in recent weeks, anticipating improvements in their prices.

This is the case with Bestinver, which presented its latest quarterly letter on Thursday, indicating that the sector’s accounts will continue to benefit from the previous scenario, while the risk of default is reasonably under control thanks to government-approved support.

As for the Spanish market, the managers of the company – which has just appointed Mark Giacopazzi as its new investment director – recall that, despite the recent volatility, the domestic market continues to behave better than other international ones. “As has always happened in the past, the storm will pass and when it’s over, the market response usually withers,” they indicate. In this context, they ensure that they will continue to analyze the evolution of the companies, the framework in which the listed companies operate “and their valuation to exploit the investment opportunities that arise in a predictably volatile environment.”

In the commodities market, the price of oil continues to rise, with increases of more than 1% for a barrel of Brent, a benchmark in Europe, which trades for more than $94, while West Texas in the US is around $86.

Source: La Verdad

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