Spanish stock market limits its gains to 0.3% in a session marked by the wave of macro references and corporate results
The Spanish stock market is lagging behind the gains in Europe on a day marked by another avalanche of macroeconomic references and good corporate results. Compared to the gains of more than 1.5% in other markets of the old continent, the Ibex-35 0.2%, which puts the indicator above 7,800 points in any case.
The market is supported by the gains of major companies such as ArcelorMittal, which tops with 6% increases or Inditex, which is up more than 2%, to stay green. Also in Telefónica, which rose another 2% after announcing an 11% increase in sales through September.
On the losing side, the banking sector and Rovi’s losses stand out, which is the worst-behaved value of the session with a drop of more than 10%.
Investors are now waiting for the most important reference of the day, the US employment data. A strong reference would justify the Federal Reserve’s (Fed) decision to raise interest rates an additional 75 basis points to curb demand and reduce inflation.
The US economy is expected to have generated some 200,000 net jobs this month and the unemployment rate will have risen slightly to 3.6%. “It’s possible that worse-than-expected numbers will be well received by investors in line with the premise that bad macro news is good for stock markets, a premise that is becoming less and less convincing to us,” they say from the Link analysis department. Effects.
In his view, investors should begin to realize that monetary policy will not save them this time. In addition, they need to prepare by adjusting their portfolios for an environment of high interest rates, at least much higher than in the past 15 years, and low economic growth.
Source: La Verdad
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