Selective rebounds 1% boosted by Wall Street gains following good consumer confidence data
Investors took advantage of the scarcity of relevant macroeconomic references on Wednesday to further restore positions in equities. Wall Street’s bullish open following good consumer confidence data in the US consolidated gains in Europe.
In Spain, the Ibex-35 closed the session up 1.43% to 8,302 points in its best session in nearly a month.
Within the roster, Grifols led the top of the table, with a revaluation of 5.07%. Behind them were Solaria (+3.27%), ArcelorMittal (+2.89%), Colonial (+2.67%), BBVA (+2.67%) and Inditex (+2.28%). Only Acciona closed negative with a slight decline of 0.17%.
The good behavior of major stocks also supported the gains. Repsol, for example, rallied more than 2% following Moody’s rating agency’s decision to upgrade its rating due to strong cash generation “making it easier to deleverage and improving the profitability of its exploration and production portfolio.” According to analysts, this will enable the company to cope with a more complex environment for oil companies due to initiatives to combat climate change.
Investors are also hesitant to take profits in the banking sector, which continues its upward trend despite recent gains and is benefiting from the rise in long-term bond yields in the Eurozone, allowing them to improve their margins and thus their profitability.
Meanwhile, in the commodities market, the price of a barrel of Brent, a reference in Europe, continues to rise and trades around $80.8, while the US West Texas is around $77.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
