The Ibex-35 manages to break the 8,300 mark again thanks to the boost of industrial data from the Eurozone
First business day optimism for the stock market in 2023 at the start of the year with what ends up being the biggest increase since late October last year. The Ibex-35 posted a 1.7% gain on Monday, reaching 8,370 points.
Eurozone year-end manufacturing PMI data was released on Monday. The indicator remains in the slowdown zone for the seventh consecutive month, but improved in December compared to the previous month, in line with what the market expected due to inflation moderation and supply chain stabilization. In the case of Spain, the sector has also slowed down the decline with a PMI index of 46.4 points, compared to 45.7 in November.
On this first day of the year, only three stocks closed in ‘red’: Fluidra, down 1.03%; Acciona Energías Renovables, with 0.44%, and Mapfre, which contributed 0.17%. Instead, the main winners are Grifols, with a 4.22% lead; Inditex, by 3.02%; ArcerlorMittal, with 2.99%, and Acerinox, with 2.92%.
The Ibex-35 has just closed 2022 with a decline of 5.56%. CaixaBank, Banco Sabadell and Repsol were the most bullish stocks last year, rising 52.11%, 48.85% and 42.24% respectively. Looking ahead to the coming months, interest rate hikes and near-zero economic growth are expected to continue.
For the first week of 2023, investors expect an important set of macroeconomic data, such as manufacturing PMIs, the CPI of the world’s major economies, the minutes of the last meeting of the Federal Reserve and the monthly US employment data .
As for the rest of the European markets, the DAX index (Frankfurt) closed with an increase of 1.05%, while the CAC40 (Paris) is up 1.87% and the FTSE MIB, of Milan, is up by 0.96%.
Commodities-wise, Brent and West Texas Intermediate barrels have not registered any changes as the exchanges on which they are traded are closed. However, European natural gas futures contracts stand at 81.15 euros/Mwh, an increase of 6%.
The euro has lost some strength against the dollar, with each euro being exchanged for 1.0660 green tickets, up from the previous change of 1.0699.
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.
