The selection closes with a modest 0.16% increase on a transition day pending US CPI
Transition day for the Spanish stock market, which ended the session trailing Europe with a minimal gain of 0.16% to 8,712 points. The selection managed to maintain that level despite the ballast of the banking sector, which has started to correct the strong increases of the past few weeks.
Specifically, Bankinter was the most bearish value of the day, falling 2.51%, followed by Cellnex, which lost 2.45% after learning of the resignation of its CEO, Tobías Martínez. Unicaja, CaixaBank, Sabadell, BBVA and Santander also ended the session in the red.
The top of the table was led by Colonial, Solaria and Grifols, which were up more than 4% at the close, followed by Meliá and Acciona with gains of more than 3%.
In the rest of the Old Continent stock markets, gains were more than 1% in Germany and around 0.8% in France and Paris, while on Wall Street, green data also dominated slightly more strongly.
With no macroeconomic or business references of interest, investors await Thursday’s release of US CPI for the month of December, a variable that will be key to the Federal Reserve’s (Fed) interest rate decision during its meeting at the beginning of February.
The consensus is that headline interest rates will come in at 6.7%, down from 7.1% in November, while core inflation will ease from 6% to 5.7%.
This could make it easier for the agency not to be so aggressive in its monetary policy, although Fed Chairman Jerome Powell made it clear this week that the priority is to ensure price stability.
Against this backdrop, investors are also awaiting the unofficial start of earnings season on Wall Street, with the country’s major banks giving the green light for accounting next Friday. A day when the University of Michigan consumer confidence will also be released, in which the operators will find new clues about the behavior of inflation.
Meanwhile, the price of a barrel of Brent, a reference in Europe, recovered in the commodities market by 2.5% to USD 82.2. For its part, the American West Texas was almost 77 dollars.
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.
