The Spanish selection closes with an increase of 0.2% to 8,890 points, new highs since May
Cautious but step by step, investors continue to buy on the European stock exchanges. The Ibex-35 rose 0.2% on Tuesday’s close, though it still failed to break the 8,900 mark.
The largest increases within the selection were recorded by Cellnex (+2.63%), followed by Acciona Energía (+2.48%), Solaria (+2.16%) and Acerinox (+2.07%). On the other hand, Grifols (-2.59%) led the bottom of the table, followed by Enagás (-1.24%), Merlin (-1.02%), Bankinter (-1.01%) and Fluidra (-1 .00%).
Investors are trying to digest new macroeconomic references out of China, one of the keys that will determine the future of the market in 2023, given doubts about the Asian giant’s pace of economic recovery. According to data released this Tuesday, the country’s GDP grew 3% last year, well below the target of 4.4% and 8.1% in 2021.
The data for the last quarter of the year, however, leaves the door open to hope, with a near-flat growth rate leading expectations to register a contraction of 0.8%, coinciding with the first signs of post-pandemic economic reopening.
In anticipation of the figures in the coming months, corporate results have regained the leading role thanks to the major Wall Street banks. Morgan Stanley’s figures were released on Tuesday, which exceeded expectations with a profit of 2,236 million euros in the fourth quarter. However, for the full year, profit was down 27% to 10,182 million. For its part, another giant in the industry, Goldman Sachs, earned 10.764 million in 2022, 49% less than the previous year. Some accounts did not fare well across the Atlantic, with Wall Street falling sharply at the end of European markets.
Investors also welcomed with relief a new issuance of short-term debt from the Treasury, repeating itself again with strong demand, albeit in exchange for maximum interest rates of the past decade. In any case, the accounts are consolidated as one of the great deposit alternatives for savers.
In concrete terms, the Treasury has allocated 1,532 million euros in nine-month bills at 2.83% interest, against 2.33% at the previous auction for the same duration, marking a new maximum since this type of issue (2013). On the other hand, 520 million were placed in three-month bills at 2.18%, the highest rate since 2012.
Meanwhile, in the commodities market, a barrel of Brent oil rose nearly 1% to over $85, while US West Texas was around $79.95.
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.
