The Ibex-35 is close to 8,900 points after the release of the PMI, reflecting activity growth after six months of contraction
Carefully but with a determined step, the Ibex-35 is moving towards the 9,000 points it has struggled to reach in recent sessions. The Selective rate rose another 0.26% to 8,967 points yesterday, with investors torn between the exhaustion of a brilliant start to the year – and the temptation to collect benefits – and macroeconomic news suggesting that the apocalypse that some predicted for the eurozone, will ultimately not arrive.
A faithful reflection of this situation was the release of the PMI data on Tuesday, which, thanks to the recent fall in energy prices, has begun to reflect a more resilient economy than expected.
This indicator, which is based on information from the purchasing managers of companies, stood at 50.2 points in January. The data implies a return to an expansion rate (less than 50, as it has been for the past six months, indicating contraction).
Javier Molina, an analyst at eToro, recalls that “The PMI for the services sector is at 50.7 and while the manufacturing sector remains at 48.8, it beats expectations.” Some data that he believes are due to an improvement in confidence for 2023. «So it seems that we are out of this situation of pessimism, despite the fact that the ECB has warned us that interest rates will continue to rise “, Add .
This improvement could support the 50 basis point rate hike by the ECB, which is already anticipated by market consensus and which is now also determining the price of the euro. Specifically, the cross with the dollar is already at $1.0864, a far cry from the parity it shot at last year.
Against this backdrop, Logista was the most bullish value of the session, up 2.77%, followed by Indra (+1.72%), IAG (+1.71%), Sacyr (+1.64%) , Ferrovial (+1.26%). %) and Amadeus (+0.88%).
On the other side of the table were Repsol (-1.55%), Telefónica (-1.23%), Acciona Energía (-1.06%), Rovi (-0.86%), Enagás (-0, 56%) and Red Electrica (-0.30%).
Meanwhile, the oil price in the commodity market remained stable, with a barrel of Brent, a reference in Europe, at $88.2, while West Texas in the United States was around $81.7.
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.
