Selective is up another 0.6% thanks to upward pressure from medium-sized banks and big names such as Repsol or Telefónica
European equity markets resisted Wall Street’s close fall, with investors benefiting from recent US prosecutorial gains. The Ibex-35 ended the day up 0.6% to well above 9,200 points, thanks to the appeal of medium-sized banks Repsol and Telefónica.
Notably, Sabadell was the most bullish value of the session (+2.93%), followed by Grifols (+2.85%), Merlin (+2.19%), Bankinter (+2.09%), Repsol ( +2.08%) and Telefónica (+1.77%).
In the lower part of the table, Logista stood out, with a decrease of 2.45%, after presenting its results for the first fiscal quarter of 2023, when it posted a net profit of 60 million euros, 15.3% higher than the same period of the previous year. Closed behind Acerinox (-0.98%), Fluidra (-0.93%), ArcelorMittal (-0.82%), Unicaja Banco (-0.53%) and Red Eléctrica (-0.52%).
For now, investors are breathing easy following the first public speech by Fed Chairman Jerome Powell following strong US job creation data.
To the surprise of many, his speech was much less aggressive than expected. Even soft. In particular, Powell reiterated that the body continues to perceive a situation of slowing inflation, suggesting the possibility of an additional rate hike. However, he was reluctant to admit that employment was an inflationary risk.
Against this backdrop, Wall Street took advantage of the recent gains to reap benefits in a session that also saw corporate earnings play a key role in the absence of relevant macroeconomic references.
“While we don’t rule out the possibility that the major European and US equity indices could rise a little more, we find it difficult that, in the absence of a catalyst, which we have not identified at this point, they can go much further.” ”, say Link Securities analysts. In any case, it would be the entry into a consolidation phase, which would in no way affect the positive tone maintained in the market fund this year.
Meanwhile, in the commodities market, a Brent-type barrel, a benchmark in Europe, rose 0.8% to $84.38, while US West Texas was around $78.
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.
