Investors choose to continue buying cautiously ahead of Thursday’s European Central Bank (ECB) meeting
The Spanish stock market faces the challenge of surpassing its annual highs by 8,992 points, in a week in which the European Central Bank (ECB) meeting takes the absolute lead on Thursday. In anticipation of this key reference, the Ibex-35 is up 0.2% to 8,867 points.
On the national trading floor, investors have already received the accounts for the fiscal first quarter of Inditex, which rose 2.8%, leading to an increase to EUR 22.85 per share, after announcing a profit of EUR 760 million despite a provision of 216 million for the impact of his departure from Russia as a result of the war against Ukraine.
The financial sector is also not losing sight of anyone, which could face turbulence after Swiss giant Credit Suisse issued a ‘profit warning’ for the second quarter, precisely because of the impact of the war on its business.
However, the entity’s investment banking profile may keep the Spanish sector away from a potential “contagion effect” in the news. Much more so given that listed banks could benefit this Wednesday from the new rebound in bond yields (which moves inversely with the price), with the German 10-year bond climbing another 2% to 1.31%.
With the ECB meeting taking center stage, the market will also pay attention to first-quarter GDP data in the eurozone, which could provide new clues as to the pace of the monetary institution’s new cycle of rate hikes. A cycle that, despite everything, arrives later than the other side of the Atlantic, which continues to maintain a solid strong position of the dollar against the euro. Specifically, the cross between the two currencies is moving at $1.0684 today.
In the commodities market, oil prices continue to rise, with a barrel of Brent, a benchmark in Europe, above $121, while West Texas exceeds $120.
Source: La Verdad
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