Euro Stoxx 50 futures are slightly higher at the open. The Ibex 35 index rose 1.73% yesterday, its best daily performance in seven months, and approached yearly highs, returning to the 11,300 level. Spanish shares barely gained 0.11% from Monday to Thursday. Over the year it was revalued by 12.24%.
Asia-Pacific stock markets rose early in the morning in Spain.
Wall Street closed lower yesterday following a downward revision to US economic growth forecasts. Although data suggests a cooling of the US economy, which could support the Fed’s rate cut, investors preferred the fall. The Dow Jones fell 0.86%, the S&P fell 0.60% and the Nasdaq fell 1.06% under pressure from Nvidia.
Bret Kenwell, investment analyst at eToro in the US, on GDP: “After GDP fell in the first quarter compared with the last three months of 2023, investors and the Federal Reserve are keeping a close eye on consumers. While some weakness can be seen as a positive, a complete collapse does not bode well for the economy or the stock market,” he says.
Pedro del Pozo (Mutualidad): “Given the data on the consumer price index in Spain and Germany, the ECB should not have problems cutting rates by 0.25%. If we hope that, given that the levels at which we are moving clearly exceed the goals of the European Monetary Authority, ECB policy will be more data dependence, pay more attention to inflation data, pay more attention to growth data, and pay attention ahead of the next European Central Bank meetings. This implies therefore a certain reduction in expectations for rate cuts in the coming months, in the sense that they are not as progressive.”
The euro falls to $1.0818.
Brent crude, Europe’s benchmark, falls below $82 a barrel.
The yield on 10-year Spanish bonds remains at 3.386%.
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STOCK EXCHANGE – CURRENCIES – DEBT – INTEREST RATES – RAW MATERIALS
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