Capricorn 35, live | Stock markets point to expected PMI increase and results | Financial markets

What does Ibex 35 do?

Euro Stoxx 50 futures rose 0.6% and pointed to a stronger opening in European stock markets. The Ibex 35 starts the session at 9,859.20 points after falling on Tuesday.

What are the rest of the stock markets doing?

In Asia, the Nikkei fell 0.75% and the Shanghai index rose 0.17%. Yesterday, Wall Street indices closed with mixed results: the Dow Jones index fell 0.17%, the S&P 500 index rose 0.22%.

Keys of the day

• European markets are pointing to a positive opening, with preliminary euro zone Purchasing Managers’ Index (PMI) data for January expected, data from services and manufacturing that experts see as relevant as an indicator of euro business activity. zone.
• The first European Central Bank (ECB) meeting of the year this Thursday will focus investors’ attention on whether there is any sign of modest changes from the Governing Council. However, central bankers have made efforts in recent weeks to tone down those expectations. Christine Lagarde told the World Economic Forum in Davos last week that the central bank was likely to cut rates in the summer.
• Markets are also closely monitoring the results of the season, which starts tomorrow, Thursday, with Bankinter on the Spanish stock market. In Europe today the figures of two technology companies will be known: SAP and ASML.
• Yesterday, Netflix reported its fourth-quarter 2023 results, in which they significantly beat Wall Street analysts’ estimates. The streaming company added 13.1 million subscribers compared to 9, estimated by experts.

What do analysts say?

Charles Diebel, head of fixed income at Mediolanum International Funds, said those expecting an ECB rate cut in the first quarter of 2024 “may end up disappointed.” The ECB “continues to focus on data, and so far it has not provided enough clarity to justify a rate cut,” the analyst said. The firm expects the tone of this week’s meeting “to be stable and without significant changes.” However, while they don’t foresee any short-term rate cuts, they do expect a “series of cuts later this year.”

Jared Franz, an economist at Capital Group, says investors are getting “mixed signals about the direction of the economy.” However, when it comes to contributions, “the most important parameter is that which relates to the profit of the business.” In the US, markets are forecasting earnings growth for S&P 500 companies of more than 11% in 2024, which is a high estimate, according to this expert. “I don’t think it will be a bad year for corporate earnings,” he says, “but I think earnings growth in the U.S. will be 6% to 8%, and likely higher in some emerging markets.” .

What is the evolution of debt, currency and commodities?

The yield on 10-year Spanish bonds is 3.26%.

The price of a barrel of Brent is close to $80, more precisely $79.63.

The euro is trading at $1.0862.

Quotes

STOCK EXCHANGE – CURRENCIES – DEBT – INTEREST RATES – RAW MATERIALS

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