Capricorn consolidates its weekly gains at the quadruple witching hour

Having a quarterly expiration date for futures and options avoids any surprises and allows the accumulated gains to be consolidated over the week during which new interest rate cuts become known. Ibex has a wide margin of 1.5% to ensure positive balance this week.

The week ends with an added bonus in terms of activity and anticipation generated byquadruple witching hour‘, quarterly expiration of index and stock futures and options. Given recent historical performance in most stock markets, investors are facing this maturity with portfolios, for the most part, recording significant capital gains. Hence the risk, warned by analysts, of possible profit-taking or, at least, inhibition of position fixation.

Macrodata like the one that was known at the beginning of the day in Great Britain However, they help maintain a dose of optimism. Ahead of the Bank of England’s first rate cut, consumption is pointing to a recovery. Retail sales rose 2.9% in May, double what was expected. As the European session begins, the leading indicator most watched by analysts, the Composite PMI, will be revealed. Eurozone. Forecasts call for an improvement to 52.5 points.

For two weeks, investors have become accustomed to monitoring the reaction of stocks to every political, monetary or macroeconomic event known in Europe. risk premiums. The alarm level in France has stabilized this week. Evidence of this is the moderation of the risk premium, which has stabilized at around 75 basis points in recent sessions, below recent highs since 2017. Spain’s debt spread is around 90 basis points and the interest rate on its 10-year bonds is close to 3.30. % threshold.

Capricorn 35

Spanish stock market The big news awaits moderate changes at the end of the week, which allowed us to restore positive momentum and, at the same time, the barrier of 11,000 points. Gains on Tuesday and Thursday lifted the index above 11,100 points, with a 1.5% revaluation over the first four days of the week. At today’s session, the index will be limited to consolidation above 11,100 points.

Energy-heavy companies are trying to emulate the bullish tone in energy prices. Repsol It is testing its approach to levels close to 15 euros with the latest purchases made by the Norwegian sovereign wealth fund. Other energy related values ​​such as Iberdrola, Naturji, Endesa, Axion and Solarium. They are trying to join progress.

The other overweight sector on Ibex, banking, performed slightly weaker in today’s session. Actions BBVA jeopardized the 9.3 euro threshold, just like Sabadell registers intraday lows below €1.8.

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