Stock market live | Ibex 35 index tries to resume growth and reach 10,000 points | Financial markets

What does Ibex 35 do?

Euro Stoxx futures point to gains of around 0.3% at the market open. The Spanish stock market deflated in the latter part of yesterday’s session and fell by 0.09%. Today it starts at 9916 points.

What are the rest of the stock markets doing?

Wall Street closed higher yesterday and the Dow Jones Industrial Average rose 0.39%, recovering slightly from Tuesday’s sharp drop, driven by technology. After the publication of US inflation data for January, which turned out to be slightly worse than expected, investors believe that the date of the first rate cut by the Federal Reserve System (FRS) will be moved to June 12, rather than May 1.

Keys of the day

• The National Institute of Statistics (INE) will publish final data on January inflation at 9:00 am. Prices accelerated to an annualized rate of 3.4% at the start of the year, according to a leading indicator.
• In Europe, the dynamics of the trade balance of the eurozone and the UK are known, a country that also publishes preliminary data on GDP at the end of 2023 and industrial production.
• European Central Bank (ECB) President Christine Lagarde delivers a statement to the Economic and Monetary Affairs Committee (ECON) of the European Parliament in Brussels, Belgium.
• In the US, after market disappointment due to an unexpected rise in the consumer price index, indicators such as industrial production, retail sales, data from the Industrial Empire and the Philadelphia Fed study stand out today.
• In Asia, Japan’s gross domestic product (GDP) contracted 0.1% quarter-on-quarter between the last months of October and December, the end of 2023, mainly due to a fall in consumption, the main driver of its economy, and the private sector. investments. Thus, the Japanese economy enters a technical recession, contracting for the second quarter in a row (-0.1% in the fourth quarter of 2023 and -0.8% in the third).
• After Tuesday’s bill auction, in which the Treasury paid 3.7% for three-month notes, its highest bid since November 2011, the institution is returning to the markets to place between 5 and 6 billion euros in bonds and government obligations. , the last one to take place in February of this year.

What do analysts say?

Philip E. Bertschi of J. Safra Sarasin Sustainable AM ​​comments that “the fourth quarter earnings season is in full swing. While expectations have dropped in recent weeks, the numbers released so far have been better than expected. Among the companies that have already published data, there are relatively many banks. After the sector has benefited significantly from higher interest rates and performed accordingly well, the outlook becomes somewhat gloomier due to the predictable easing of monetary policy.” In his opinion, “central banks will lower interest rates, but not immediately. The medium-term outlook for stocks and bonds remains good.”

Benjamin Melman, global CIO of Edmond de Rothschild AM: “As disinflation accelerates and a return to normalcy is expected, central bank actions will continue to play an important role in overall market dynamics. This will obviously be true for fixed income markets, but also for equity markets. Interest rates pose the biggest risk to equity markets (bank loans, deleveraging in Europe and the US), as well as to corporate margins (increasing finance costs) and valuations. Disinflation continues as expected and investors want central banks to return to normal monetary policy. Bond and stock returns could be strong in 2024, although there are several reasons why returns could be disappointing. Monetary normalization could mean a significant reduction in base rates to around half current levels. “Investors should therefore pay attention to what Jerome Powell and Christine Lagarde say about the timing of the first rate cut in their speeches, even if official statements remain neutral.”

What is the evolution of debt, currency and commodities?

The euro is trading at $1.0728.

In the commodity market, Brent crude oil, the benchmark in Europe, falls to $81.23 per barrel.

In the debt market, the yield on 10-year Spanish bonds falls to 3.263%. The benchmark 10-year U.S. Treasury note fell to 4.267%.

Quotes

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

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