Stock market live | Slight growth of the Ibex index at the session of Fed results and minutes | Financial markets

What does Ibex 35 do?

The Ibex 35 index opens 0.3% higher and remains above 10,000 points after rising 0.94% yesterday. Markets are closely monitoring business results and corporate operations, as well as the minutes of the US Federal Reserve (Fed).

Which values ​​rise or fall the most?

The following values ​​are growing the most:

Enagas: 2.4%

Ena: 1.2%

Fluidra: 1.1%

Values ​​that fall the most:

Axion Energy: -1.5%

Cellnex: -1%

Solaria: -0.9%

What are the rest of the stock markets doing?

In the early morning in Spain, most stock market indices in the Asia-Pacific region rose.

Wall Street closed in the red, with the Dow Jones Industrial Average falling 0.17% at the start of a shorter-than-usual week as Monday was a holiday.

Keys of the day

• The National Institute of Statistics (INE) publishes service and industrial activity indicators for December 2023 at 9:00.
• In Europe, the eurozone consumer confidence indicators prepared by the European Commission are known.
• In the US, weekly mortgage applications and the Redbook retail sales index are expected.
• The market is paying particular attention to the minutes from the Fed’s last meeting on Feb. 1 for new clues about the timetable for interest rate cuts. “It is unlikely that the protocol indicates a short-term rate cut,” Allianz GI said. “The first movement may be delayed until June, and the number of falls for the whole year will be three to four,” says Joaquin Robles of XTB.
• Neinor Homes presents its results in Spain as markets close. In Europe, HSBC has already done this. Europe’s largest bank recorded a net profit of $22.432 million (€20.734 million) in 2023, representing a 56.36% increase from the previous year, although below analysts’ forecasts.
• In the US, high hopes are pinned on reports from semiconductor and artificial intelligence giant Nvidia.

What do analysts say?

Income 4: “As for the Fed’s minutes, we hope they will confirm the discourse that it is too early to cut interest rates and that greater confidence in inflation control is needed before considering the first rate cut. That thesis is reinforced by January price data released last week, with the consumer price index (headline 3.1% and core 3.9%) and producer prices unexpectedly rising, and the Fed’s preferred measure of inflation rising at the fastest pace since May 23. Added to this is the recent acceleration of the US economy with the recovery of the most advanced cycle indicators and its price components, as well as a very strong labor market and accelerating wage pressures. In this scenario, the market’s expected Fed rate cut for 2024 was softened to 4 (from 7 at the beginning of the year), and the start of the cut was delayed (probability due to meetings: 11% March). , 29% in May, 68% in June)”.

Nomura raises the risks the ECB faces if it is expected to wait, or otherwise delay, a rate cut. “In the first case, a possible resumption of inflationary pressure could force the central authority to return to its starting point and raise rates again. On the other hand, a late rate cut will push the ECB to take risks and aggressively cut rates in order to quickly reach a neutral position.” With two scenarios on the table, Nomura’s analyst team is leaning towards the second of the two options, which focuses on caution and suggests waiting, as the ECB said in its latest speeches on the issue.

Stock markets are hesitant to await major reports today, such as Nvidia’s results, which could give new impetus to optimism generated by artificial intelligence, and Fed minutes, although they will have less impact, especially since disappointments in inflation figures occurred after the meeting. what these minutes correspond to is indicated in MacroYield.

What is the evolution of debt, currency and commodities?

The euro rises to $1.0814.

Brent crude, Europe’s benchmark, rose to $82.55 a barrel.

The interest rate on 10-year Spanish bonds is approaching 3.3%.

Quotes

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

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