The Ibex 35 starts the week lower, with ACS and IAG being the most penalized readings.

The IBEX 35 index fell 0.19% to 11,256.80 points at the open on Monday. The biggest decline was seen in ACS shares, which fell 2.06%, led by a 0.90% loss in IAG (Iberia). Repsol shares rose 1.15% and ArcelorMittal shares rose 0.62%.

The Madrid Electoral Index is ending a very positive week, ending 2.99% higher, thanks to a more than 1% gain on Friday after Federal Reserve President Jerome Powell confirmed that the institution would begin adjusting interest rates in September.

In business, the two most valuable companies in the Ibex 35 index, Inditex and Iberdrola, are in the spotlight after they closed at all-time highs again on Friday. In the case of Inditex, only six companies in the Euro Stoxx 50 are already valued above it, and some are already close.

Investors should also be careful about the price of ACS following the Texas Transportation Commission’s decision this weekend to pause talks on a new agreement and continue negotiations. early termination of the concession agreement for the construction of the Sh-288 highway from March 28, 2024, currently owned by ACS Group and Abertis.

Consequently, under the current contract, the project will again become public property of the State of Texas through the payment of $1,732 million (over €1,547 million), of which $524 million (€484 million) is owned by Iridium Infraestructuras, a subsidiary of ACS.

It should also be noted that this Monday is the last day on which Logista shares are listed with the right to receive dividends, which the company will pay out this Thursday. Logista will distribute EUR 0.56 gross per share to its shareholders.

In the continuous market, CIE Automotive is one of the morning’s main protagonists. According to Cinco Diaz, the company plans to increase its production capacity in North America, where it has 17 plants distributed between Mexico (12 centers) and the United States (5). Most of the expansion of automotive components will be concentrated in the Aztec country.

On today’s macroeconomic agenda, investors are having breakfast with Spanish producer price index data for July, which is -1.4% in annual change.while on a monthly basis it rose by 1.7%. Also due out this morning are the IFO business confidence data from Germany, and the US will release durable goods orders for July this afternoon.

But inflation data will dominate this week. Between Thursday and Friday, preliminary CPI readings for August will be released in the eurozone and its major economies, while the U.S. will release its PCE readings for the same month on Friday, the price variable most closely followed by Fed members when setting their monetary policy.

“In all cases it is expected that It has been confirmed that the disinflationary process continued in August, which would contribute to the realization of expectations of a reduction in official interest rates, discounted by the markets.“, notes Juan J. Fernandez-Figares, from Link Gestión“Any negative surprise pointing to more persistent inflation than expected would be poorly received by bond and equity markets.”

Wall Street futures point to a flat open this Monday after a strong rally on Friday, when the DOW JONES, S&P 500 and Nasdaq indexes all registered gains of more than 1% after Jerome Powell’s intervention.

This week, investors will have to keep an eye on the quarterly results of NVIDIA, Wall Street’s favorite stock this year. “Investors will be looking closely at both the numbers NVIDIA presents, which we are confident will show significant growth in sales and profits, and, most importantly, what the company says about the future of its business and the AI ​​business as it currently exists in general,” says Fernandez-Figares.

European stock markets today must take into account that the London Stock Exchange remains closed for a holiday, which may also lead to a decrease in activity in other markets. Meanwhile, Germany’s Dax is down 0.36% to 18,568, France’s CAC 40 is up 0.03% to 7,579, the FTSE MIB is unchanged at 33,658 and the EURO STOXX 50 is down 0.10% to 4,904.

The Asian day was a day of declines in several areas. Tokyo’s Nikkei 225 index closed down 0.94% at 38,058. In China, the CSI 300 index lost 0.21%, compared with 0.25% lost by the Shanghai SSEC. South Korea’s Kospi fell 0.1%, while Hong Kong’s Hang Seng gained 0.9%.

In commodity markets, oil prices continue to rise amid fears that fighting in the Gaza conflict will spread to the Middle East and disrupt regional supplies, while an imminent fall in U.S. interest rates is brightening the economic outlook and fueling demand globally.

Thus, the benchmark Brent crude oil in Europe rose in price by 0.74% to $78.73 per barrel, and futures for American West Texas crude oil rose by 0.83% to $75.48 per barrel.

The euro fell 0.03% against the dollar, leaving the exchange rate at $1.1188 for each community currency.

In fixed income, Spanish 10-year bonds offer a yield of 3.00%, leaving a risk premium over their German counterpart of 79.25 basis points. Across the Atlantic, benchmark US bonds yield 3.785%.

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