The Ibex-35 closed this Friday at 8,390.60 points due to the increase in inflation in the US in May and its impact on interest rates and economic activity, according to market data, which represents a fall of 3.68%, in a day in which all the values ??that make up the selective ended the day in negative. This is the largest fall recorded by the Ibex since March 3, the second largest of the year. The rest of the European stock markets have also closed with falls, 2.12% in London, 2.69% in Paris, 3.08% in Frankfurt and 5.17% in Milan.
With this fall, the selective Spanish stock market chains two consecutive days in negative in which it has fallen by 5.11%, falling back to levels not registered since May 20, the last day in which it had been below 8,500 points. From May 21 and until the fall of this Friday, the selective had remained between 8,600 and 8,900 points, a threshold that it exceeded for several days at the end of May.
With regard to this week, the Ibex closed with a drop of 3.83% compared to the 8,724.80 points at which it closed on Friday of last week.
The biggest falls of the day were led by banks, which took over the five biggest declines of the day with BBVA dropping 9.13%, CaixaBank 7.12%, Santander 7.09%, Bankinter 6.74% and Banco Sabadell 6.53%.
The only companies with falls below 1% were Aena (-0.14%), Siemens Gamesa (-0.44%) and Red Eléctrica (-0.87%).
As for the companies with the largest capitalization, in addition to BBVA and Santander, Inditex fell 4%, Iberdrola fell 2.64% and Cellnex fell 1.02%.
The risk premium, meanwhile, worsened to around 126.50 points, above the 117.70 points at which it ended the previous day. This indicator remains above 100 points at the close uninterruptedly since last April 27.
“The main issues for markets continue to be high commodity prices, supply chain issues and war-induced disruptions. All of these variables are generating inflation pressures, forcing central banks to Investors’ concerns focus, on the one hand, on whether we have seen the highest in inflation and, on the other, whether the economy will be able to withstand rate hikes without entering a recession,” says the Bankinter analyst, Joaquin Robles.
On the other hand, Robles highlights the news that Sacyr and Acciona Renovables will enter the Ibex 35 on June 20, replacing CIE Automotive and Almirall, as well as the presentation of results by Inditex, which recorded an increase in sales of the 36% in the first quarter of the year, as well as an increase of 55.2% in profit, to 1,750 million euros.
In raw materials, oil prices have exceeded 120 dollars and are close to the highs of last March due to the increase in demand from China and the lower supply from Russia. “The rest of the producers are not being able to compensate for the drop in Russian production, so prices could remain high for longer than expected,” says Robles.
Next week will be marked by the meeting of the United States Federal Reserve (Fed), where a rise of 50 basis points is expected. The Bank of England will also meet, which could announce further rate hikes.
Looking at the macro, investors will be watching US retail sales and building permits, the ZEW index of investor confidence in Germany and industrial production in China.
Among today’s references, in addition to the inflation data in the US, in Spain, the INE has confirmed that the CPI rose by 0.8% in May in relation to the previous month and increased its interannual rate four tenths, up to 8.7%, due to higher gasoline, restaurant and food prices. In China, the CPI stood at 2.1% in May at the interannual rate, in line with the rise in prices during the month of April.
