Tuesday, August 16

The Ibex 35 moves a little more than 8,400, weighed down by Inditex and Indra

Waiting for what the Federal Open Market Committee of the US Federal Reserve, the FOMC, began its meeting yesterday, “says and does” today, and tomorrow the Governing Council of the ECB and the Monetary Policy Committee of the Bank of England (BoE), Spanish investors today opt for caution and sales are imposed on purchases in the selective Spanish, which opens in red.

Specifically, the IBEX 35 opens with 0.26% falls in the 8,356.60. The shares that fell the most at today’s opening are Inditex (-3.97%) to 27.90 euros, Indra (-3.41%) and Siemens-Gamesa (-1.50%). On the side of increases, the largest increases were for Inmobiliaria Colonial (1.14%), BBVA (0.72%) and Endesa (0.64%).

Inditex’s falls came after presenting the results corresponding to the first nine months of its fiscal year, a period in which it registered a net profit of 2,500 million euros, which represents an increase of 273% compared to a year before, when it won 671 million euros. Group sales amounted to 19,325 million euros, 37% more compared to the same period in 2020.

For its part, Indra’s declines occurred after learning that Alba sold 5% of Indra Sistemas to SAPA Placencia at 10.28 euros per share.

It should be noted that IAG and Globalia have confirmed to the CNMV this Wednesday that they are in an advanced stage of negotiations to terminate the agreement according to which IAG’s subsidiary, Iberia, had agreed to buy all the shares of Air Europa. “A new update will be made in the future, as appropriate,” concludes the brief statement from the airline holding company to the stock market supervisor. Luis Gallego, president and CEO of IAG, was already “more pessimistic” regarding the future of the Air Europa purchase operation at the beginning of November. In today’s opening, IAG shares are trading down 0.03%.

In the Continuous Market, the biggest increases this Wednesday were for FCC (3.42%), Miquel y Costas (2.73%) and Soltec (1.74%). On the other hand, significant falls for Lar Espana (2.91%), Adolfo Dominguez (2.50%) and Tecnicas Reunidas (2.27%).

Today, all investors’ attention will be monopolized by the aforementioned FOMC meeting. In principle, many analysts expect the Fed to speed up the process of reducing bond purchases in secondary markets. Thus, if you are currently acquiring about $ 15,000 million less per month, it is very likely that today you will announce that, from now on, you will buy $ 30,000 million less – $ 20,000 million in Treasury bonds and $ 10,000 million in mortgage-backed bonds, they explain from Link Securities . “If so, the current bond purchase (QE) program would end at the end of March instead of June, as the Fed announced at the time. official interest rates are free “. In this sense, it should be noted that the markets are already discounting between two and three rate hikes in 2022. That is why we will have to be very attentive to i) what the president of the Fed, Powell, says in this regard, during the conference press to be held after the end of the FOMC and ii) to what is indicated by the “dot diagram”, a graph in which the different members of the FOMC “reflect” their expectations regarding interest rates, they point out from Link Securities.

It should be remembered that tomorrow the Governing Council of the ECB and the Monetary Policy Committee of the Bank of England (BoE) meet, so prudence is imposed before knowing so much the perception that the main western central banks have of the macroeconomic scenario, as well as what are their different strategies to deal with it.

Other markets

In Europe the bags start the session with a mixed tone. The DAX scores 0.28%, over 15,493 points. The FTSE -100 lost 0.11%, after inflation data above estimates, the CAC-40 rose 0.3%, over 6,923 points. The Eurostoxx 50 advanced 0.4% while the FTSE MIB opened at 26,686 points after registering advances of 0.4% at the opening.

The Asian markets they were unchanged this morning as the world waited for the US Federal Reserve to say when it would stop buying assets and start raising interest rates, which could put pressure on its peers to follow suit. At the moment, the Nikkei 225 rises more than 0.12%, over 28,467 points. The SSEC trades flat on 3,660 integers while the Shenzen CSI 300 yields 0.49%, on 5,025 points.

The indices of Wall Street closed yesterday with falls in a waiting session before the meeting of the Fed. The Dow Jones fell 0.30%, over 35,544 points. The S&P 500 lost -0.75% to 4,634 points – while the Nasdaq 100 closed at 15,914 points after dropping just over 1% at the close. For its part, the VIX rose sharply more than 7%, over 21.89. Right now American futures trade with increases of between 0.10 and 0.20%.

The oil prices They fell for the third day in a row due to growing expectations that growth in supply will exceed growth in demand next year, despite the fact that the variant of the omicron coronavirus is not seen as slowing mobility as sharply as previous variants of the COVID-19. At the moment, Brent oil futures are down 1.02% at $ 72.96, while West Texas futures are down 1.23% to $ 69.86.

Bitcoin is experiencing a rising day today with rises of 3.33% at 48,235.9 dollars.

At by EUR / USD the euro is trading 0.11% higher at 1.1269.

Economy and politics

European Union policy makers will present a second set of proposals on Wednesday to cut emissions across its economy this decade and put the bloc of 27 countries on the path of producing net zero greenhouse gas emissions by 2050 .

The Chinese factories production It grew faster than expected in November, supported by higher energy production and a moderation in sky-high material costs, but new restrictions to combat rising COVID-19 cases hit retailers in the world’s second largest economy.

The The United States Senate approved Tuesday to raise the debt limit of the federal government by 2.5 trillion dollars, up to about 31.4 trillion, and sent it to the House of Representatives for approval and avoid an unprecedented default.

The new home prices fell 0.3% month-on-month in November in China, the largest decline since February 2015.

Agenda of the day

Today ends the meeting of the Fed’s Open Market Committee.

Regarding data, inflation will be published in the United Kingdom, France and Spain.

In the US, we will learn about the housing price index in the US


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