The Ibex 35 has more than recovered everything lost due to the turbulence of the war in Ukraine and has also left behind, at least for now, fears of an abrupt change in monetary policy and yesterday marked annual highs after rising 1, 5%. The selective closed at 8,889 points, its highest level since November, after a day in which everything worked in favor of the work.
In the first place, the publication of the minutes of the May meeting of the Federal Reserve –published on Wednesday night, when the Ibex had already closed– were interpreted by investors in the sense that the institution chaired by Jerome Powell will be sensitive with the impact of their decisions on growth. The Fed does not want to provoke a recession and rules out increases of more than half a point in the next meetings.
On the other hand, the message of Christine Lagarde, president of the European Central Bank (ECB) in Davos, combines, with a sufficient degree of ambiguity and specificity –it is not contradictory in the always complex hermeneutics of a central bank–, her willingness to act against perfidious inflation and its promise to do so gradually and flexibly. This music is what the markets want to hear: that problems be faced without breaking anything, if possible...
In the Spanish stock market, the most favored of the rally of recent weeks are the banks, favored by the brilliant progression of the Euribor, which closed 2021 at -0.5% and is already at 0.36%. The recovery of rates is key to boosting financial margins and banking results. Yesterday, Banc Sabadell was once again among the best in the session with a rise of 4%, up to 0.85 euros, while Santander and BBVA advanced 2.3% each. The prices of financial entities, although far from the book value, are close to what analysts see as more reasonable.
In the rest of the main European stock markets, the increases were more moderate, but significant, from 0.6% in London to 1.8% in Paris, passing through 1.6% in Frankfurt and 1.2 % of Milan. Oil and energy stocks helped stocks at the open, but the boost came later from across the Atlantic as the Fed's important message was digested.
Wall Street futures were sending good signs, and the trading session did not disappoint. The volatility is still installed on the electronic screens, but yesterday, as the strong rises reigned, the smiles shone. The Dow Jones and the S
