The Ibex 35 continues unstoppable and starts December on the verge of 10,100 points

The Ibex 35 maintains the positive tone of November and starts the month with an increase of 0.3% that leads it to flirt with 10,100 points. The selective continues to consolidate gains at the beginning of the final stretch of the year in what may be its fifth consecutive week of increases. The Spanish stock market reference has the support of heavyweights such as Telefónica, which leads the increases with an increase of 1.4%, IAG and Repsol both with an increase of 1% or Banco Santander (+0.7%). On the contrary, the falls are led by Fluidra (-2.1%), Cellnex Telecom (-1.6%), Grifols (-0.8%) or Acciona (-0.7%).

This Friday the day is conditioned by the PMIs of the eurozone and the speeches of Jerome Powell (Federal Reserve) and Christine Lagarde (European Central Bank) two weeks before the last meeting of the year on monetary policy matters. The positive tone prevails in Europe. Frankfurt and Paris rebounded 0.4%, Milan rose 0.13% and London rebounded 0.7% after Wall Street closed its best month of the year.

“Behind this great performance of both markets is the fact that inflation has continued to reduce both in Europe and the US, even at a higher rate than expected, which has increased bets by many investors that the main banks The Western central banks have concluded their process of raising rates and that the weakness of the economy and the good progress of inflation will lead them to begin lowering them as soon as the end of the first quarter of 2024,” they point out from Link Securities. .

In the midst of this moderation in prices, the price of the euro against the dollar loses ground to 1.0895 ‘greenbacks’, while the debt market, the ten-year Spanish bond, remains at 3.4% in which it has been installed. Since Tuesday, the risk premium with respect to the German bond is around 100 basis points.

In the raw materials market, the price of a barrel of Brent oil, a reference for the Old Continent, opens at 80.72 dollars, 0.1% less, while that of Texas falls 0.1%, to 75.91 dollars after the OPEC+ ministerial meeting in which Saudi Arabia has extended the production cut of one million barrels per day until March, while Russia will voluntarily reduce its oil exports by 500,000 barrels per day until the end of March.