The Ibex 35 enters a new stage. After hitting the highest levels since 2018 with the assault on 10,100 points, the Spanish stock market benchmark remains on the rise without ruling out an approach to 10,200 points. The good tone that is felt in the debt is transferred to the stock markets, despite the mixed opening registered in the Old Continent. Paris fell 0.2%, Milan fell 0.13%, London fell 0.3%, while Frankfurt was the only one that stood out with an increase of 1.1%.
“Except for some unforeseen factor that, therefore, surprises investors, we expect that the bond and stock markets will maintain the recent good tone until the end of the year, and end the year even at higher levels than the current ones,” say Link Securities. , who do not rule out a small correction due to the “high level of overbought presented by indices, securities and bonds.” It should be noted that debt interest has also fallen. In the case of Spain, the ten-year Spanish bond stands at 3.3%, marking July lows, such that the risk premium oscillates over 100 points.
In a session of few macroeconomic references pending the Eurozone services PMI, which will be published tomorrow, the publication of Spanish unemployment stands out, which fell in November to the lows of November 2007, while membership experienced a decrease that leads to the loss of 11,583 contributors on average and leaves a total of 20.8 million workers registered in the system. At the European level, German exports have fallen by more than 8% year-on-year since October.
In this context, investors continue to bet because inflation continues to decline and central banks end their rate hike program, bond yields continue to decline and, in a few months, both the Federal Reserve (Fed) as the European Central Bank (ECB) will begin to lower their official interest rates.
A ‘rally’ that is also noticeable in other markets such as Bitcoin, which reaches $41,000 for the first time since April 2022 while the ounce of gold marks a new all-time high after reaching $2,087. However, oil stands out from this comeback in the midst of the hangover from the OPEC+ meeting and succumbs to falls. Thus, Brent quality crude oil, the reference in the Old Continent, marks a 1.5% decline at the opening, to 78 dollars, in line with West Texas, which falls 1.6%, to 73 $.32.
Back in Spain, most of the stocks are trading higher with Acciona Energía (+2.2%) and its parent company, Acciona (+1.4%), leading these increases. They are followed by Grifols (+1.4%), IAG (+1.1%), Endesa (+0.98%), Cellnex Telecom (+0.97%). Among the heavyweights, the rise of Iberdrola (+0.6%) and Inditex (+0.57%) is relevant in contrast to Repsol (-1.4%), which leads the falls, along with Mapfre (-0 .5%), Acerinox (-0.5%), Telefónica (-0.27%) and Santander (-0.17%).
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