Yesterday’s session already confirmed a shift in investor focus from the banking sector to the macro data. The CPI figures for Spain and Germany paved the way for ‘disinflation’ which, however, is still hard to find in the underlying rate. Today’s agenda brings even more relevant data. The first revalidation was the publication of the CPI for the euro zone corresponding to the month of March. More than twelve months after the beginning of the war in Ukraine, the ‘disinflation’ has accelerated and moderated the CPI at 6.9%, below the 7.1% expected by analysts and more than the 8.5% recorded in February. The core rate, on the other hand, resists the falls and has risen in line with expectations, from 7.4% to 7.5%.
In U.SIn turn, the inflation reference most followed by the Federal Reserve, the underlying private consumption deflator, is known. Data for February recorded a slight moderation in inflationary pressures, decelerating from 4.7% in January to 4.6%. Analysts were not expecting any change from the previous 4.7%.
Confirmation of price containment is essential to sustain expectations of a further slowdown in interest rate hikes. central banks. After the outbreak of bank warnings, the market has assumed that the Fed will approve just one more rate hike before it bottoms out. Behind the improvement of stocks in recent days, there are also predictions of the start of interest rate cuts by the Fed in the second half of the year, a scenario that could ease the pressures that threaten an economic recession.
China appears as one more hope to mitigate the slowdown of the world economy. The reopening adopted by the authorities in Beijing has not brought the economic benefits expected so far. Today’s session includes one of the most encouraging macro data since the reopening. China’s services PMI index recorded its strongest growth in twelve years. Chinese technology companies are also on the rise, and the CSI 300 index has joined the advances. In Japan, the Nikkei accumulates high of 0.93%.
At the spanish stock market the advances were more moderate in the last session of the week in which the Ibex made highs. The Spanish selective scored a high of 0.28%, to 9,232.50 points. In the accumulated result for the week, it appreciated 5%, which reduces the drop in March to 1.7%. In the first quarter of the year, the Ibex accumulates a gain of 12.2%.
The Ibex had another day with the momentum of IAG, which added 1.96% and closes a week full of increases, in addition to improvements in the recommendation and evaluation by analysts. Deutsche Bank and Barclays today extended the airline’s upside potential. In the same tourism sector, amadeus rose 1.65% and Melia1.19%. inditexwhich yesterday surpassed 30 euros per share, registered an appreciation of 1.85%.
The Ibex, in turn, has accused the brake registered by the prices of banks, in the tail of the index. sabadell cut 2.10%; banker2.13%; Unicaja1.59% and CaixaBank, 1.86%. With slightly more moderate declines, they closed BBVA (-0.73%) and Santander (-0.75%), which corrects after the recent rebound.
The rest of european stocks closed the session with highs with the confirmation of the US inflation data. The truce in bank warnings paved the way for the recovery of indices such as the pan-European Stoxx 600, with 457 points, much closer to the 464 points before the minibank crisis than the 436 points after the collapse of Credit Suisse. The German Dax posted a 0.69% increase today; the French Cac, 0.81%; the Italian Mib, 0.34% and the British Ftse, 0.15%.
The tourism sector transferred unique references today. The actions of French air (+4.2%) and lufthansa (+3.1%) relaunched their increases in view of the ‘buy’ recommendation issued today by Deutsche Bank analysts. On the contrary, the tour operator TUI it came out 5%, in its worst week on the stock exchange since March 2020, amid the outbreak of the coronavirus. The ongoing capital increase is causing its price to drop. Quite the opposite happened today with the Swiss group ABBwhich accumulated 1.8% boosted by its share buyback program.
After the last sales in the debt market, today the debt interest. The bond purchases lower the required yield on ten-year US debt to 3.50%. In Europe, the interest rate on the German bund is around 2.30%, and that on the Spanish ten-year bond is close to 3.30% in its decline.
After the macro data known today, the dollar strengthens in the currency market. He euro moves away from the $1.09 level and the lb The UK is above $1.23.
the market of Petroleum maintains the recovery experienced during the week, amid the slowdown of macro alerts and supply problems in Iraq. A barrel of Brent, a reference in Europe, exceeds 79 dollars and, in the US, a barrel of the West Texas type is situated at 75 dollars.
The improvement that has driven stocks, the euro or oil in recent days has acted as a brake on the price of the gold. The precious metal repeats another day stuck just below the $2,000 an ounce barrier. In the cryptocurrency market the bitcoins he takes a break from his $28,000 climb.