European stock markets slow down

The Ibex falls 0.3% with oil trading below 77 dollars per barrel.

What is the Ibex 35 doing?

The Ibex 35 opens the day down 0.3% and remains below the 9,300 points it lost yesterday.

Which stocks are rising or falling the most?

The stocks that have risen the most are:

Mapfre: 0.75%.

Acciona: 0.5%.

Ferrovial: 0.5%.

The stocks that fell the most:

Sabadell: -1%.

Bankinter: -0.8%.

CaixaBank: -0,7%

What are the other stock markets doing?

Wall Street closed Monday in the red and European stock markets recorded declines.

Highlights of the day

  • In the early hours of this morning, the Reserve Bank of Australia (RBA) surprised by raising interest rates by 25 basis points to 4.10%, a situation that the market did not expect when it estimated a rate hike. The RBA’s argument is that high inflation (+7%) continues to be a problem for Australia’s economy. “Likewise, with the RBA’s move, it is possible that speculators are beginning to believe that central banks will not lift their feet in terms of raising interest rates, although we must bear in mind that the RBA reacted very late to inflationary pressures so as not to punish the real estate market”, explained IG.
  • All this will be decided next week with the Federal Reserve (Fed) and the European Central Bank (ECB), meanwhile, investors continue to monitor the evolution of macroeconomic data, with a services PMI and non-manufacturing PMI falling more than expected, causing cuts on Wall Street, the experts add.
  • In Spain, the National Statistics Institute (INE) publishes at 09:00 the Industrial Production Index for April. In March, the index grew by around 5% at an annual rate.
  • German factory orders recorded a 0.4% drop in April from the previous month, when they had fallen by 10.9%, their biggest monthly fall since April 2020, when restrictions were implemented to contain the Covid-19 pandemic, according to the German Federal Statistical Office (Destatis).
  • The Spanish Treasury holds the first Letras auction of June, with an eye on yields ahead of the likely further rise in interest rates by another 25 basis points to 4%. The body headed by Carlos Cuerpo will issue six-month bills, which come with a benchmark of 3.129%, while 12-month bills are at 3.216%. Tubacex will pay its shareholders a gross dividend of 0.063 euros per share. This final dividend, charged to the 2022 results, was approved by the general shareholders’ meeting on 24 May.

What do analysts say?

Link Gestión: “The minds of many investors are already focused on the meetings of the monetary policy committees of the main Western central banks in the coming weeks, where they are expected to clarify their next interest rate moves, which will help market players to redesign their medium-term investment strategies. Until then, we expect Western stock markets to remain on hold, with indices moving in a narrow price range”.

What are the developments in debt, currencies and commodities?

On the commodities market, Brent crude oil is down 0.5% to 76.30 dollars.


Categorized in: