The Ibex-35 cuts the bullish streak with profit taking and eyes on the Fed

The Ibex-35 cuts the bullish streak with profit taking and eyes on the Fed

The Ibex-35 closed in negative on Friday, cutting its five-day bullish streak, amid profit-taking and the possibility that the Fed could moderate its sharp increases in interest rates after the positive US inflation data on Thursday .

Despite the losses noted on the day, the Spanish index accumulated a weekly rise of 2%.

“We have a potential view that the Federal Reserve may not need to get as dire as we’ve thought in recent weeks,” said Marvin Loh, senior global macro strategist at State Street.

During the day, the European Commission also presented its periodic economic forecasts, in which it raised the growth estimate for the eurozone for 2022 and considered a greater slowdown in 2023.

Earlier, China announced the relaxation of its strict measures against COVID-19, reinforcing hopes that its economy will reopen.

The selective Spanish stock market Ibex-35 closed with a fall of 35.10 points on Friday, 0.43%, to 8,098.10 points, while the index of large European securities FTSE Eurofirst 300 rose 0.04%.

In the banking sector, Santander lost 1.02%, BBVA fell 0.17%, Caixabank lost 2.10%, Sabadell fell 0.93%, and Bankinter dropped 2.98%.

Among the large non-financial stocks, Telefónica fell 1.13%, Inditex lost 1.06%, Iberdrola dropped 1.57% and the oil company Repsol rose 0.81%.

The mobile phone tower giant Cellnex gained 1.63%, after increasing its EBITDA by 45% as of September and lowering its forecasts for 2022.

For its part, the energy company Naturgy yielded 0.42%, after raising its EBITDA to September by 37% year-on-year and expecting to close the year with a net debt similar to that of 2021, of 12,830 million euros.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.