The Ibex hits one-month highs in the face of cautious optimism about the results

The Ibex hits one-month highs in the face of cautious optimism about the results

The main selective Spanish stock market opened on Tuesday with a moderate advance and at its highest levels since the end of September, maintaining the good mood of the previous close, waiting for more macroeconomic clues in the middle of the business results season.

Inflation continues to be the star theme of the moment in financial markets that in the short term are analyzing the quarterly figures of companies, in a context of concerns about inflation and geopolitical events.

The markets await with special interest the business results of heavyweights such as Microsoft and Alphabet, while in Spain the results of Enagás have been known, which showed an increase in its net profits of 15% thanks to asset sales.

On the macro front, markets remain vigilant for any signs of price developments or the threat of a recession, following earlier PMIs that indicated inflation continues to leave its mark on activity.

“In Germany, IFO business confidence (08:00 GMT on Tuesday) could continue to deteriorate, although the expectations component, already very close to Covid lows, will try to find a bottom, while the current situation continues to recede. Meanwhile, In the US, the consumer confidence of the Conference Board (14:00 GMT) could moderate but only slightly”, wrote the analysts of the Renta4 brokerage house.

Attention is also focused on the European Central Bank meeting on Thursday, where monetary policy makers will try to right the rudder in their fight against inflation. The markets take more rate hikes for sure, although in the previous session there was some optimism due to the prospect of a near peak.

At 07:17 GMT on Tuesday, the selective Spanish stock market Ibex-35 rose 57.30 points, or 0.75%, to 7,737.80 points, its highest level since September 22, while the index of large European equities FTSE Eurofirst 300 advanced 0.47%.

In the banking sector, Santander rose 0.44%, BBVA scored 0.13%, Caixabank advanced 0.88%, Sabadell showed no changes, and Bankinter appreciated 0.52%.

Among the large non-financial values, Telefónica scored 0.58%, Inditex advanced 1.09%, Iberdrola revalued 0.45%, Cellnex gained 0.68% and the oil company Repsol rose 0.26% .

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.