Ibex 35 advances on tourism stocks, ahead of US CPI report
The Ibex 35 is up sharply at the moment (+0.8%, 8,700 points). supported by strong increases in tourism inventories (Melia, IAG and Amadeus). The rest of the European stock markets are also showing a good tone (Dax: +0.40%; Cac: +0.77%; Ftse MIB: +0.64%; Ftse 100: +0.54%) pending publication one of the most relevant data for the start of 2023, Inflation in the United States for the month of December. The consensus expects that a drop in the overall rate (from 7.1% previously to 6.5%) and the underlying rate (from 6.0% to 5.7%).
The point of reference is essential to elucidate The direction the Federal Reserve (Fed) will take at its next rate meeting.. According to analysts, if the fall meets or exceeds expectations, the stock markets will react with significant increases. “This rebound could be more generous than we thought. »Bankinter experts point this out.
CMC Markets points out that the importance of core inflation. “The focus will be on core inflation. We will have to see if it continues to decline as it did in November. This is where it all could fall apart from the recent narrative,” comments Michael Hewson, head of research at CMC Markets, referring to recent statements by Fed members insisting on further rate hikes and the fact that rates will remain high for a long time.
“Underlying prices are expected to fall to . their lowest levels since December 2021, at 5.7 percent.. If the underlying prices were higher than expected, we could see a sharp downward correction in equities and a strong rally in the US dollar, as well as a return to 50 basis points at (the meeting of February from the Fed),” adds Hewson.
On the corporate front, the star of the session is Disney, which announced the appointment of Mark G. Parker as President. Mr. Parker was a Disney board member for seven years and is the current CEO of Nike. Late last year, Disney fired its CEO, Bod Chapek, outright. At that time, the company brought back Bod Iger as CEO.who was CEO of Disney for 15 years.
“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing to work with him in his new role, along with our other advisors, as we chart the future path of this incredible company,” said Iger.
The media also noted the showdown between the company and billionaire investor Nelson Peltz.who is seeking to join the company’s board of directors, which Disney has turned down.
The euro is trading at $1.0755. Oil prices increase slightly. Brent is at $82.90 and WTI at $77.63.
Gold is up 0.4% ($1,886) and silver 1.3% ($23.79).
Bitcoin is up 3.8% and regains 18,000 ($18,096) and Ethereum is up 4.68% ($1,396).
The yield on the US 10-year bond is 3.515%.