The Ibex 35 extends its gains and approaches 8,900 points
The Ibex 35 extended its gains on Friday (+0.45%) and is approaching the level of 8,900 points (8,878 points). Within the selective Spanish index, once again, tourism stocks (IAG, Aena, Amadeus, etc.) stand out. The rest of the world’s stock markets saw moderate moves on the farewell to the euro. a week that was marked, fundamentally, by calm. Movements contained in the indices, few surprises and A data that conditioned everything and that, in the end, achieved what was planned.
The website December US inflation fell to 6.5%.. The base rate fell to 5.7%. The benchmark yesterday led to increases on both sides of the Atlantic, albeit more or less measured. The truth is that the market would have liked a bigger drop than estimated.say the experts.
This Friday, the final figure of December inflation in Spain, with the underlying rate climbing to 7%.. Moreover, The UK released November GDP, up 0.1%, better than expected.. In the euro zone, industrial production for the same month is announced. In China, the trade balance for December is published. Exports fell 9.9%, the worst figure since February 2020.although they exceeded expectations. Imports decreased by 7.5%.also exceeding estimates. It should also be noted that South Korea’s decision is making headlines in Asia today. Its central bank raised rates by 25 basis points and also did not mention any upcoming rate hikes.
From a business perspective, Earnings season starts today on the other side of the Atlantic.with the accounts of JP Morgan, Bank of America, Wells Fargo, BlackRock, Citigroup and Bank of NY Mellon.
IN SEARCH OF DAVOS
Next week the market will turn to the World Economic Forum in Davos, which starts Monday and ends Friday. The annual meeting will once again bring together leaders from government, business and civil society to address the state of the world and discuss priorities for the year ahead.
The Forum released its 2023 Global Risks Report on Thursday which, based on its survey, highlights that “the long-term global risk landscape is dominated by deteriorating economic conditions.” It is also dominated by the deterioration of environmental risks. Specifically, climate and nature-related risks.
GEORGIEVA’S PESSIMISM
International Monetary Fund (IMF) Managing Director Kristalina Georgieva predicts another “difficult year” for the global economy, with persistent inflation.
“Growth continues to slow in 2023,” he told reporters at IMF headquarters in Washington on Thursday. “The most positive part of the picture is in the resilience of labor markets. As long as people have a job, even if the prices are high, people are spending and that has helped the bottom line,” he added.
Georgieva pointed out that the IMF expects the slowdown in global growth is expected to bottom out and reverse towards the end of year 23 and the beginning of year 24“.
The IMF forecast in October that global growth would slow to 2.7% in 2023, after falling from 6% in 2021 to 3.2% in 2022. It had previously forecast growth of 2.9% in 2023. The he agency is due to revise its economic outlook at the end of the month. It is planned to keep it unchanged.
OTHER MARKETS
The euro is trading at 1.0849 dollars (+0.03%). Oil prices are falling moderately. Brent is at $83.91 and WTI at $78.37.
Gold rises and regains the 1900 level (+0.4%, $1906) and silver is down 0.33% ($23921).
Bitcoin is approaching $19,000 (+4%, $18,842) and Ethereum is regaining $1,400 (+0.8%, $1,409).
The yield on the US 10-year bond is 3.438%.
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