The Ibex 35 remains calm on Tuesday, with the focus on data from China.
The Ibex 35 and the rest of the European stock markets approach Tuesday’s session with serenity (Ibex: -0.06%, 8,866; Dax: +0.19%; Cac: +0.12%; Ftse MIB: +0.28%) while investors roll out relevant macroeconomic data released in China.. The country’s GDP grew by 3% in 2022.one of the lowest growth rates in decades. Retail sales fell 1.8% in December, from a previous decline of 5.9%, and were better than expected. In addition, industrial production for the same month increased by 1.3% against a forecast of 0.2%.
“China’s GDP grew by 3% last year, exceeding consensus expectations of 2.7% growth, but falling short of the government’s initial target of 5.5%.. Despite stagnation in the last quarter (0.0% quarter-on-quarter), economic performance was better than expected. Activity was weak in December, but not as much as feared.“Danske Bank analysts explain.
“Taken together, the data imply A solid starting point for the economy in 2023.and we expect activity to resume in February-March, once the epidemic has reached its peak,” they add.
Furthermore, there is talk today of the fact that the population of China fell for the first time in sixty years.. At the end of 2022, the Asian giant had 1.41 billion inhabitants, dropping by 850,000 people compared to data for the last month of 2021.according to the National Statistics Office.
In Asia, the two-day Bank of Japan meeting started today. In addition, Tuesday’s agenda includes the following items Germany’s ZEW index and Germany’s final CPI for December (down to 8.6% YoY from 10.0% in November)..
At the business level, the accounts of Morgan Stanley and Goldman Sachs. As well, Iberdrola announced an agreement with Norges Bank Investment Management. to co-invest in 1,265 MW of new renewable capacity in Spain.
GOLDMAN LOVES RAW MATERIALS
Basic products have the strongest outlook of any asset class in 2023According to the head of commodities research at Goldman Sachs, the global outlook for commodities, with a perfect macroeconomic environment and dangerously low inventories for nearly all key commodities, is the strongest of any asset class. active in 2023.
This year started with a pullback in prices due to the shock of warm weather and rising interest rates, Jeff Currie said during a presentation in London on Monday, reported by Bloomberg. However, demand in China is starting to pick up and investment in supply is insufficient, meaning that The year as a whole will be a “Goldilocks” moment for rising prices.he said.
OTHER MARKETS
The euro is at 1.0834 dollars (+0.17%). The oil is mixed. Brent is up 0.2% ($84.64) and WTI is down 0.76% ($79.25).
Gold is down (-0.4%, $1,914), as is silver (-0.7%, $24.19).
Bitcoin remains above $21,000 ($21,171) and Ethereum above $1,500 ($1,566).
The yield on the US 10-year bond is 3.544%.
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