The Ibex-35 rises after the Ukrainian advances, pending US data

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The main Spanish stock index closed its fourth consecutive session in positive on Monday, rising in line with other European markets after the advances of the Ukrainian troops in the province of Kharkov.

Risk appetite has also improved and markets are now taking it for granted that after September’s hike, which is expected to be 75 basis points, the US Federal Reserve will be less aggressive in its subsequent hikes in November and December.

“Although the Federal Reserve is likely to continue to raise rates by 75 basis points in September, it could take a less hawkish stance afterwards. This optimism is being reflected in increased demand for equities, driving indices higher and a US dollar down,” said Fiona Cincotta, financial markets analyst at City Index.

For the time being, the focus remains on the August inflation data to be released on Tuesday in the US.

“Another downward inflation data could suggest the start of a trend,” Cincotta said.

In this context, the selective Spanish stock market Ibex-35 closed with a rise of 161.20 points on Monday, 2.01%, to 8,194.30 points, while the index of large European securities FTSE Eurofirst 300 rose by 1, 73%.

In the banking sector, Santander (BME: SAN ) was up 4.06%, BBVA (BME: BBVA ) was up 2.14%, Caixabank (BME: ) was up 4.69%, Sabadell (BME: ) gained 2.50%, and Bankinter (BME: BKT ) appreciated 2.90%.

Among the large non-financial stocks, Telefónica (BME:) gained 0.87%, Inditex (BME: ITX ) advanced 4.24%, Iberdrola (BME: ) appreciated 0.93%, Cellnex ( BME: ) gained 1.31% and oil company Repsol (BME: REP ) rose 0.31%.

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