The Ibex-35 starts in negative in a week of monetary vertigo

By: MRT Desk

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The Ibex-35 starts in negative in a week of monetary vertigo

Waiting for several important monetary policy appointments that could tip the financial course for the end of the year, Spain’s main stock index opened slightly lower on Monday.

According to analysts at Sabadell (BME):KNOW), this trend would be motivated “by fears of poor data in US inflation and greater monetary tightening” than recently expected.

The week is loaded with highly anticipated benchmarks, with meetings of the Federal Reserve (Wednesday), the European Central Bank and the Bank of England (Thursday) offering investors an update on the fight against inflation, the future pace of interest rate hikes and the threat of recession.

As an incoming, on Tuesday the November inflation indicator will be published in the United States, of which part of the market fears a less moderate reading than in the previous month, which, added to the strength shown by the labor market, could push the Fed to keep the cost of borrowing high for longer.

And to complete the week, on Friday the PMI business surveys will be known on both sides of the Atlantic.

Meanwhile, at 08:01 GMT on Monday the selective Spanish stock market Ibex-35 fell 34.30 points, or 0.41%, to 8,254.90 points, while the FTSE index of large European stocks Eurofirst 300 fell by 0.52%.

In the banking sector, Santander (BME:SAINT) lost 0.57%, BBVA (BME:BBVA) fell by 0.56%, Caixabank (BME:CABK) yielded 0.27%, Sabadell fell 0.14%, and Bankinter (BME:BKT) was revalued by 0.24%.

Among the large non-financial securities, Telefónica (BME:TEF) was recorded by 0.35%, Inditex (BME:ITX) yielded 0.82%, Iberdrola (BME:IBE) was down 0.14%, Cellnex (BME:CLNX) fell 0.21% and the oil company Repsol (BME:REP) lost 0.88%.

The punishment of 2% in Meliá (BME) stood out:MEL), which received a cut in Jefferies’ recommendation.

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