The Ibex extends the positive start of 2023 attentive to prices and COVID

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Spain’s main stock index rose for a third straight session on Wednesday and recovered the 8,400 points lost a month earlier, with major markets already open after the Christmas and New Year break and investors’ attention on the progress of COVID-19 in China and inflation.

As the list of countries restricting arrivals from China grows in the face of rising infections, raising fears of a global recession, Chinese authorities promised a “final victory” over the virus, confirming the irreversible nature of the de-escalation.

On the macroeconomic front, the main references of the day will be the final December PMIs of the euro area (0900 GMT) and the manufacturing ISM of the United States (1500 GMT).

Markets are still watching for the reaction of prices to the current cycle of monetary tightening, waiting for an early easing of inflation room for maneuver to avoid a global recession. In this sense, after the closing of the Spanish stock market, the minutes of the last meeting of the Federal Reserve will be of great interest, and on Friday the US labor report for December will be known, which could influence the decisions of the central bank.

Thus, at 08:05 GMT on Wednesday, the selective Spanish stock market Ibex-35 rose 52.30 points, or 0.62%, to 8,449.70 points, while the index of large European stocks FTSE Eurofirst 300 advanced 0.51%.

In the banking sector, Santander rose 0.82%, BBVA was recorded by 1.31%, Caixa bank advanced 0.50%, Sabadell gained 0.57%, and Bankinter was revalued by 0.92%.

Among the large non-financial securities, Telefónica was recorded by 0.38%, Inditex advanced 1.22%, Iberdrola was revalued by 0.64% and Cellnex gained 0.51%.

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Among the few stocks in red stood out Repsol, which lost 1.11% with the fall of the petroleum due to concerns about a fall in global demand due to the deterioration of the economy and the health situation in China.

At the time of writing, the price of a barrel of Brent crude lost 1.08%.

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