The Ibex heads for a second weekly advance with rates back in the spotlight

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Spain’s main stock market opened higher for a fourth day on Friday, on track for a second straight weekly gain amid anticipation for U.S. monetary policy following the moderation of inflation in December.

The US CPI data released on Thursday did not surprise the markets, which maintain their expectations of a lower interest rate hike at the next meeting of the Federal Reserve (+25 basis points on February 1).

“We must bear in mind that prices related to services remain tight, and a further slowdown in the labor market and wages will be necessary to declare victory over inflation,” warned Renta 4 (BME:RTA4) however in a daily note.

Waiting for consumer confidence in the US from the University of Michigan (1500 GMT), markets would digest the deterioration of the trade balance of a China in full reopening. In addition, during the day several large US banks will publish quarterly results: JPMorgan, Bank of America, Wells Fargo, Blackrock and Citigroup.

“We recall that the deterioration of the cycle, already evident and that will go further reflecting the impact of a greater monetary restriction, is not yet fully included in the estimates of consensus results, where there is still a downside risk, and with it possible pressure on the stock markets in the coming weeks,” said Renta 4.

Thus, at 09:05 on Friday, the selective Spanish stock market Ibex-35 rose 19.80 points, or 0.22%, to 8,847.90 points, on the way to a weekly advance of 1.69%.

For its part, the FTSE index of large European stocks Eurofirst 300 advanced 0.24%.

In the banking sector, Santander rose 0.24%, BBVA was down 0.17%, Caixabank advanced 0.10%, Sabadell gained 0.10%, Unicaja Bank rose 0.58% and Bankinter was revalued by 0.24%.

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Among the large non-financial securities, Telefónica was recorded by 0.25%, Inditex advanced 0.33%, Iberdrola was down 0.23%, Cellnex gained 0.48% and the oil company Repsol rose 0.61%.

The fall of the construction company Sacyr (BME) stood out:SCYR), which yielded 1.70% after it was published in the press that Portobello would be negotiating the purchase of its services subsidiary.

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