The Ibex opens positively encouraged by the tranquility over the ECB

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Jun 22 (Reuters) – The Spanish stock market opened with slight gains on Tuesday, chaining the advances of the previous day in a context of greater calm after the recent downward pressure, after comments by the president of the ECB allayed fears of a rapid tightening of monetary conditions in Europe.

European Central Bank President Christine Lagarde said Monday that the euro zone and the United States are “clearly in a different situation” when it comes to inflation prospects, downplaying any shocks from across the Atlantic.

His comments helped markets put concerns about tightening monetary policy by the Federal Reserve behind.

“From our point of view, and despite the less condescending tone of the Fed last Thursday, the exit strategies of the main central banks will continue to be marked by patience,” said analysts from the Renta 4 group.

In macroeconomic terms, the publication of consumer confidence in the euro area in June will be highlighted, which will be announced at 4:00 p.m. Spanish peninsular time and could show an improvement from -5.1 to -3.0.

Thus, the selective Spanish stock market Ibex-35 rose 10.30 points at 07:05 GMT on Tuesday, 0.11%, to 9,062.00 points, while the index of large European securities FTSE Eurofirst 300 advanced a 0.07%.

In the banking sector, Santander rose 0.53%, BBVA scored 0.48%, Caixabank advanced 0.65%, Sabadell gained 0.88%, and Bankinter gained 0.95%.

Among the large non-financial securities, Telefónica registered 0.58%, Inditex advanced 0.42%, and Cellnex gained 0.49%.

The oil company Repsol stood out at the top of the table with a rise of 1.58%, while the energy transmission group Red Eléctrica occupied the last place, dropping 1.1% after a reduction in the recommendation of Deutsche Bank, which also cut the note for Iberdrola (-0.55% on the stock market).

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