The Spanish stock market opens the week at pre-pandemic levels with an eye on the Fed

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The Spanish stock market opens the week at pre-pandemic levels with an eye on the Fed

Jun 14 (Reuters) – The Spanish stock market opened in positive territory on Monday reaching its highest level since February 2020, in line with optimism in global markets about expectations that the main central banks will maintain an ultra-soft monetary policy despite improving the economy.

Yields on US bonds were close to three-month lows as appetite for risk positions increased on the optimism that the Federal Reserve will remain unchanged despite rising inflation.

“The weakness shown by the employment data (two consecutive months disappointing) suggest that it is foreseeable that he will wait for later meetings and that for the moment he will keep his ‘dovish’ speech (…). We maintain our opinion that the strategies of exit from the main central banks will continue to be marked by patience, “said income analysts 4.

In macroeconomic terms, the publication of industrial production in the euro area is expected, where sustained growth is expected (0.4% monthly and 37.4% annually) according to economists surveyed by Reuters.

Attention will also be focused on the economic reopening of the United Kingdom, which could decide on Monday afternoon a 4-week delay due to the risks linked to the new variants of COVID-19.

In this context, at 08:06 GMT on Monday, the selective Spanish stock exchange Ibex-35 rose 61.80 points, 0.67%, to 9,266.80 points, its highest level since February 26, 2020, when closed at 9,316.8 points, shortly before the start of the COVID-19 lockdowns in the West.

For its part, the index of large European stocks FTSE Eurofirst 300 advanced 0.26%.

In the banking sector, Santander rose 0.09%, BBVA scored 0.71%, Caixabank advanced 0.61%, Sabadell gained 0.16%, and Bankinter rose 0.76%.

Among the large non-financial securities, Telefónica scored 1.13%, Inditex advanced 1.18%, Iberdrola appreciated 0.89%, Cellnex gained 0.50% and the oil company Repsol rose 0.89% .

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