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The Ibex loses steam and 10,500 points

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The Ibex loses steam and 10,500 points

The Spanish selective started the morning with slight increases and it seemed that in today’s session it would consolidate above 10,500 points. The month-on-month inflation data above expectations or a break in the upward trend of recent weeks has made the index ends today’s session with fallsnot without some protagonists that we must highlight.

At the business level, Solaria began the session rising 5% after the news that we learned yesterday at the market close that its CEO bought shares in the company for a value close to one million euros. Finally, the trend has relaxed although it has been the best on the Ibex. It is followed by Acciona Energía, which is also suffering from expectations of low energy prices but has accumulated a week and a half of good performance. At the bottom of the table we find Grifols again, which has received the downgrade of its credit rating to “B” from “B+”. This represents another ceiling for a company that is in debt and for which all the problems are accumulating in the same year. Cellnex and IAG also fall sharply.

If we look at other world indices we find a similar situation. Within Europe, only CAC 40 is saved, but Spain is among the worst. If we go to Wall Street, the negative trend is repeated although we must undoubtedly highlight the Russell 2000, which reflects the evolution of small capitalization companies. This index is usually more volatile and although it was expected to perform better than the S&P, it still leaves much to be desired.

Within the alternative assets we find a bitcoin falling about 3% in what looks like a small correction in a large uptrend. In fact, in the last month alone it rose more than 34%. On the energy side, oil rises on expectations that there will finally be a supply deficit in 2024. This could be surprising, since the United States is at historical production highs, however, OPEC cuts led by Saudi Saudi are forcing prices up.

Javier Cabrera, XTB analyst

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