The main indicator of the Spanish stock market, the Ibex 35, closed the week with a loss of 0.92%but managed to save the level of 8,100 points.
Concretely, the national team left the 0.27% this Fridayequivalent to 22 points, which amounts to 8,100.3 whole numbers, which is 0.92% less than at the close of the previous week.
The rest of the European parks closed in green: Frankfurt grew by 1.27%; Milan, 0.96%; Paris, 0.41% and London, 0.22%. At the close of the Spanish market, Wall Street was trading in the green with gains of 0.48% on the Nasdaq, 0.28% on the Dow Jones and 0.24% on the S&P 500.
This Friday, we knew that the American labor market managed to create 372,000 jobs in Junea figure better than expected by the consensus, with which the unemployment rate stood at 3.6%.
Additionally, Western markets woke up to the news of the attack on former Prime Minister of Japan Shinzo Abe, who eventually passed away. The events caused the main Japanese index, the Nikkei, deflated at the last minute and close with a slight lead of 0.10%.
XTB analyst Joaquín Robles points out that this week the Ibex 35 reached below 8,000 points, with banks leading the drop due to fears of a recession.
Energy companies, for their part, yielded to higher debt yieldswhile those linked to raw materials, such as Repsol and Acerinox, were affected by the fall in prices and the expectation of a drop in demand.
Another news of the week was the fine of 203 million to the main Spanish construction companies by the CNMC for modifying the way public works operate in recent decades, which “has not had a significant impact on their prices,” Robles explained.
Among the companies that have performed best are very different sectors, such as Ferrovial, Solaria, Inditex or Indra. On this Friday, Iberdrola closed with losses of 4.19%followed by Bankinter and Repsol, with 1.26% and 1.22% respectively.
On the contrary, Ferrovial revalued 2.32% and Acciona, 2.21%. In the continuous market, falls from Nyesa and Innovative Solutions stand outwith 4.76% and 3.69% respectively, while Berkeley recorded increases of 7.39% and Técnicas Reunidas, 5.06%.
The price of a barrel of Brent-grade oil, a benchmark for the Old Continent, was trading at $106.86 at market closeup 2.21%, while Texas was at $104.58, up 1.85%.
On the foreign exchange market, the euro continued to weaken against the dollar and was trading at 1.0186 ‘greenback’, very close to parity. The euro exchange rate against the dollar is at its lowest levels since December 2002 due to the growing risks of recession in the euro zone.
Analyst XTB pointed out that the dollar became one of the main refuges driven by North American bond yields, as commodities suffered the worst weekly decline since March 2020, losing more than 20% from their yearly highs.
On the debt market, the Spanish risk premium was around 108 basis points at mid-sessionwith the required interest on the ten-year bond at 2.407%.
Robles explained in a commentary to Europa Press that bond yields have risen this week: the German “bund” is offering 1.27%; the Spaniard, 2.35%, and the American, around 3%.
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