The main indicator of the Spanish stock market, the IBEX 35, erased the losses at the start of the day and closed Wednesday with an advance of 0.56%, up to 8,142.10 points. Investors paid attention to the evolution of relations between state Joined Y China after the diplomatic visit of Washington a Taiwanbut the macroeconomic data were once again the main protagonists of the session.
The Speaker of the United States House of Representatives, nancy Pelosi, concluded his visit to Taiwan by emphasizing the good diplomatic and economic relations between the two countries. For its part, China carried out military exercises on the Taiwanese coast, vetoed the import of more than 100 products from Taiwan and imposed new sanctions on sand, citrus, soybeans and fish.
The market was fixated on the macro data release. The Services and Composite PMI surprised to the upside. Of course, some of them, although better than estimated by the consensus, showed readings below 50 points, a level that makes the difference between contraction and growth. The services PMI Spain closed July at 53.8 points, compared to the expected 52 points; the one of the euro zone it stayed at 51.2 points, from the expected 50.6 points; the of Germany reached 49.7 points, compared to the calculated 49.2 points, and that of France rose to 53.2 points, from 52.1 expected.
Regarding the composite PMI, that of the euro area ended at 49.7 points, compared to the 49.4 expected; that of Germany remained at 48.1 points, from the expected 48, and that of France scored 51.7 points, compared to the 50.6 projected. The discordant note was the retail sales of the euro area which fell 3.7% year-on-year, while the consensus had calculated a decline of 1.7% for last month. In Germany, the data on exports liked, which grew by 4.5%, compared to the 1% estimated by the consensus and from the 1.3% of the previous month. Imports grew 0.2%, from the previous 3.2% and less than the 1.3% expected.
Back to the Ibex 35, the biggest rises were registered Fluidra6.56%; PharmaMar3.28%, and BBVA, of 3.21%. The steepest drops were for drive2.54%; Enagas1.93%, and CaixaBank, of 1.80%. The rest of the parquet floors of the Old Continent also increased with increases of 1.03% for the Dax 401% for the Ftse Eb0.97% for the ca 40 and 0.49% for the ftse 100.
Bond prices fell and debt returns rose after drilling multi-month lows. The required return on the 10-year Spanish bond was 1.98% with the risk premium at 110 basis points at the close of the Ibex 35 and after learning that the ECB keep rescuing Sanchez buying another 6,000 million in bonds.
The return on the Italian bond for the same term stood at 3.03% with the country risk at 216 basis points. The German ‘bund’ stood at 0.87%. The 10-year US yield rose to 2.8%. The euro it turned around in the last bars of the day until it fell to 1,013 dollars due to the good data of the services sector in the United States and the pound lost 1.22 greenback units.
The focus was also placed on the meeting of the Organization of Petroleum Producing Countries (OPEC), led de facto by Saudi Arabiaand independent producers, with Russia as reference. The organization, known as OPEC+ignored the demands of the United States and Europe and will only increase crude oil production by 100,000 barrels per day from September.
Oil responded to OPEC + with falls of 2% at the close of the European markets. barrel type Brentthe most internationally relevant, was worth 98 dollars and the type western texas, reference in the United States, it was exchanged for 92 dollars. the ounce of Prayed it cut to 1,773 dollars. In the crypto market, the bitcoin added a rise of 1.4% at the same time, 8.5% in the last week, and recovered the 23,350 dollars.
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