The european bags They try to shake off doubts in the face of the new focus of geopolitical tension that has opened up between the US and China because of Taiwan and when the threat of economic recession is far from buried. The indices today generally opt for increases after opening with a mixed sign and with the Services PMI as the main macroeconomic reference. For its part, Brent oil has reached $102 a barrel after the OPEC+ meeting, in which it has decided on a minimal increase in production of 100,000 million barrels per day.
Stock markets opt for optimism, especially after Wall Street’s bullish start. The Nasdad actually rises almost 2% at the open. The US stock market today reverses the losses with which it reacted yesterday to the tensions between China and the United States over Taiwan and to the commitment of some members of the Federal Reserve (Fed) to continue raising interest rates aggressively to combat inflation .
The positive business results are propitiating the comeback on Wall Street, reducing investors’ fears of an economic crisis precipitated by rate hikes. The good figures presented today by PayPal and CVS Health have underpinned the rise in the US stock market and infected the European stock market.
After an indecisive start, the IBEX 35 opts for profit. The Spanish selective has scored an increase of 0.56, to 8,142.10. The biggest increases are for Fluidra, which advances 6.56%, followed by PhamaMar and BBVA, with increases of 3.28% and 3.24%. On the side of falls Acciona takes the worst part with a decrease of 2.54%. The advances of BBVA and Santander and Inditex, with respective gains of 2.05% and 1.35%, are what underpin the positive sign of the selective.
It has been known that the activity of the services sector in Spain increased in July for the sixth consecutive month, although at a somewhat slower rate than in June and with a deterioration in future expectations due to inflation pressure.
On the other hand, yesterday three members of the Fed seemed to rule out the possibility that rate hikes will stop in the short term or that, as some analysts expected, cuts in the price of money may be seen in a short time. The president of the Chicago Fed, Charles Evans, assured in this sense that he expects a rise of 0.50 points in September and then several increases of 0.25 until the beginning of the second quarter of 2023.
In recent days, several indicators and the poor growth data in the United States had raised expectations in the market about a change in policy by the Fed, which is raising rates very significantly to curb inflation. But the central bank insists on its message of combating inflation, which contributes for the second day to raising debt yields. The yield on the Spanish one-decade bond has today exceeded 2%, with that of the US at 2.8%.
In Asia, the behavior of the markets has been uneven. The Nikkei rose 0.53%. The Shanghai Stock Exchange lost 0.71% and the Shenzhen Stock Exchange lost 1.14%. On its side, the Seoul Stock Exchange added 0.89% and the Hang Seng recovered 0.40% thanks to increases in technology.
In the commodity market, oil Brent, a reference in Europe, is once again trading below 100 dollars a barrel. It has come to exceed 102 dollars after OPEC +, formed by the organization of Petroleum Exporting Countries and 10 other oil-producing countries, decided to increase production by 100,000 barrels per day from September.
The euro depreciated for the second day and fell 0.3% to 1.0138 dollars, on the edge of parity with the greenback again.
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