Date: September 19, 2023 Time: 13:39:09
All investor paths this Tuesday lead to central banks. This week it is the turn of the Federal Reserve, the Bank of England and the Bank of Japan. A mixture of tension that leads to indecision in the stock markets. The Ibex 35, the Spanish stock market reference, is showing signs of a comeback with a slight rise of 0.12%, returning its sights to 9,500 points. Its evolution is in line with that of Paris (+0.05%), London (+0.05%), Milan (+0.23%), while Frankfurt lost 0.12%.
This Tuesday’s day is marked by the publication of the harmonized CPI for the European Union and the eurozone for August 2023. At the national level, the Bank of Spain will publish the update of its macroeconomic projections after raising its growth forecast this year and place average inflation at 3.2%. However, the tension comes from the raw materials side, with Brent oil, the benchmark in the Old Continent, close to $95.
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Since the additional production cut decreed by Saudi Arabia and Russia, ‘black gold’ has climbed to annual highs and is beginning to be “in the spotlight” as it is a threat to the deflationary process and can condition the decisions of the central banks. In this sense, bonds also suffer. In the case of the ten-year Spanish debt, the day has started at 3.7%, after touching 3.8%.
“The new rise in bond yields weighed on the spirits of some investors who, despite almost finishing the process of rate increases by central banks, are beginning to fear that the long-awaited rate reductions They will take longer to arrive than they initially anticipated,” say Link Securities analysts.