Capricorn stops bleeding but heads for its worst quarter since the pandemic began

Electronic boards at the Madrid Stock Exchange, Spain, July 22, 2022. REUTERS/Isabel Infantes
Electronic boards at the Madrid Stock Exchange, Spain, July 22, 2022. REUTERS/Isabel Infantes

September 30 (Reuters) – Spain’s main stock index tried to end an eight-day losing streak on Friday, although the moderate recovery looked fragile given the many fronts threatening the world’s major economies.

Despite the technical recovery – facilitated by bargain hunting and short closings – the Ibex-35 is heading for a 9.31% decline in the July-September period, its worst quarter since the first three months of 2020, when COVID-19 pandemic broke out.

The panorama of runaway inflation, sluggish economies and rising interest rates will receive new barometers on Friday with the release of September inflation figures in the euro zone and a key price indicator in the United States, the underlying private consumption deflator.

Eurozone CPI (11:00 am Peninsular Time) is forecast to be up 9.7% yoy, well up from 9.1% in August, while US core PCE is down 0.5% monthly and 4% yoy .7% could rise. according to analysts polled by Reuters.

For the rest, the analysts of Renta 4 indicate that the main references will be the “meeting of EU energy ministers to define the final measures to limit the impact of the increase in the price of gas on the setting of the price of electricity” and “the heightened geopolitical tensions , with Russia annexing four regions in the southeast today.”

Against this backdrop, the selective Spanish stock market Ibex-35 rose 44.50 points, or 0.61%, to 7,344.60 points as of 07:05 GMT on Friday, while the index of major European securities FTSE Eurofirst 300 rose 0.70% gained weight

For the week as a whole, the Ibex-35 is down 3.15%, its third weekly decline, while September would end this Friday down 6.87%, its worst month this year excluding the fall 8.5% in June.

In the banking sector, Santander was up 0.78%, BBVA was up 0.72%, Caixabank was up 0.82%, Sabadell was up 0.41% and Bankinter was up 1.02%.

Among large non-financial stocks, Telefónica returned 1.02%, Inditex gained 0.24%, Iberdrola was re-rated 0.06%, Cellnex gained 0.90% and oil major Repsol rose 1.11%.

Among other electric companies, Naturgy returned 0.34%, while Endesa lost 0.16%.

(Information provided by Darío Fernández; edited by José Muñoz)

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