The Ibex 35 has closed the session in negative after starting with gains. The harmonised inflation of France, at 3.4% year-on-year, has exceeded forecasts and has weighed on European markets.
The Ibex 35 ended the day in negative territory after starting with solid increases. The Spanish index followed the trend of other European markets, which also closed with widespread declines. In the Spanish market, Puig led the gains with an increase of over 2%, while Inditex also had a good session, according to xtb.com.
On the downside, there was no sector that stood out above the rest, although the declines of Mapfre, Fluidra, and Santander weighed on the index. The retreat of much of the banking sector also contributed to the negative close of the index.
"Today we learned the inflation figure for France, which was above expectations and certainly leaves a rather complicated outlook for the ECB"
The harmonised inflation figure for France stood at 3.4% year-on-year, above the 3.1% expected by analysts and the 2.6% recorded in August. This figure comes at a time when the French government faces difficulties in passing measures to reduce its fiscal deficit to 5% by 2027, compared to the 6.5% it would reach without those measures.
On the other side of the Atlantic, Wall Street traded positively thanks to a series of macroeconomic data. The annualised GDP for the second quarter exceeded expectations, while the ADP report was significantly better than expected and the previous month, reflecting the strength of the US labour market. Additionally, the PCE for August came in below estimates. These factors reduce the pressure for a rate hike at the October meeting.
In the debt market, yields on the long end of the US curve continue to rise, while the short end has seen declines. This movement may have acted as a catalyst for gold, which has risen by around 0.4%. Crude, on the other hand, continues to rise, driven by the drop in fuel inventories in the United States.
Bitcoin is close to closing one of its best quarters since 2024, driven by greater regulatory clarity from the SEC, increased flows into ETFs, and the closing of short positions.
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