US inflation rises to 3.7%, a tenth higher than expected, and the interest on the 10-year US bond surges to 5.33%, dragging the Ibex 35 below 19,200 points.
The Ibex 35 is trading hesitantly at 19,200 points this Wednesday after US inflation surprised on the upside, according to elconfidencial.com. The Spanish index is losing momentum on a day when the preliminary CPI figure for Spain was also released, confirmed by the INE at 4.9% in September, the highest level since February 2023.
The US data had an immediate effect on the debt market. The yield on the 10-year US bond rises eleven basis points, to 5.33%, while the Spanish bond advances five basis points, to 4.13%, and the German bond gains three, to 3.49%.
Oil is also putting pressure. Brent, the European benchmark, rises by 0.3% and returns to 106 dollars per barrel, after a couple of days of respite following the agreement between Trump and Putin.
In the continuous market, the most affected stocks are Naturgy (-1.1%) and Solaria (-1%). On the positive side, Puig (+2.3%), Repsol (+2%), and Colonial (+2.5%) stand out.
The main European markets are also moderating their gains. The French Cac rises by 0.3% driven by luxury, the German Dax gains 0.15%, and the Italian Mib drops by 0.4% due to the decline in banking. The British FTSE 100 is fluctuating between red and green. Across the Atlantic, Wall Street opens with losses of 0.6% in the Nasdaq and 0.4% in the S&P 500, at the start of the earnings season.
Among Spanish companies, BBVA begins this Wednesday the second tranche of its 2 billion euros share buyback programme, which will cover the remaining 1 billion. Banco Santander has agreed to the early voluntary redemption of the entire issue of contingent convertible preferred shares (CoCos).
In the continuous market, Berkeley plummets more than 8% after a very positive streak. The mining company has been favoured in the stock market by the possible change of government after 29-N: last week it rose by 60% and so far in October, it has accumulated a revaluation of nearly 75%. The company is in conflict with the government over the uranium mine in Salamanca.
TSK sinks 8% after British justice ordered the payment of 90.7 million dollars (81 million euros) in guarantees due to the halt of its project for the construction of the 450-megawatt Combined Cycle Power Plant in Temane, Mozambique.
Internationally, ASML rises 2% after presenting solid demand outlook and record gross margin in the third quarter, with clients showing interest in orders for 2029 and 2030. BlackRock gains 3% on Wall Street after boosting its quarterly profit by 25% and raising managed assets to 15.48 trillion dollars. Bank of America sees a 7.6% increase until September but loses 7.5% in the stock market, while Morgan Stanley increases its profit by 29% and drops 2.5%.
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