On July 22, 2023, the Spanish benchmark index, IBEX 35, has seen an increase in its gains since the market opened, rising by 0.75%. The index is making its way towards the 11,200-point mark, buoyed by positive futures in Wall Street. This optimism follows President Joe Biden’s announcement to withdraw from the race for reelection, coupled with the People’s Bank of China’s decision to lower interest rates.
As of midday, the IBEX 35 has added 83.6 points, bringing it to 11,170.4 points. So far this year, the index has experienced a notable 10.58% increase. European stock markets have also shown positive trends, with Frankfurt up by 1.18%, Paris by 1.16%, Milan by 0.88%, and London by 0.54%. The Euro Stoxx 50, which tracks major European companies, is up 1.33%.
Futures on Wall Street are showing gains as well, with the Dow Jones Industrial Average up 0.16%, the S&P 500 increasing by 0.50%, and the Nasdaq rising 0.76%.
In Asia, the Tokyo Stock Exchange closed down by 1.16% on its main index, the Nikkei, as well as the broader Topix index, which also fell by 1.16%. The Shanghai Composite Index decreased by 0.61%, while Shenzhen’s market dropped by 0.38%. However, the Hang Seng Index in Hong Kong gained 1.25%.
In the Spanish market, Puig, a multinational fashion and fragrance company known for brands like Jean Paul Gaultier and Carolina Herrera, debuted on the IBEX 35 today, replacing Meliá Hotels. Puig stands out as the top performer so far, with a 4.08% rise.
Other notable gainers include Rovi, which is up 3.95%; Fluidra at 2.72%; Sacyr at 2.64%; Grifols at 1.91%; Sabadell up by 1.78%; and Banco Santander with a gain of 1.66%. On the flip side, International Airlines Group (IAG) leads the declines with a drop of 3.99%, followed by Aena at 2.47% and Solaria at 0.90%.
In the continuous market, the Catalan pharmaceutical company Almirall reported its first-half results today, showing a gain of €15.4 million, which is a 28.3% increase from the same period last year. This has positively influenced its stock, which is now up 2.97%.
In bond markets, Spain’s ten-year bond yield has fallen to 3.233%, with the risk premium now at 72.1 basis points.
Regarding commodities, gold, a traditional safe haven in times of uncertainty, has gained 0.30%, bringing its price to $2,406 per ounce. Conversely, oil prices have dipped; Brent crude, the European benchmark, has decreased by 0.19% to $82.47 per barrel, while the West Texas Intermediate (WTI) crude is down 0.20% at $78.47 per barrel.
In foreign exchange markets, the euro has appreciated by 0.10%, trading at $1.088.
Image and News Source: https://www.infobae.com/espana/agencias/2024/07/22/el-ibex-sube-un-075-impulsado-por-futuros-de-wall-street-tras-la-renuncia-de-joe-biden/
