The ace european bags They are trying to shake off doubts about the new focus of geopolitical tension that has opened up between the United States and China because of Taiwan and while the threat of economic recession is far from being buried. Indices today generally opt for higher after an open with a mixed sign and with the Service performance index as the main macroeconomic benchmark. For its part, Brent oil reached $102 a barrel after the OPEC+ meeting, during which it decided on a minimum production increase of 100,000 barrels per day.
Stock markets are opting for optimism, especially after the bullish start on Wall Street. The Nasdad rises in effect by almost 2% at the opening. The US stock market today reverses the losses with which it reacted yesterday to tensions between China and the United States over Taiwan and to the commitment of some members of the Federal Reserve (Fed) to continue to increase aggressively interest rates to fight inflation.
Positive corporate results are fueling a return to Wall Street, easing investor fears of an economic meltdown precipitated by rate hikes. The good figures presented today by PayPal and CVS Health supported the rise of the American stock market and infected the European stock market.
After an indecisive start, the Ibex 35 opt for profit. The Spanish selective marked an increase of 0.56, to 8,142.10. The biggest increases concern Fluidra, which rose by 6.56%, followed by PhamaMar and BBVA, with increases of 3.28% and 3.24%. On the side of the falls, Acciona takes the worst with a drop of 2.54%. The advances of BBVA and Santander and Inditex, with respective gains of 2.05% and 1.35%, are what underlies the positive sign of the selective.
It has been known that Services sector activity in Spain increased in July for the sixth consecutive month, although at a somewhat slower pace than in JuneToday with a deterioration in future expectations due to inflationary pressure.
In contrast, yesterday, three Fed members appeared to rule out the possibility that rate hikes would stall in the short term or that, as some analysts had expected, declines in the price of silver could be seen in the near term. . Chicago Fed President Charles Evans assured that he expects an increase of 0.50 points in September and then several increases of 0.25 until the start of the second quarter of 2023.
In recent days, several indicators and poor growth data in the United States had raised market expectations of a change in policy by the Fed, which is raising rates very significantly to curb inflation. But the central bank is insisting on its inflation-fighting message, which for the second day is helping to push up debt yields. The yield on the Spanish one-decade bond now exceeds 2%, that of the United States at 2.8%.
In Asia, market behavior was uneven. The Nikkei rose 0.53%. The Shanghai Stock Exchange lost 0.71% and the Shenzhen Stock Exchange lost 1.14%. For its part, the Seoul Stock Exchange gained 0.89% and the Hang Seng recovered 0.40% thanks to increases in technology.
On the commodity market, oil Brent, a benchmark in Europe, is once again trading below 100 dollars a barrel. It came to top $102 after deciding OPEC+, formed by the Organization of the Petroleum Exporting Countries and 10 other oil-producing nations, increase production by 100,000 barrels per day from September.
The euro depreciated for the second day and fell 0.3% to 1.0138 dollars, again at the limit of parity with the greenback.