The Spanish Treasury places debt at 3 and 9 months at the highest interest since 2013
Inflationary pressures are still far from moderating. And the market received a new jug of cold water in this direction on Tuesday with the CPI data in the US, which was worse than expected.
To the disappointment of investors, inflation in the world's leading power stood at 8.3%. The figure is down from 8.5% in July. And it is much more moderate than the 9.1% in June. However, the market expected the final figure to be 8.1%.
The reaction was immediate and the Stock Exchanges erased the initial gains to go on to losses that, in the case of the Ibex-35, were 1.6% at the close to 8,064 points. And it is that the fall in inflation is key so that the Fed can somewhat cool down the pace of increases in interest rates, although it is true that the market has already been discounting for weeks that the next movement of the body will be another 75 basis points upward.
Forecasts that are reinforced by the core CPI data, which reached 6.3%. That is, four tenths more than in July and also two more than expected by investors. Silvia Dall'Angelo, senior economist at Federated Hermes Limited, explains that "today's inflation report has confirmed that the Fed's fight against high inflation is far from over."
The same opinion is held by Link Securities, where from the first hour they anticipated that "an inflation that is reluctant to subside could cause some profit-taking in the European and American stock markets, specifically by the most short-term investors."
Within the national trading floor, the biggest drops in the Ibex 35 have been presented by Cellnex (-4.58%), IAG (-4.26%), Colonial (-4.24%), Fluidra (-4.2%), Acerinox (-3.7%), Sabadell (-3.27%) and Rovi (-2.95%). On the contrary, in 'green' only Solaria (+2.74%), Mapfre (+1.35%), Acciona (+0.6%), Grifols (+0.36%) and Iberdrola (+ 0.05%).
In Spain, it was also known that the CPI rose three tenths in August compared to the previous month, but moderated its year-on-year rate three tenths, to 10.5%, remaining at levels never seen for more than 30 years.
Investors are also closely following the behavior of the fixed-income markets, after the Public Treasury has placed 1,938.35 million euros in an auction of 3- and 9-month bills, the first at these terms since the ECB decided to raise interest rates by 75 basis points.
The effect of the rate hike has been noticeable, not so much in demand -with a notable appetite on the part of investors that has largely exceeded supply- but in the interest paid to place the debt.
Specifically, 376 million euros were placed in three-month bills, compared to a demand of 2,355 million, with a marginal rate of 0.735%, well above the 0.145% of the previous auction for the same term. It is also the highest level since June 2013.
In the letters to 9 months, the Treasury has placed 1,562.35 million, compared to 2,212.35 million requested by investors. The marginal interest stood at 1.35%, double the previous 0.618%.
Meanwhile, in the raw materials market, the price of a barrel of Brent, a reference in Europe, rises 1% to close to 95 dollars, while the price of the American West Texas stands at 88.7 dollars.