The electricity companies promote the selective, while Meliá Hotels suffers a strong corrective due to a reduction in recommendation
The Ibex-35 ended Wednesday's session with a slight increase of 0.17%, to make a final change at 7,855.90 points. Therefore, cautious purchases by investors on the eve of a meeting of the European Central Bank in which a significant rise in interest rates is taken for granted. The unknown is whether the increase will be 50 or 75 basis points. This week, Jan Feliz Gloeckner, investment specialist at BNY Mellon IM, explained that the pressure is growing for the Eurobank to raise the price of money by 75 basis points. "With inflation skyrocketing, coupled with the risk of undesirable consequences of persistent inflation, the case for adjustment is clear," says Gloeckner.
Last July, the institution chaired by Christine Lagarde already raised the official euro rates by 50 basis points, thus ending six years of free money. It was the biggest increase in 22 years.
The selective domestic leaned on the companies 'utilities' to rise. Thus, Solaria was the most profitable value of the day, with a revaluation of 6.09%. Then Acciona was placed, advancing 4.37%. Next came Endesa, with a rise of 3.11%. And Acciona and Iberdrola scored more than two percentage points.
Later, a couple of stocks gained more than 1%: Cellnex and ACS.
In negative, Meliá Hotels was the 'red lantern', with its bulky cut of 9.13%. And it is that the company has received a downgrade of recommendation from Deutsche Bank. The German bank considers that the hotel sector as a whole may be affected next year by inflation and a more difficult economic scenario.
The pharmaceutical company Rovi left around 6% and Repsol, just over 4%. The oil company suffers this cut in the session in which it has announced that the fund specialized in infrastructure and energy EIG will acquire 25% of its 'upstream' business for 4,850 million euros. The oil company has accused the decline in the price of crude oil to its lowest since January, as well as the willingness expressed by the European Commission to establish a tax on the oil sector.
In the rest of the Old Continent, varied behavior. Thus, the Ftse Mib of Milan ended practically in a draw, as did the French Cac 40. The German Dax was down 0.35% and the Lisbon PSI-20 lost around 0.5%.
Investors are watching the energy market and the Russian gas supply cutoff, with its potential impact on prices and economic growth. To deal with the situation, the European Commission has proposed limiting income from renewable and nuclear energies, a solidarity tax on oil companies and cutting electricity consumption.
In the commodity market, on Wednesday, the prices have fallen: both that of gas (-3.5%), and that of a barrel of Brent crude (-3.65%) and West Texas ( 4.10%).
In the foreign exchange market, the euro remains very close to its low of two decades and below parity with the greenback. A weak euro is inflationary for the economies of the Old Continent. And this is an additional element of pressure for the European Central Bank to adopt an aggressive decision on Thursday at its regular monetary policy meeting.
All the uncertainties have led to the Ibex-35, since last August 17, in addition to this Wednesday's session, having only managed to finish in the green on one other day, on September 2.