The Spanish stock market relies on large values to avoid the caution in which the rest of the European stock markets and Wall Street moved this Wednesday, waiting to know important macroeconomic references in the US.
Faced with the losses in most of the markets on the Old Continent, the Ibex-35 advanced 0.78% at the close to recover 9,200 points, with increases of more than 3% for Cellnex, after accelerating the election of its new CEO with the resignation of two of its independents.
The next most bullish was Acciona with an advance of 2.7%. But the biggest boost for the Ibex -due to its weight in the selective- came from Iberdrola, which traded with increases of 2.45% the sale of 80% of its business in Mexicoand Telefónica, with an increase of 2.23% that has led the operator to exceed 4 euros per share for the first time since September.
Beyond business news, investors have been especially attentive to macro data that will undoubtedly mark the future of the central banks' monetary policy to fight inflation.
For now, some references point to a greater resistance of the economy in the euro zone compared to the US, where warnings about a possible entry into recession continue to resound on the floor, especially after the crisis in its regional bank.
In the case of Spain, this Wednesday the PMI data for the services sector surprised in a very positive way, with its highest rate of expansion since November 2021.
The indicator that measures this activity, which accounts for half of the country's economic production, rose to 59.4 points, well above the 56.7 in February and far from the 50 points that mark the barrier between growth and contraction. . So the market has welcomed the data, despite the bad taste in the mouth left by other references of the day such as the employment data for the ADP private sector in the US.
Specifically, the world's leading power created 145,000 jobs in March, a figure well below the 200,000 expected and still much lower than the 261,000 in February. The big question now is whether there will be a definitive change in trend, in which less job creation will go from job destruction to job destruction if the dreaded recession finally occurs.
At the moment, and with the lower trading volume expected these days with the Easter holidays in between, investors are already focusing all their attention on next week, when the macro will share the limelight with the start of a new trading season. business results that, precisely, will begin with the accounts of the large American banks. In other words, there will be new clues about the impact of the fall of entities such as Silicon Valley Bank on the sector and the economy.
Meanwhile, in the raw materials market, the price of a barrel of Brent, a reference in Europe, moderated slightly to 84.78 dollars, while West Texas in the United States maintained its price around 80.5 dollars.