The Ibex awaits the central banks below 8,200 points

The Ibex awaits the central banks below 8,200 points

The minutes of the ECB, protagonists of the session. / ecb

The selective yields 0.15% in its seventh consecutive session of falls before the bankers' meeting in Jackson Hole

Clara Dawn

Hands still waiting for Jackson Hole. Investors remain cautious on risk assets and do not want to move their portfolios until the key event of the week, which will take place on Friday with the speech of the president of the Fed, Jerome Powell, at the summer meeting of central bankers.

It will not be easy before a more demanding audience than any other year. The serious mistake that both the Fed and the ECB made in the 2021 meeting is still very present in the memory of investors, showing their complete certainty that the rise in inflation would be temporary. So Powell, and the rest of the guests at the symposium, also risk their prestige.

Despite the fact that inflation in the US seems to have peaked, after falling to 8.5% in July, the market anticipates that the Fed president will maintain an aggressive tone regarding the future of monetary policy. Precisely this Thursday it was confirmed that the first world power contracted by 0.1% in the second quarter of 2022, according to the second estimate of the data. In other words, it is confirmed that it is already in a technical recession after the economy fell by 0.4% in the first three months of the year.

The data did not directly influence the stock markets, but it did influence investors' doubts about Powell's message. In Europe, the minutes of the last meeting of the European Central Bank (ECB) did have a little more impact, with falls of 0.15% for the Ibex-35 that prevented the selective from closing above 8,200 points.

Specifically, the indicator will start tomorrow from 8,187 integers, with Solaria soaring almost 6%. Something that did not serve to offset the fall experienced by large stocks such as Inditex (-1.95%), Sabadell (-1.66%), CaixaBank (-1.43%) or Banco Santander (-1.13%).

The monetary organization acknowledges in the document that there were discordant voices around the decision to raise interest rates by 50 basis points. Some members of the board warned that surprising the market could lead to greater distortions and even lead to a debt crisis that, in any case, would be controlled with the purchase mechanism planned to avoid it.

On the other hand, in the raw materials market, the price of a barrel of Brent remains above 100 dollars, while the American West Texas is around 95 dollars.

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