Jan 13 (Reuters) – Spain’s main selective stock market opened higher for a fourth day on Friday, on its way to a second consecutive weekly advance amid expectation of U.S. monetary policy, following the moderation of its inflation in December.
The US CPI data released on Thursday did not surprise the markets, which maintain their expectations of a lower rise in interest rates at the next Federal Reserve meeting (+25 basis points on February 1).
“It must be taken into account that prices related to services remain under pressure, and a further slowdown in the labor market and wages will be necessary to declare victory over inflation,” Renta 4 warned, however, in a daily note.
While waiting for consumer confidence in the US from the University of Michigan (1500 GMT), the markets were digesting the deterioration in the trade balance of China in full reopening. In addition, several large US banks will publish quarterly results during the day: JPMorgan, Bank of America, Wells Fargo, Blackrock and Citigroup.
“We remember that the deterioration of the cycle, already evident and that will continue to increase reflecting the impact of a greater monetary restriction, is not yet fully included in the consensus estimates of results, where there is still a downward risk, and with it possible pressure on the stock markets in the coming weeks”, they said from Renta 4.
Thus, at 09:05 on Friday, the selective Spanish stock market Ibex-35 rose 19.80 points, 0.22%, to 8,847.90 points, on its way to a weekly advance of 1.69%.
For its part, the FTSE Eurofirst 300 index of large European stocks rose 0.24%.
In the banking sector, Santander rose 0.24%, BBVA recorded 0.17%, Caixabank advanced 0.10%, Sabadell gained 0.10%, Unicaja Banco rose 0.58% and Bankinter rose in value 0.24%.
Among the large non-financial values, Telefónica scored 0.25%, Inditex advanced 0.33%, Iberdrola left 0.23%, Cellnex gained 0.48% and the oil company Repsol rose 0.61% .
The fall of the construction company Sacyr stood out, which lost 1.70% after it was published in the press that Portobello would be negotiating the purchase of its services subsidiary.
(Reporting by Darío Fernández; editing by Tomás Cobos)