The European stock exchanges managed to avoid correction on this week’s rally, and joined to the recent advances in the wave of business results. Having already broken the 10,800 barrier, Ibex 35 takes a pause in spite to banking advances. In Wall Street, Nasdaq Composite broke the 6,000 point barrier for the first time ever.
Investors are getting ready to adjust their portfolios having a better political scenario in Europe, while they are still forced to deflect attention towards other key references. A whole new set of European corporate results have been included. This new wave will also happen in Spain. The accounts will have a new utility: to determine if the rise by the variable revenue in Europe during this year’s first quarter will be backed an improvement in corporate benefits.
Spain Stock Exchange struggled to score on this week’s rally. The rise of 3.76% -the highest since October 2015- pushed Ibex 35 to its maximum levels in a 20-month period. The thrust on the previous session bumped the revaluation accumulated by the Spain index to a 15% as far as 2017 goes. This week, exterior references at least hinder the temptation to harvest those benefits.
Optimism show by investors after tax reforms performed by Donald Trump is beneficial for the main stock exchange in the world and allows Nasdaq Composite break the 6,000 point barrier for the first time in history.
In the stock market, the Euro is still strong and overcomes 1,09 dollars. In the upcoming meeting of ECB there might some novelties about the currency policies. The European currency sits once more close to 85 pence, referring to its rate with GBX, whilst the GBP rate with the dollar sits at US$ 1.28.
In the public debt market, the increase in risk taking sped up the fixed rent sales in Germany and the purchase of French, Spanish and Italian bonds. This trend was lost in the recent session, and risk primes kept similar levels to yesterday closing time.
France’s public debt trades grazing the 40 basic points, 20 points lower than the gap registered before the elections a few days ago. In Italy, the margin is increased below the 200 points, and Spain is surrounding 130 points, with a 10-year bond interest set at 1.7%.
However, oil price continues the correction of the last sessions. Brent Crude price returns to 53 dollars; West Texas oil, US reference price, is about drop below 49 dollars.
After yesterday’s drops in an environment of seeking for shelter, gold registers a low of 1,270 dollars/ounce.