The Ibex closes a week marked by inflation with new annual highs

"The index ended up giving form to a good figure that confirms the end of the short-term falls and the continuation of the gains in the next few days," predicts César Nuez, analyst at Bolsamanía and head of Trader Watch.

The first upward target is at 9,149 points, annual highs drawn this past Monday. And the truth is that the selective has risen to this level, which indicates the current strength of purchases.

Within the index, the rises in Solaria, Amadeus, Inditex, Santander and Telefónica have stood out, while ACS (which published results last session) has been one of the few bearish values.

Wall Street finally ended in positive on Thursday after the setbacks of the last three days and continues to rebound this Friday. Experts speak in their daily reports of a week that has been "quite turbulent", with sudden movements motivated by the resurgence of fear of a permanent rebound in inflation that slows the economic recovery. Although that fear has been much greater in the US than in Europe.

This Friday, the focus has returned to business results. Alibaba has fallen sharply after theirs (lost 1.17 billion in the first quarter), while Airbnb has tripled the red numbers and increased its bookings by 52%. Coinbase, for its part, has multiplied its profit in the first quarter by more than 20, up to 771 million dollars.

As for the rest, today CaixaBank held a general shareholders' meeting, the first after the acquisition of Bankia, with the focus on the massive ERE presented by the bank and the pressure from the unions to reduce it. The State, through the FROB, has voted against the new salary policy.

MACRO REFERENCES

This Friday different relevant macro references have been known. In Spain, the Consumer Price Index (CPI) rose 1.2% in April compared to the previous month and placed its interannual rate at 2.2%, nine tenths above March's (1.3% ) and its highest rate since October 2018. However, core inflation, excluding food and energy, has fallen in the year-on-year rate to 0%, its largest difference with the general rate since 1986.

In the United States, retail sales for April were published, which were below expectations; and the preliminary University of Michigan consumer sentiment index for May, which has dropped unexpectedly.

On inflation in the US, the president of the Cleveland Federal Reserve, Loretta Mester, affirms that "we are really focused on inflation expectations. We see inflation above 2% this year and then it will go down again".

OTHER MARKETS

The euro appreciates 0.5% and trades at $ 1.2142. Oil is up 2%, with Brent at $ 68.46 and West Texas at $ 65.12.

Gold rises 0.7% to $ 1,837; and silver advanced 1.6% to $ 27.50.

Bitcoin is now back at $ 50,000 (+ 3%. $ 50,802) after a difficult week marked by Elon Musk's 'attacks'. Ethereum is up 10% to $ 4,060.

The yield of the 10-year American bond eases to 1.63%, while that of the 10-year Spanish bond falls to 0.58%.