The Ibex closes with falls of 0.54% (9,230.7 points) after the highs on Monday

At the business level, one of the news of the day is that the European Union and the United States have reached an agreement to end almost two decades of dispute over the respective subsidies to Airbus and Boeing, the two main aircraft manufacturers in the world.

For its part, CaixaBank has improved economic conditions for those affected by the ERE due to the pressure from the unions. The bank's management has presented a new proposal that includes early retirement from the age of 54.

On the economic agenda, we have seen the inflation data in Germany (+ 2.5% year-on-year), France (+ 1.8% year-on-year) and Italy (+ 1.3% year-on-year). In the United Kingdom, the unemployment rate for April has been published, which has fallen for the fourth consecutive month.

In the United States, the control group's retail sales, which directly affect the GDP calculation, have fallen by 0.7%, almost in line with the expected 0.6% drop. Sales excluding automobiles, another closely followed variable, fell 0.7%, compared to the expected rise of 0.2%.

In addition, the producer price index increased by 0.8% in May, reaching a year-on-year rate of 6.6%, a new high in the series. The consensus anticipated a rise of 0.6%, to 6.3% year-on-year. Wall Street trades mixed and in the zone of historical highs before its appointment this Wednesday with the Federal Reserve (Fed).

Asia has also done well this morning, with Australia up 1%. Board members of the Reserve Bank of Australia agreed that it would be "premature" to consider ending the bond buying program, minutes of the central bank's monetary policy meeting for June showed.

THE FED MEETING BEGINS

The agenda for this Tuesday also includes the beginning of the two-day meeting of the Federal Reserve (Fed), whose conclusions will be known tomorrow, with the European stock markets closed.

The consensus does not expect the US central bank to make changes to its monetary policy. However, his comments on rates, inflation and the economy will move the market as usual, with special attention to the 'tapering' plans (withdrawal of stimulus).

"Powell could raise the idea of ​​reducing bond purchases at the September meeting. While our base case is still for tapering to be announced at the December meeting, we think the Fed could reflect before then on the possibility of 'tapering' in September in case inflation is more persistent than expected and they want to manage the risk of an unwanted acceleration, "says Tiffany Wilding, US economist at PIMCO.

JAMIE DIMON: CASH IS KING

JP Morgan Chase has been "hoarding" cash rather than using it to buy Treasuries or other investments because of the possibility that higher inflation will force the Federal Reserve to raise interest rates, Jamie Dimon, CEO of the bank, in a conference. America's largest bank by asset has positioned itself to benefit from rising interest rates, allowing it to buy higher-yielding assets, he added.

"We have a lot of cash and capacity and we are going to be very patient, because I think there is a good chance that inflation is more than temporary," said Dimon.

OTHER MARKETS: BITCOIN RECOVERES 40,000

The euro is exchanged at $1.2118. Oil rises 1% and marks the highest of the last two years, to 73.60 dollars for Brent and 71.70 dollars for West Texas.

Gold rose 0.2% to $ 1,870, and silver fell 1% to $ 27.74.

Bitcoin rises 1% and recovers 40,000 ($ 40,037). Ethereum is up 2% ($ 2,585).

The yield on the 10-year American bond rose to 1.51% and the yield on the 10-year Spanish bond increased to 0.4%.