The Ibex falls, pressured by Telefónica and the banks, while waiting for Powell
The central banker's speech from Jackson Hole is the big date of the day
The Ibex lost positions this Thursday (-0.5%), pressured by the notable declines in Telefónica and banks, awaiting the appearance of Jerome Powell, president of the Federal Reserve (Fed), in Jackson Hole. Powell, in a speech that will take place at around 3 p.m. Spanish time, is expected to discuss the Federal Reserve's policy framework and specifically how it will alter its stance on inflation. The Federal Reserve has had an inflation target of 2%, but in the decade since the financial crisis it has frequently seen inflation fall below its target. Goldman Sachs expects Jerome Powell to set an average inflation target of 2% -2.5%.
IBEX 35
11.524,300
-
1,29%147,20
- Max: 11.536,20
- Min: 11.369,00
- Volume: -
- MM 200 : 11.067,09
Most analysts expect the Fed to make announcements on new measures at the September meeting (15-16), however, Goldman still thinks this will happen at the November meeting. In any case, the consensus foresees that Powell will offer a preview of those measures today.
On the data front, this Thursday the latest revision of the US GDP for the second quarter is published, which could be revised up from the current -32.9%, with expectations of a modest improvement to -32.6%. Also, the initial unemployment claims are published after that unexpected jump in the last week from 936,000 to 1.1 million applications. "This may well have been the first indication of the damage caused by the sudden end of the $ 600-a-week enhanced unemployment benefits package, which was halted at the end of July," says Michael Hewson, CMC Markets chief analyst at London.
However, the European markets favor moderate movements after Wall Street rose last day (Dow: + 0.3%; S&P: + 1.02%; Nasdaq: + 1.7%) and after see a predominance of red numbers this morning in Asia.
In the chapter on treatments against Covid-19, it should be noted that Moderna announced this Wednesday that its potential vaccine generated a promising immune response in elderly patients during an early-stage clinical trial.
Regarding the business level, Siemens Gamesa celebrates a highly anticipated 'Investors Day' in Spain. Also, internationally, the departure of TikTok CEO Kevin Mayer made the headlines today.
