The Ibex, to the sound of Inditex and without losing sight of the Fed
Futures come flat this Wednesday
On Monday and Tuesday the Ibex moved to the beat of Inditex. On Monday the textile faltered due to a cut from Morgan Stanley, and the selective noticed it. This Tuesday Inditex rose sharply after H&M published its results and shot up in the stock market, and the Spanish index ended with increases of more than 1% and above 7,000 points. Today, Wednesday, the company has published results (it earns 214 million in the second quarter) and it will be necessary to see if it collects them with significant movements and how this is replicated in the Ibex (futures are flat at this time). These figures are one of the key quotes of the session.
IBEX 35
11.467,300
-
0,24%27,40
- Max: 11.489,20
- Min: 11.310,50
- Volume: -
- MM 200 : 11.289,95
The other is the meeting of the Federal Reserve (Fed), whose conclusions will be known from eight in the afternoon Spanish time, with the stock exchanges of the Old Continent already closed, so they will be listed tomorrow. Investors will be especially aware of what you have to say about inflation, after Jerome Powell, president of the organization, announced during the Jackson Hole symposium that from now on, more emphasis will be placed on promoting employment and allowing inflation to exceed the 2% target, which in turn will open the door to keeping interest rates lower for longer. The Fed will also offer its economic projections until 2023.
"We expect the Fed to keep monetary policy unchanged, keeping rates at 0-0.25% (...) and reiterating that it will continue to buy $ 80 billion a month in Treasury securities and $ 40 billion a month in backed securities. for mortgages (MBS) to keep the market functioning smoothly, "Berenberg experts say.
On the other hand, the president of the European Commission, Ursula von der Leyen, will present her proposals for a post-Covid world on Wednesday in her first speech on the state of the European Union before the European Parliament. It is expected to reveal a more ambitious emissions reduction target by 2030 of at least 55% compared to 1990 levels, Danske Bank experts estimate.
For its part, the Bank of Japan ends its monetary policy meeting this Thursday. Danske analysts expect it to keep its asset purchase program unchanged. We will look for signs of if it could begin to put more emphasis in the labor market, they need.
As for the Ibex, it remains lateral. Although the riss of the past day are something positive, as recognized by the analysts of Bolsamanía, they emphasize that to see a sign of strength we should wait for a close above 7,215 points, the first resistance level. Below we have the support level of the 6,900 points.
Finally, in the macro calendar for the day, inflation figures in the United Kingdom in August and retail sales in the US also for the month of August stand out.
