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Ibex closes positive, encouraged by infrastructure agreement in the US

Jun 25 (.) – The Spanish stock market closed positively on Friday and finished the week with an advance of 0.71% amid increased optimism after weaker-than-expected figures on inflation in the United States and after the announcement of the agreement on Washington’s plan for infrastructure.

The deal, unveiled Thursday by President Joe Biden, boosted global markets. The proposal would involve an injection of $ 1.2 trillion to prolong an economic recovery fueled by fiscal stimulus injected during the COVID-19 pandemic.

The Ibex followed in the wake of the rise, in which the S&P reached new highs, with some relief among investors due to fears of a tightening of monetary policy in the short term and appetite for risk positions.

However, subsequent statements by the Republican leader in the Senate cast doubt on the ultimate success of the plan, which has yet to be officially approved.

In macroeconomic terms, concerns about a rebound in inflation were dissipated after the publication of consumer spending in the United States, which showed no variation in terms seasonally adjusted in May.

In this context, the selective Spanish stock exchange Ibex-35 closed with a rise of 20.90 points, 0.23%, to 9,095.00 points, while the index of large European stocks FTSE Eurofirst 300 rose 0.14% .

In the banking sector, Santander rose 1.13%, BBVA scored 1.89%, Caixabank increased 0.57%, Sabadell gained 0.67%, and Bankinter rose 0.55%.

Among the large non-financial stocks, Telefónica showed no changes, Inditex lost 0.23%, Iberdrola lost 1.10%, Cellnex gained 0.55% and the oil company Repsol lost 0.36%.

The steel group ArcelorMittal led the table with an advance of 2.68% in a context of increases in the components of the Chinese steel industry and other ferrous futures, while the Anglo-Spanish airline holding company IAG occupied the last position of the index, leaving 2 , 27%.

(Information by Michael Susin; Edited by Janisse Huambachano)

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