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Tuesday, December 06, 2022

OPEC+. IBEX Takes Profit and Crude Oil Falls While Waiting for

OPEC+.  IBEX Takes Profit and Crude Oil Falls While Waiting for

October 5 – The main select Spanish stock markets started the day on Wednesday with a slight decline, taking gains after the strong growth of the previous session, in the context of uncertainty about future rate hikes.

Following last session’s optimism following a lower-than-expected rate hike in Australia, New Zealand’s aggressive 50-point hike on Wednesday reminded us that the specter of inflation and aggressive monetary action is still there, with all eyes on the next steps. of the US Federal Reserve.

“Markets discount +75 bp on 2 November, +50 bp on 14 December and +25 bp on 1 January,” wrote Renta 4 analysts, while the Fed continues its ‘hawkish’ speech with a priority to control inflation. maintains it.” An informative note.

Another important focus of meditation during the session will be the meeting OPEC+ In Vienna, where they will discuss possible cuts in crude oil production.

Awaiting the outcome of the meeting, the strengthening of the dollar caused crude to fall slightly, reducing demand in other currencies, although it recovered at the opening of Ibex-35, and a barrel of Brent crude prices rose by 0.08. increased. ,

The data will also be released during the day. PMI Eurozone and United States Sept.

So things, at 07:17 GMT On Wednesday, select Spanish stock market Ibex-35 fell 44.10 points, 0.57% to 7,652.50, while the major European securities index FTSE Eurofirst 300 fell 0.39%.

In the banking sector, Santander lost 0.95%, BBVA Down 0.83%, Caixabank is down 0.20%, Sabadell is down 0.55%, and Bankcenter is down 0.93%.

Among the large non-financial stocks, Telefónica lost 2.14%, Inditex 0.36%, Iberdrola 0.10%, Selnext 0.24% and oil company Repsol 0.04%.

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