The Ibex chains three sessions of falls and reduces the weekly gain to 1.4% | Stock Market Chronicle

The European stock markets have closed with moderate cuts in a session marked by the CPI data for November in the US, which has risen to 6.8%, in line with expectations and at a maximum of 39 years. Once again behind, the Ibex has chained its third session down, with a fall of 0.47% to 8,360.20 points. During the week, the Spanish selective has appreciated by 1.4% thanks to the strong advances on Monday and Tuesday.

The European stock markets ended the week with moderate cuts in a session in which the focus of investors was divided on two fronts: the evolution of the pandemic and the CPI data for November in the US. US inflation has met forecasts and rose to 6.8% in November from 6.2% previously, marking its highest level in 39 years. This evolution may determine the decision taken by the Federal Reserve regarding the rate of withdrawal of monetary stimuli at next week's meeting. Although at first investors reacted with purchases, these gradually deflated as the end of the session drew near. Thus, Wall Street has not only closed with daily gains, but also weekly gains of around 4%.

On the other hand, the markets are still pending the evolution of the pandemic. It seems that the new omicron variant is more contagious, although not as lethal as initially feared, but the new wave of infections is bringing back mobility restrictions and lockdowns in Europe. Hence the caution when taking positions until the scope of the new strain is clear.

The Ibex has closed its third consecutive session of cuts with a fall of 0.47% that has moved it away from 8,400 points and has reduced weekly gains to 1.4%.

One of the great stocks that stood out in yesterday's falls was Inditex. The Galician textile company has been lurching for a few weeks, both due to fear of new confinements, and due to the announcement of the succession to the company's presidency. Today, Inditex shares have closed with a rise of 0.42%.

Another heavyweight such as Santander has not managed to escape the cuts in the session in which it has been revealed that it will have to compensate the Italian banker Andrea Orcel with 68 million euros for his frustrated signing as CEO of the Spanish entity . The shares of the entity have left 0.61%. Other banks such as Sabadell (-1.27%), CaixaBank (-1.25%) and BBVA (-0.87%) have closed with greater setbacks, weighed down by the fall in debt.

The two Socimis of the selective have closed with gains and continue their upward streak. Colonial(+1.07%) has chained its fifth upward session and Merlin (+0.49%), the third. Telefónica has also gained positions with a rise of 0.78% one day after the deadline to collect the scrip dividend in cash on the 17th.

The Ibex Technical Advisory Committee decided yesterday the entry of Rovi to replace Viscofan, which had been in the selective since June 2016. The changes in the index will take place as of December 20, after the adjustment to close of Friday the 17th. Investors have gone ahead and have undone positions in Viscofan, which has lost 3.11%, having to leave the funds and products that replicate the Spanish selective index, and have bought Rovi shares (+ 0.30%).

The rest of the European stock markets ended the session with moderate falls. The German Dax has dropped 0.10%; the French Cac, 0.24%; the Italian Mib, 0.36% and the British Ftse, 0.40%.

The leading role has been in the Frankfurt Stock Exchange where Daimler Truck has debuted on the Stock Exchange, which has closed with a rise of 6.8%. By contrast, its parent company, Daimler, has plummeted 13.8%. Also in the German market, Bayerse has appreciated 1.8% after the chemical giant won a second trial in a cancer case for the use of glyphosate in the herbicide Roundup. The Swedish tobacco company Swedish Match has celebrated with a rise of 7.2% the news that the US Democrats withdrew a proposed tax on vaping that taxed electronic cigarettes like traditional ones.

The influence of the US CPI on the Fed's monetary policy also marks the behavior of the debt market. The yield on the 10-year US bond falls below 1.50%, while in Europe, the negative rates of the bund stand at -0.35% and the yield on the 10-year Spanish bond relaxes towards +0, 35% In the currency market there is hardly any movement after knowing the inflation data, with the euro once again above 1.13 dollars and the pound at 1.32 dollars.

Bitcoin, very volatile throughout the session, falls below $48,000, while gold rebounds above $1,780 per ounce. A barrel of Brent oil is trading at 74 dollars and that of West Texas crude, a reference in the US, is exchanged for 71 dollars.