The Ibex-35 continues to yield under the pressure of inflation

Aug 19 (Reuters) – The Ibex-35 opened lower on Friday, in line with European markets, with attention focused on the fight to reduce inflation as the world economy heads for a slowdown.

On Thursday, the leaders of the US Federal Reserve expressed in various speeches that they consider a monetary tightening necessary to tackle inflation.

During the night, Isabel Schnabel, member of the Board of Directors of the European Central Bank, contributed to accentuate the fear of inflation by stating that consumer prices could continue to accelerate in the short term.

On Friday, the GfK consumer survey of British household finances highlighted the “exasperation feeling” and “crisis of confidence” that consumers are experiencing, which has reached the lowest level of confidence since it began to take place the survey in 1974.

Production prices in Germany, also published on Friday, rose above expectations, which could “suppose greater inflationary pressures than those already existing in the economy, with electricity prices at record highs of 557 euros/Mw”, as Renta 4 brokerage house pointed out in its daily analysis note.

In this context, at 0717 GMT on Friday, the selective Spanish stock market Ibex-35 fell 37.80 points, 0.45%, to 8,392.50 points, while the index of large European securities FTSE Eurofirst 300 fell 0 .31%.

For the week as a whole, the Ibex-35 was heading for a 0.11% drop.

Solaria stood out positively with a rise of 0.72%, recovering after suffering a fall of 2.94% the previous day.

In the banking sector, Santander lost 1.05%, BBVA fell 0.84%, Caixabank lost 0.63%, Sabadell fell 1.40%, and Bankinter fell 0.83%.

Among the large non-financial stocks, Telefónica scored 0.26%, Inditex advanced 0.04%, Iberdrola revalued 0.09%, Cellnex gained 0.28% and the oil company Repsol lost 0.50% . (Information by Flora Gómez; edited by Benjamín Mejías Valencia)

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