Prices fall, IBEX 35 rises

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The IBEX 35 rose by 0.52% this Wednesday, regaining the 11,000 points it lost the previous day after it was announced that inflation in the Eurozone fell to 2.4%, close to that of the European Central Bank (ECB) managed 2% target is approaching 2%.

The IBEX 35, the benchmark index of the Spanish stock market, gained 56.7 points or 0.52% to 11,032.3 integers, registering an increase of 9.21% for the year. With the euro rising to $1,083, European stock markets closed higher this Wednesday. Frankfurt is up 0.46%, Milan is up 0.45%; Paris, 0.29%; and London 0.03%.

The stock market started the day with gains that accelerated throughout the day after news that inflation in the euro zone fell by two tenths to 2.4% in March, boosting investor expectations of possible interest rate cuts by the ECB reinforced.

The Bank of Spain expects interest rates to fall in June

This Wednesday, the Governor of the Bank of Spain, Pablo Hernández de Cos, expressed confidence that interest rates could be lowered in June thanks to the positive development of general and underlying inflation in Europe.

“Today the central scenario is that the first rate cut will occur in June,” Hernández de Cos said during a colloquium at the Círculo Ecuestre in Barcelona.

In the United States, new employment data was released this Wednesday. According to the ADP survey, the private sector added 184,000 jobs in March, compared to the 155,000 additional payrolls signed in February.

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Santander and Inditex rise over 1% at IBEX 35

Among major IBEX stocks, Santander rose 1.52%, Inditex rose 1.33% and BBVA rose 0.73%. On the contrary, Repsol fell by 0.19%, Iberdrola by 0.26% and Telefónica by 0.59%.

The value that increased the most within the Spanish selection was Sabadell with 4.09%; followed by Grifols A securities, 3.93%; and Acerinox, 1.78%.

On the loss side, Laboratorios Rovi was the stock that fell the most, with 2.68%; followed by Merlin, 1.65%; and Cellnex, 1.59%.

However, OPEC+ has stressed its willingness to intervene in the market as soon as it deems necessary and urged its members to abide by current production cuts.

For its part, the troy ounce of gold rose 0.23% to $2,286.01 at the close.

On the debt market, the ten-year Spanish bond fell by 0.6 basis points to 3.25%.

Bitcoin, the most widely used cryptocurrency, rose 0.28% to $65,887.81 at the end of the trading session.

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