The mini-truce in the markets has been taken advantage of especially by the Ibex. After reaching highs for the year yesterday, today it is trying to seal a rise plan for the week. The flatter tone complicates this goal.
Investors have found a better balance in the balance that assesses rate hikes and recession risk. A couple of weeks ago, warnings of a slowdown in the economy unleashed a bearish gale. In recent days, the possibility of a pause in the Fed's rallies in September has taken shape, a respite that could reinforce the options of a softer landing for the economy. Expectations of a brake on inflation help, as does the recent containment of interest on the debt.
The escalation in financing costs was a constant pressure on the economy, companies and markets. In the last three weeks, the interest required on the ten-year debt of the United States has been deflated by 40 basis points. Today it is trading at 2.74%, close to its one-month lows, and far from its highs of 3.14%. In Europe debt purchases have been repeated, with the consequent drop in yields. The interest of the German bund resists below 1%, and that of the Spanish ten-year bond cools down to around 2.05%.
The day began with a slightly favorable sign in Asia, with advances of 0.26% in the Tokyo Nikkei and a truce in Chinese equities, pending the progressive withdrawal of the restrictions adopted by the Covid. Yesterday, Wall Street references acquired a notable upward bias, with revaluations of 1.99% in the S