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The Ibex ends its losing streak and now rises 1.2% per week

To ease the fears of the past days, the European Stock Exchanges relied Friday on Wall Street's rises.

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The Ibex ends its losing streak and now rises 1.2% per week

To ease the fears of the past days, the European Stock Exchanges relied Friday on Wall Street's rises. The weekly accumulated figure for the Ibex-35 rose by 1.7%, breaking a streak that had seen three consecutive weeks without a rise.

Monday's selective will begin at 8,244 points. We are still waiting for new references to confirm if the fear that there is an economic recession is real.

Investors are still paying attention to the weekly closing of electricity companies on the national trading floor. This was due to the fact that more than 4,000,000,000 euros had been lost in market capitalization since Thursday's confirmation by the Government of an additional tax. These companies were able to recover a portion of the lost ground on Friday, but the gains were led by Fluidra (6.2%).

Indra's share price plunge to 14.76% was highlighted in the lower half of the table. It dropped to 8.63 euro one day after Indra's shareholders' meeting on Thursday. This came just days after four independent directors were fired and a fifth was non-renewable.

The lower tension in the bond markets is responsible for a large part of the improved mood in purchases compared to a few days earlier. To protect their portfolios against economic slowdown fears, investors have returned to purchasing fixed income. This buying activity drives up the bond price and reduces their profitability (which is inversely related).

Although interest rates on bonds rose this Friday, it has continued to decline throughout the week. The interest rate on the 10-year Spanish bond is now at 2.5%. This is far lower than the 2.9% it was close to in the previous days. The German 'bund" has increased from 1.77% today to 1.44%.

The composite PMI, which was released on Thursday, is one of the key indicators that has helped to explain these movements. It suffered a sharp puncture, which deflated it (one of most closely followed by the market because of its early nature), to 51.9 points. This was a significant drop from the 54.8 points in the previous month, and far below the 54.1 expected.

The price of oil in the commodity market has increased 3%. A barrel of Brent crude oil, which is a reference in Europe, currently trades at 113.27 USD, while the US West Texas trades at 107 USD.

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