The Spanish stock market rebounds strongly and rises 1.29% after the opening

Madrid, Oct 10 (EFECOM).- The Spanish stock market rebounded strongly this Tuesday and rose 1.29% after opening, boosted by the gains on Wall Street and part of Asia despite the conflict in the Middle East, in a day in the market is relieved by the fall in the price of crude oil and the profitability of the debt.

At 9:10 a.m. the IBEX 35, the main Spanish index, is trading at 9,269.80 points after adding 1.29%. The accumulated profits for the year amount to 12.63%.

The Spanish stock market rebounds this Tuesday after falling 0.91% the day before, affected by the tension in the Middle East.

The conflict in Israel caused widespread but contained falls in the European stock markets, while assets considered safe havens such as the dollar, gold and debt benefited.

However, Wall Street managed to end positively, after the head of the Dallas Federal Reserve, Lorie Logan, said that the rise in bond yields registered in recent weeks, and which placed them at maximums, can make further increases in interest rates are less necessary.

Just today, the market awaits the appearance of the president of the European Central Bank (ECB), Christine Lagarde, and several members of the Federal Open Market Committee of the United States Federal Reserve (Fed).

Meanwhile, in the debt market, bond yields continue to decline, acting as a safe haven asset in these times of uncertainty, and after Logan advocated not raising rates again.

Thus, the interest on the ten-year US bond (it closed yesterday for a holiday) drops today to 4.648%.

The yield on Spanish debt remains downward, at 3.216%.

The slowdown in crude oil, which rose more than 4% yesterday, also contributes to this fall, helping to lower expectations of higher inflation and, consequently, new rate hikes.

At this time, Brent, Europe's benchmark oil, fell 0.68% to $87.55.

In Europe, while the euro continues to fall and is exchanged at 1.055 dollars, Milan has opened with a revaluation of 1.14%; Frankfurt, 1.04%; Paris, 1.03%; and London, 1.02%.

Among the macroeconomic references in Europe, today the industrial production of Italy will be known, or in the US, the Redbook retail sales index, or inflation expectations.

Within the IBEX 35, Melia Hotels stands out by increasing 2.12%; followed by Sacyr, 2.08%; and Cellnex, 1.82%.

Of the large values, BBVA adds 1.29%; Iberdrola, 1.22%; Telefónica, 1.03%; Santander, 0.94%; and Inditex, 0.89%.

Repsol, which rose sharply yesterday after the price of crude oil skyrocketed, is down 0.52% this hour.

Along with Repsol, Fluidra is another value that falls from the IBEX 35, 1.41%. EFE

mtd/ltm

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