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Inditex is the center of investor attention today after the Galician Group released its first quarter results. Ibex is up 0.3% in the first columns of the session and is close to 8900 points. Shares of the textile group rose more than 3.5% after announcing an 80% net profit growth in the first quarter. Grifols, Meliá, and PharmaMar are also among the most upside, with gains of around 1%. Rovi, Red Eléctrica and Solaria are the most landing.
Asian stocks rose today, buoyed by the recovery on Wall Street, despite persistent concerns that tighter monetary policies will stifle global growth and raise the risks of stagflation.
The World Bank cut its global growth forecast by about a third to 2.9% for 2022 on Tuesday, warning that Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic, with many countries now facing a recession.
However, US stocks rose to close higher for the second day in a row, which improved the mood in Asia as the Nikkei rose 1%. The Australian share market is regaining its positions, 0.7%, after falling about 1.5% on Tuesday after the central bank unexpectedly raised interest rates to their highest level in 22 years, and indicated that more adjustments are coming.
Tomorrow, the European Central Bank meets and markets expect it to at least lay the groundwork for a quick rate hike, if not start with a small hike. “I think the increases coming from central banks, or front loading are really positive because it will allow us to curb inflationary pressures,” said Trine Nguyen, chief economist at Natixis in Hong Kong, adding that markets could correct from an “exaggerated reaction” on Tuesday. .
U.S. Treasury Secretary Janet Yellen told senators on Tuesday that she expects inflation to remain elevated and that the Biden administration will likely increase inflation expectations by 4.7% for this year in its budget proposal.
Chinese stocks received a boost from hopes that its economy is slowly returning to normal as the strict COVID-19 lockdown is eased. Hong Kong’s Hang Seng Index is up 1.22%, while China’s benchmark CSI300 Index is up 0.47%.
In the commodities market, Brent crude futures rose 0.11% to $120.72 a barrel, and West Texas futures rose 0.23% to $119.66.
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