The markets start the session higher, confident that, once and for all, the United States will be able to pass a fiscal stimulus plan that has been bogged down in Congress since the summer. Thus, the Stock Market faces the final stretch of the year with a positive tone: Tomorrow, Friday, is the expiration of options and futures corresponding to December 2020, so that, for the purposes of institutional investors, the exercise can be given, almost, by closed.
The opening of the Ibex has been bullish, with a gain of 0.32% at 8,165 points in the first change, and the session has dawned calm. Only a few stocks are up more than 1%, and only Arcelor was up more than 2% at the open. Repsol and the banks posted gains of around 1%, while IAG and Meliá also celebrate the foreseeable Brexit agreement.
In the United States, negotiations continue, given that the plan needs the green light of both the Senate (Republican) and the House of Representatives, under Democratic control. Mitch McConell, leader of the Republican Senate majority, has assured that “I am optimistic, we will be able to reach an understanding soon.” The plan presented by a group of legislators amounts to 900,000 million dollars, and is negotiated hand in hand with the new spending ceiling, which must be approved between today and tomorrow to avoid the closure of the federal government.
Federal Reserve Chairman Jerome Powell, who guaranteed that he will continue to pump money into the economy, also indicated yesterday the urgent need for a fiscal plan as the pandemic rages in the country. Yesterday the record for deaths in one day was broken, with more than 3,700 victims in 24 hours. Vaccination is already underway in the country.
In Europe, eyes are on the Brexit negotiations, which have provided another reason for optimism (or, at least, have driven pessimism away) from stockbrokers. The talks are entering a decisive phase, having reached a compromise on the thorniest issue, that of a fair competitive framework, but with differences in weight, that is, in the access of European ships to British waters. The pound, however, rises, and Boris Johnson recalled that Parliament may meet during Christmas.
The euro, meanwhile, continues to hit highs in two years, encouraged by the general good mood of the market: during the most difficult months of the pandemic, investors have taken refuge in the dollar. It is at $ 1,223 per euro. Oil, a thermometer of the economic outlook, is at its highest since March, above $ 51.
In the debt market, the reluctance of the Fed to extend bond purchases and the relative optimism of the Stock Exchanges cause long-term interest rate hikes. The 10-year US bond has three rises, as does the debt of Spain or Germany. The 10-year Spanish bond is trading at 0.03%,