The Spanish economy is showing signs of progress. The Consumer Price Index (IPC) reportedly dropped to 2.3% in August, marking its lowest for the year and a decrease of five points compared to the previous month. Moreover, the Funcas Panel forecasts a positive trajectory for the nation’s GDP, escalating their initial prediction to a promising 2.6% growth by 2024. This upward revision indicates an increase of two-tenths from their previous consensus, hinting at a positive economic upturn. Additionally, state revenues have seen an impressive rise, up to a total of €151.225 billion. This surge is partly due to tax revenues skyrocketing to €124.329 billion, a substantial 6.9% increase from July 2023, accounting for approximately 82% of total state revenue, thereby injecting a solid boost into the Spanish economy.
The Brent opened with virtually no change, at a price of 71.6 dollars per barrel. The gold opened the session with virtually no change, at a price of 2543.3 dollars per ounce. Now, regarding equity, the EURO STOXX 50 started the session with virtually no change, at 4826.03 points. The DAX 30 started the session with virtually no change, in 18539.7 points, the FTSE 100 started the session with virtually no change, at 8277.04 points, and the EURONEXT 100 started the session with virtually no change, at 1468.36 points.
Close to market opening, the following macroeconomic indicators for Europe were published: the CPI (YoY) of Spain in August (2.3%), the core CPI (YoY) of Spain in August (2.7%). Throughout the day the following indicators will be published: the Unemployment rate of Italy in August, the Deposit interest rate of Eurozone in September.
The IBEX opened with virtually no change, at 11425.3 points. The best performers at the beginning of the day have been SOLARIA (+4.611 %), ARCELORMITTAL (+3.021 %) and BANCO SANTANDER with a change of (+2.202 %) on its values respectively. The worst performers at the beginning of the day have been REDEIA (0.172 %), BANKINTER (0.252 %) and TELEFÓNICA with a change of (0.285 %) on its values respectively.