Stock markets accelerate after the bond storm in the markets
The Ibex 35 posted a rise of close to 2% supported by the comeback of tourist stocks such as Amadeus or IAG
March has returned calm and the gains lost by the stock markets in the previous week, thus overcoming the bond storm That set off the alarms a few days ago. The main European markets ended the session with rises close to 2%, driven by the upward influx of Wall Street.
Investors seem to interpret, at least for now, that the rebound in bond and equity yields T-note it is something specific and they allow themselves to be carried away by the expectations of a global recovery. The massive vaccination campaign, the stimulus plan being finalized by the US and the progressive openings in the countries give wings to the recovery, but also cause an increase in inflation that last week set off alerts.
The performance of the T-note The US broke the psychological barrier of 1.5% and in Europe, the bund German reached -0.23%, both at 12-month highs. The distrust spread to the stock markets, which suffered notable declines on both sides of the Atlantic.
But this Monday the spirits have calmed down. Most analysts and expert firms consider that the sharp rebound in bond yields was one-off and is unlikely to maintain its intensity in the short term. “As much of the increase in yields is due to improved growth and reopening prospects, risk appetite remains”, he warns Esty Dwek, Director of Global Market Strategy at Natixis IM. “Nevertheless, We do not believe that inflation is going to be high for a long time. As a result, returns will eventually decline, “he adds.
Along the same lines are the analysts of Bankinter, who consider that “an increase in inflation is inevitable, but progressive and moderate. Simply because we live in a world in which demographic characteristics, technology and globalization make it difficult for inflation to advance. Therefore, the banks Centrals will maintain accommodative monetary policies globally. ”
This seems to be the general interpretation today and that explains the rises in the stock market. Increases, moreover, supported by tourist values and cyclical sectors, thus confirming the change in the profile of portfolios that many firms have been developing for months.
In Spain, the Ibex 35 has gained 1.9%, to 8,380 points, driven by increases in Amadeus e IAG, ahead of other prominent ones such as Acerinox, Merlin Properties o ACS.
Notable advances have also been made on the Cac 40 in Paris, the Dax in Frankfurt, the Ftse Mib in Milan and the Ftse 100 in London.
At the same time and coinciding with the closing of the European markets, in the US the main Wall Street indices also recovered part of the ground lost last week and both the Dow Jones, As the S&P 500 y el Nasdaq they registered increases of more than 2%