The Ibex threatens another halt

The day before the Fed meeting concludes, corporate earnings are once again taking center stage. Markets remain cautious with which they greeted yesterday's trade agreement between the US and the EU, and the Ibex, also awaiting the results, threatens to link three sessions of limited change.

The initial optimism with which markets greeted the news of the trade agreement between the United States and the European Union yesterday cooled as the session progressed, to the point of completely dissipating at the close. The 15% tariffs imposed on European exports to the US rule out the worst-case scenarios. But this relief does not prevent trade barriers from taking their toll on economic growth, inflation, and corporate earnings.

This impact, analysts warn, will be reflected in the results for the second half of the year. Hence the extra dose of caution the market is adopting amidst the avalanche of corporate results , especially with regard to companies' earnings forecasts for the full year.

The wave of financial statements is gaining momentum today on Wall Street, in Europe, and also in Spain, and is taking center stage ahead of the Fed's decision and the spiral of significant macroeconomic data expected to be released starting tomorrow in the US.

The Spanish stock market maintained the cautious stance it displayed at yesterday's close, far from the optimism with which it began the session. The Ibex recorded its second day of minimal changes. While Friday closed down 0.13%, yesterday it fell 0.12%. Today, the Ibex threatens to return to the 14,200-point level.

The earnings calendar is intensifying among Ibex members with figures like those presented by Endesa . The energy company has managed to increase its profits by 30% despite the effects of the blackout .

The Ibex banks are resuming their steady stream of results today, thanks to Unicaja . The bank increased its profits by 14.6% through June , totaling €338 million.

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