The Stock Market recovers 20,200 points in an opening marked by tension over Iran

The Spanish Stock Market has started the last session of the week in positive. The Ibex 35 started this Friday with an advance of 0.21%, reaching 20,207.1 points, thus recovering the level of 20,200 points. With this evolution, the main index of the Spanish market raises its accumulated gain since January to 16.75%.

The day is also conditioned by the evolution of energy markets and the geopolitical situation. The barrel of crude oil moves around 88 dollars, while the expectation of a possible tightening of US economic measures against Iran grows.

In the macroeconomic sphere, investors will be attentive to several relevant indicators on both sides of the Atlantic. In Europe, the definitive figure for the gross domestic product (GDP) of the eurozone corresponding to the second quarter of the year will be known, while the United States will publish retail sales figures for July.

The CPI soars to 3.6% in July 

Inflation gained strength again in July. The Consumer Price Index (CPI) reached 3.6% year-on-year, four tenths more than in June, after the National Institute of Statistics (INE) revised its first estimate published two weeks ago upwards by one tenth. The rebound was mainly marked by the sharp increase in the prices of fuels and lubricants and by the rising cost of electricity.

The main impulse came from transport, whose annual rate increased by more than one point, reaching 6.2%. According to the INE, this evolution is mainly due to the greater increase registered in July in the prices of fuels and lubricants for personal vehicles compared to the same month of the previous year.

Housing also contributed to the advance of prices. Its annual rate stood at 5.7%, one point above that registered in June, mainly due to the rise in electricity.

Fuels become 31.5% more expensive

The greatest impact is found in liquid fuels, whose prices increased by 31.5% during July. Within this group, diesel registered an increase of 15.7%, while gasoline became 7.3% more expensive. The INE attributes this evolution to the persistence of the effects of the conflict in the Middle East on international markets.

Electricity, for its part, increased by 8.4% year-on-year, while the price of natural gas advanced by 4.1%.

The underlying inflation figure, which excludes energy and unprocessed food due to their greater volatility, remained at 3%, in line with the estimate advanced by the INE. This rate is, however, one tenth higher than that recorded in June.