El Ibex inicia el trimestre con el alivio del petróleo pero no de la deuda

The new quarter begins with some encouraging references, such as the results of Micron Technology, driven by artificial intelligence (AI), and relief from oil prices falling below $100. However, interest rates on debt reach new highs, raising doubts about the European stock market and threatening a prolongation of the Ibex's downward trend.

In the United States, the preferred inflation indicator for the Federal Reserve registered a much stronger slowdown than expected. Lower inflationary pressures are consolidating today due to a correction in oil prices. Brent's barrel starts October well below the psychological barrier of $100, trading at $97. Favorable references to artificial intelligence also blow in.

The latest reference to Micron Technology strengthens confidence in chip companies, which have been heavily impacted by the AI boom. This rally boosted Asian variable income stocks, with Korean chip stocks up nearly 2% and Japanese Nikkei up over 3%. However, not all pressure points suggest a more transparent investing scenario.

Investors are alerted by the fact that debt yields have not replicated this time the retreat recorded by oil. The 10-year U.S. debt interest has reached 5.30%, its highest since June 2007, at the onset of the financial crisis. In Europe, the German bund hovers around 3.60%, and the Spanish bond at 4.15%. Wall Street once again faces debt pressures with renewed support from AI.

Micron Technology's results push up chip companies and generally linked to AI. The Nasdaq briefly exceeded a 1% increase in futures ahead of today's opening. The Spanish stock market, in turn, suffers from its limited exposure to AI and lags behind Wall Street and Asia. The cautious tone of the Ibex puts the 19,400-point level at risk, opening the door to a fourth consecutive decline, and the sixth in the last seven sessions.