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Market Update: Spanish Stocks Trade Around 16-Month High
The IBEX 35 traded higher around 9,200 on Friday, close to levels last seen in February of 2020 and in line with its European peers, amid increasing signs of a faster economic recovery in Europe as economies reopen. At the same time, concerns over early monetary policy tightening from the Federal Reserve eased after US data supported the central bank’s view that the current inflation will be transitory. Also, the ECB announced yesterday its decision to extend until the third quarter of the year its high rate of purchases, compared to the first months of 2021, under its Pandemic Asset Purchase Program (PEPP) with the aim of keeping financing conditions at a good level. On the domestic economic front, Spain’s inflation rate was confirmed at an over four-year high of 2.7% in May, mainly driven by higher prices of fuels and electricity. [/s2If]
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