Inditex's push allows the Ibex not to move away from the 8,800 points _

Europe's markets have put a stop to their falls. The nascent season of business performance has brought the first positive surprises and corporate optimism eclipses oil and debt pressures. The Ibex, which started going up alone, has closed with a slight cut of 0.08%, at 8,774.90 points, despite the hikes of Inditex.

The doubts continue to weigh on European investors, who rely on the performance season to ease the pressure from debt and oil that has gone further today. Central banks are amalgamating with an upward adjustment in the more aggressive interest rates than expected, and the projected tightening of financing conditions is accompanied by a substantial increase in energy costs. The price of oil is one step further in its escalation today, until it has established itself above the level of $88. Supply problems to Turkey add to geopolitical tensions to raise tension in supply and demand prospects. The West Texas barrel, a reference in the United States, reaches $86. The new context has triggered analysts' forecasts of an oil price above the $100 barrier.

The escalation in debt interest activates correction in the markets, especially in the highest. In the absence of a week before the Federal Reserve meeting, the return on the ten-year US bond is more than 1.80% after around 1.90%, the maximum of two years. In Europe, for the first time since 2019, the German bund has reached positive rates, standing at + 0.0005%, and in Spain the return on the 10-year bond widens its escalation to + 0.70%.

In order to cope with debt and oil pressures, investors rely on the nascent performance reporting season. The accounts will become increasingly prominent as the wave of results increases. The advanced ones in Europe today reactivate optimism in the evolution of variable income. Analysts raise the possibility that the market has gone too far by decoupling such an aggressive path of Fed rate hikes, and recall after the recent falls that the performance season starts with an estimated 49% increase in profits for European companies.

The Spanish stock exchange, which started going up alone in Europe, has erased the profits in the second part of the session and the Ibex has closed with a slight decrease of 0.08% in the 8,774.90 points, at the beginning of the season of presentation of results.

Since the opening the Ibex has benefited from the impetus given by the largest company of the Spanish stock exchange by capitalization, Inditex. The textile giant has risen 2.66%, up from 28.50 euros per share. Goldman Sachs analysts have raised their recommendation on the textile giant to 'buy', by doubling their commitment to value in view of a more normalised environment after the pandemic.

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Some of the worst values that started the year, such as Fluidra (+ 2.02%), Cellnex (+ 1.16%) or Rovi (+ 1.33%), have also been dismissed from the session. The firms of renewable Solaria (+ 1.16%) and Siemens Gamesa (+ 0.49%) have added to the advances.

Profit collection continues in the best sector at the start of the year, the banking sector. Sabadell corrected 5.06%; Bankinter 1.76%; CaixaBank 1.84%; BBVA 1.54% and Santander 0.18%.

The rest of the European stock exchanges have mostly closed with gentle advances after the predominant falls in the initial section of the day. Advances in business performance in Europe invite equity purchases. The German Dax has totaled 0.24%, the French CAC has gone up 0.55% and the British Ftse has won 0.35%. With decreases, the Italian Mib fired the session (-0.41%).

At the beginning of the new performance season, the luxury sector has been responsible for strengthening investors' spirits, and analysts' profit prospects. The Swiss group Richemont, owner of brands such as Cartier, has rebound 5.1% thanks to increased advanced sales of jewelry and diamonds. On the London stock exchange Burberry has skyrocketed by 6.3% by advancing an annual profit higher than market forecasts. The taking of positions extends to other giants in the sector such as LVMH (+ 3.2%) and Hermés (+ 2.2%).

The countdown to the Fed meeting imposes caution on the foreign exchange market. The euro, after losing the $1.14 level, is now stable at 1.13, and the pound, which is also pressured by the political uncertainty surrounding Boris Johnson, is listed at $1.36.

Investors seek refuge in gold, which picks up to $1,840 per ounce. On the contrary, Bitcoin is frustrated with its rebound attempts, and one more day suffers again in the $42,000 area.