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Madrid stock exchange stalls due to re-election of Fed chief and fear of COVID in Europe


November 23 (Reuters) – Spain’s main stock index closed slightly lower on Tuesday as investors digest Jerome Powell’s re-election as Federal Reserve chairman and concerns persist over the new wave of COVID-19 in Europe and international tensions in the east of the continent.

The President of the United States has renewed Powell for a second term at the head of the Fed, which has reinforced the markets’ bets on a rapid easing of his stimulus and on rate hikes expected as early as 2022.

On the pandemic front, news that Germany is considering imposing more restrictions to curb the boom in coronavirus infections has fueled fears of a reversal in the economic recovery.

To this was added the fear of an escalation of the war due to the migratory conflict between Belarus and Russia with the European Union, accentuated by Russian military maneuvers near Ukraine, which led the United States. United to indicate their willingness to send soldiers to support this country in the event of an invasion of Russia.

However, some observers noted that these negative factors offered bargain prices for some titles.

“More likely, these situations represent entry opportunities at better prices. At least as long as the geostrategy (Russia) does not rush, ”Bankinter analysts said in their daily report.

The indicators prepared with the PMI economic surveys pushed equities higher, which in Europe exceeded expectations and in the United States showed a moderation of growth without surprises.

The selective Spanish exchange Ibex-35 closed down 6.20 points Tuesday, at 0.07%, to 8,815.10 points, while the index of large European stocks FTSE Eurofirst 300 lost 1.06%.

Telefnica, which jumped the day before after KKR’s offer for Telecom Italia triggered shares in the European telecommunications sector, fell 4.37%, after the Spanish government extended protection for strategic companies against purchases foreign investors.

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