The international market showed a rise in stock index due to strong economic data presented by the U.S. as well as an increase in the oil barrel prices for a potential blockade of Iran.
This had a direct impact on the local market that led to higher prices on oil companies stocks, which represents a high percentage of shares traded and market capitalization. Also the IGBC index closed higher because of the decision of the Central Bank of Colombia of not changing the interest rates and having made the same determination in relation to bank reserves.
Anyway is still expected to rise banking rates to bring down the placement of credits and thus raise saving rates.
On the United States the data of new home sales was a little bit worse than expected, but it did not make a huge impact on the markets because the investors were focused on the decision making by the FED about interest rates.
Ben Bernanke said in press conference that there is still the possibility for the economy to fall down, so he will keep unchanged the interest rates, also because he is expecting a decrease for the unemployement rate.
The volatility index, VIX, is still below a worrying percentage. The analists are predicting that only when the index reaches 20 points it could be some complications for the international markets.
In Asian markets, the day’s operations were relatively stable, mixed with slight movements. The movements had been marginalized moving between –0,5% and 0,5%.
It should be noted that the Asian markets will remain stable, waiting for the growth data of China and Consumer Confidence in the U.S., data that should be presented this week.
The European market are opening the day with some promising profits thanks to the positive data that arises of the Consumer Confidence Report in Germany, which holds around 110 points.
The local market is waiting for the unemployment data for February, which will be presented on Friday. The expected rate for major cities is 12%, but the analysts are not very confident that the index could be close to that number.
After having kept the interest rates, as mentioned previously, it is possible that some levels of resistence could be shown because of the conservative spirit that raises from the buyers.
Ecopetrol is expected to continue leading the local rates rises because of the dividend distribution, which are around 5,25%.