Global stock markets found this week some relief from the intense tension of recent months. It is possible that runaway inflation has already reached its peak. Analysis that points to an end in Fed interest rate hikes after the summer have led indicators such as Ibex-35 to return to positive ground in the year accumulated.

It's more. Six consecutive sessions of selective Spanish are added to the increase thanks to the upward pull of banks. Friday's profits collection saw falls of 2.9% and 1.3% for Sabadell Bank.

The Ibex's power enabled it to finish the session with an increase of 0.5%. This leaves its graph at 8,933 point. New annual highs achieved after an increase of 5.3% in the cumulative figure for one week, with all positive closings.

The publication of the US personal consumption price index (PCE), which is based on a very narrow business agenda, has been crucial to the definition of the trend. This figure is the Fed's preferred benchmark to assess the future of its monetary policies. It fell to 6.3% in April, less than the 6.6% consensus expected. The underlying rate rises from 5.2% to 4.9%.

The monthly evolution was also limited to 0.2%, as opposed to 0.8% predicted by analysts and 0.9% for May.

It seems like the worst of the inflationary cycle is over. Analysts predicted that this would trigger a positive reaction in market, "which should allow the main European and US stock markets indices to continue recovering some of the ground lost over the past two months, at least temporarily."

The price of oil is stable in the raw materials market. A barrel of Brent in Europe is above 113 dollars. US West Texas is at 112 dollars.