IBEX 35 Faces September Test with US Employment and Eurozone Inflation

The Spanish stock market, represented by the IBEX 35 index, has entered September with momentum after breaking through the psychologically significant 20,000-point barrier. At its closing on Friday, the index stood at 20,041.90 points, having advanced 0.81% in the session.

However, investors are now focused on several key events that could test the market's resilience. The first major event is the publication of August's US employment report, which will be closely watched after the unexpectedly weak job creation numbers in July.

A stronger-than-expected labor market could reinforce the argument for tighter monetary policy to combat inflation, while a weaker data point would raise doubts about the economy's ability to withstand higher interest rates. The chairman of the Federal Reserve, Kevin Warsh, has already hinted at this possibility, stating that inflation remains too high and leaving room for further rate hikes.

The European Central Bank will also release new inflation data from the eurozone, which could influence the bank's decision on interest rates. A higher-than-expected inflation rate would keep rates elevated, potentially reopening the debate on additional increases.