Ibex 35 falls and puts at risk 11,200 people burdened with IAG and Grifols.
The IBEX 35 index fell 0.56% mid-session to 11,212 points. The biggest fallers were IAG (Iberia), which lost 3.06%, and Grifols, which lost 2.85%. Among the few improvements, Repsol shares rose 0.86% and Unicaja rose 0.84%.
The Madrid Selective Index came up yesterday on Tuesday when it suffered another setback, falling back to the 11,300 point level, heavily weighed down by the sharp falls that Inditex recorded after Barclays analysts painted a less than optimistic picture for its next results report. The textile giant behind Zara will report results for its first fiscal quarter on June 5.
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Today the protagonist is another index heavyweight, Telefónica. According to the newspaper Extension, Telefónica and private equity fund Asterion have decided to activate the sale process of Nabiax, the cloud data center (CPD) company in which they share capital. The cost of the operation could be around 1 billion euros.
The market is still waiting on top of the hostile takeover bid submitted by BBVA for Banco Sabadell, although the operation could last until early 2025, the president of the Catalan unit, Josep Oliu, warned retail investors. Today, a representative of the Norwegian sovereign wealth fund warned in an interview with Cinco Días that “we will make a decision on BBVA’s takeover bid for Sabadell based on strict financial criteria.”
According to CNMV, Norges Bank is one of the main shareholders of Sabadell with a share of 1.815% of the capital.
In other news of the day, Repsol and eleven oil companies are launching a decarbonization fund, the publications report. Economist.
In the recommendation zone, Alantra Equities raises Caixabank’s target price to 6.50 euros from the previous 5.65. There is also good news for MERLIN Properties, which notes that UBS experts have seen fit to raise their estimate to €12.50 from the previous €10.
Endesa was less fortunate as Santander analysts decided to cut their price target, which now stands at €23.80, down from the €25.60 it had previously given.
On a continuous basis, it should be noted that Barclays analysts have decided to raise the target price of Técnicas Reunidas to 20 euros per share from the previous 14 euros. New estimate means growth potential 57% compared to yesterday’s close.
Talgo also remains in the spotlight following the proposal from the Hungarian group. As published today Five daysThe government is delaying the timing of its takeover bid for Talgo while it seeks an industrial partner.
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On the macroeconomic agenda, investors breakfasted on data from the GfK consumer index, which showed a reading of -20.9 for June, slightly better than the expected -22.5 and the previous -24. Germany will also be the protagonist of the main topic of the day due to the publication this afternoon May increase the consumer price index. “In principle, analysts expect this variable in Germany increased slightly over the month to 2.4%.from 2.2% in April,” emphasizes Juan J. Fernández-Figares of Link Gestión. “We believe that worse-than-expected performance will be poorly received by European bond and equity markets. On the contrary, if German inflation turns out to be unexpectedly positive, then it is quite possible, although not a certainty, that stock markets will turn upward.”
They are also known in Spain. Retail sales rose 0.3% year-on-year in April According to data published by INE. They rose 0.6% in March. In the US, the Richmond Fed Manufacturing and Services Index will be published today, as will the Fed’s Beige Book.
Futures on Wall Street are pointing to a lower open after yesterday’s mixed close that saw the DOW JONES fall 0.55%. The S&P 500 managed to close slightly higher and the Nasdaq added 0.59%, although that performance was misleading given that it was largely driven by the strong pull of NVIDIA, which soared another 7% in another day of investor romance. Only 133 of the 500 stocks in the S&P 500 ended the day higher.
The Asian session was also dominated by red numbers, with the Nikkei 225 index in Tokyo falling 0.87% to 38,521. The Chinese CSI 300 managed to turn positive, albeit with a slight increase (+0.22%).
In fixed income, US Treasury yields hit nearly four-week high, after the latest data raised new doubts about the timing and extent of the Federal Reserve’s rate cuts. The next PCE data, due on Friday, will be key to clearing up doubts.
At the moment, the yield on ten-year US bonds has risen to 4.569%. On this side of the Atlantic, Spanish 10-year bond yields stand at 3.369%, leaving the German risk premium at 76 points.
In commodity markets, oil prices They are rising on expectations that major producers will maintain production cuts at a meeting this Sunday and that fuel consumption will begin to rise as the high summer demand season begins.
Oil Brent The European benchmark rose 0.77% to $84.59 a barrel, while US West Texas futures rose 0.89% to $80.53 a barrel.
Today, the euro is down a small 0.02% against the dollar, leaving the exchange rate at $1.0853 for each currency.
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