Ibex 35 closes at opening level and saves $11,700 thanks to IAG and Acciona.

Spanish shares moved from lower to higher during the day, with an eye on opening levels. Due to lack of stimulus, the stock market failed to rise throughout the session. yes, indeed, holds the won 11,700 points at closing in anticipation of weekly indicators, the two inflations that are most important on the other side of the Atlantic.

Another factor that we will later see in two meanings in the Spanish stock market. This is a cold water jug ​​that came from China.. After returning from vacation and starting trading in the country’s stock markets, the lack of announced stimulus turned the candle on investors, who rushed to buy double-digit gains in the Asian market in the early hours to close with strong gains. , but half of those were at the beginning, which left the European stock market cold.

Thus, at the end of the second session of the week, the IBEX 35 rises by 0.15% to 11,734.70 points thanks to the increase of IAG (Iberia) by 1.92%, Laboratorios Rovi by 1.72% and Acciona by 1.57% and the reduction ArcelorMittal. 3.49%, Repsol 2.90% and Bankinter 1.79%.

In the day’s news, Moody’s affirmed Banco Sabadell’s long-term deposit rating at ‘Baa1’ and its financial entity CAM Global Finance’s senior unsecured debt rating at ‘Baa2’. The outlook for both ratings remains “positive”.

Confirmation of Banco Sabadell’s basic credit assessment reflects the strength of the bank’s credit profile, supported by “solid” asset quality and profitability performance in the first half of 2024, coupled with “relatively weak” capital and leverage ratios, the ratings agency said on Tuesday. And all this against the backdrop of conflicting statements, again, between BBVA and Sabadell regarding the hostile takeover proposal put forward by the former.

In addition, Ferrovial has agreed to repurchase 10,005,504 of its own shares, with a par value of €0.01 each, with a current market value of €371 million, at the rate of €37.1 per share at which it is listed on the stock exchange.

It is worth recalling that in April Ferrovial announced a share repurchase program. for the purpose of acquiring up to 5% of its capital, which is equivalent to a maximum of 500 million euros.

But the main negative heroes of the session are steel companies, punished by what comes out of China. The appearance of the country’s authorities, who in principle announced new incentives, did not lead to anything, so the values ​​most dependent on our market on the demand of this country, we are talking about Acerinox, but above all ArcelorMittal were clearly visible. punished.

Also, the Chinese market, which was trading again after the “golden week” of holidays in the country, which began the session with a growth of 10%, fell below 6% by the close.

In terms of recommendations, for Telefonica GVC Gaesco downgrades the rating but notes a double-digit price deviation from current trading levels.

In particular, they reduce the operator’s rating from “buy” to “neutral”, while: The target price is set at 5 euros per share.giving Telefonica shares a 14% upside since yesterday’s close.

Today, JPMorgan focuses on two values. On the one hand, about IAG (Iberia) and the rest of the aviation sector. Its analyst Alexia Dogani overestimates the value with a target price of 2.90 euros per share, placing its possible growth at 26.6% at the closing levels of the airline holding’s shares at the close of yesterday’s session.

The other is Cellnex. The US bank is raising its target price for the infrastructure and telecom tower company to 54 euros per share from a previous 53 euros, putting the potential above 50%.

Aena is also news as it proposes a €500 million investment in Cali Airport. Bankinter reiterates its sell recommendation with a downside potential of 8.8%, while Intesa Sanpaolo recommends buy and gives an upside potential of 11.5%.

Already in the rest of Europe there is a general decline, although the Spanish indicator recorded the smallest decline for the session. Widespread losses, which in the selective pan-European EURO STOXX 50 indicator are focused on cyclical consumption, basic materials and to a lesser extent, but with losses of more than 2%, are also focused on energy. Only two sectors, technology and utilities, improved slightly at the close.

Among the achievements, SAP, Roche and Iberdrola, which has seen its mining and luxury goods sectors fall sharply, with Glenncore, Rio Tinto, LVMH and BP, caused by China and the detrimental effect of falling crude oil prices.

At the end of the trading day, the EURO STOXX 50 index fell by 0.40% to 4949 points. Dax Frankfurt was down 0.11% to 19,074 points. FT 100 closed down 1.37% at 8,189 points, while the CAC 40 ended the day down 0.72% at 7.5621 points.

On Wall Street, a slight increase in the Dow Jones index and the decisive role in the rebound mode were determined by other indicators, especially the Nasdaq, which was punished yesterday.

And with the unofficial start of results season, with companies releasing bits and pieces, until Friday when banks officially begin publishing. Today it’s PepsiCo’s turn, one of the first companies to report results for the third quarter of the year, and the truth is that the signals it sends are not very flattering: lowered revenue forecasts for the year.

Specifically, the company now expects its organic revenue (adjusted for foreign exchange rates and the impact of acquisitions or product divestitures) to increase in the low single-digit range for the year. Previously, he expected an increase of 4%. The soda and snacks giant earned $2.31 per share.adjusted to $2.29 expected. Revenue fell 0.6% to $23.32 billion, compared with expectations of $23.76 billion. PepsiCo shares rose more than 1% at the close of the Spanish market.

At the end of the day on the Spanish stock market, the DOW JONES index rose 0.03% to 41,977 points, the S&P 500 index rose to 5,737 points, and the Nasdaq OMX index rose 0.29% to 18,125 points.

Regarding fixed income, Spain’s 10-year bonds fell half a point to 3% while German rises 0.11% to 2.2525%. The Spanish risk premium fell 1.63% to 75.30 basis points.

Oil prices plummet as China takes profits after last week’s surge and escalating tensions in the East. European Brent crude fell a significant 4.7% to $77, and West Texas fell nearly 5% to 73.31.

The euro-dollar falls by 0.04% against the single currency and exchanges 1.0971 units.