Banks note the recovery of the Ibex 35 index, the best in Europe, and a return above 11,700 points.

Spanish shares are shining again thanks to the sector that has the highest weight in the Spanish ranking: financials. Its full recovery this day marks a rebound from last week’s decline.

A selective pick that, despite last week’s drop, has limited impact, according to Jose Antonio Gonzalez, financial market analyst at Investment Strategies.

He emphasizes that “we continue,” he points out, “within the growing structure, with the weekly MACD with active cuts upward, with the desire to buy current in the market and while let’s not see weekly closings belowbelonging last week’s lows 11,563 points, we will have no evidence that deterioration is occurring.

If we have to specify short-term support, note at a minimum of 11,138 pointswith absolute calm and without increased volatility, in a “wait and see” process.

This “wait and see” attitude is so common in markets that this session resulted in bank buying, which sent the stock market’s first session higher in a week.

Thus, the IBEX 35 index closed on Monday up 0.50% to 11,717.50 points, with Banco Santander up 1.79%, Naturgy (Gas Natural) up 1.55%, Ferrovial up 1.53% and losses for such values ​​as Cellnex by 1.85%. , MERLIN Properties 1.52% and Laboratorios Rovi 1.29%.

What stands out among the protagonists is that today was the last day to claim the largest dividend in BBVA history. In particular, the Carlos Torres enterprise will reward its shareholders next Thursday, October 10th. with a coupon based on the results of 2024 in the amount of 0.29 euros gross per title, 81% more than a year earlier.

In total, BBVA will use to pay this interim dividend, the highest in its history, almost 1.7 billion euros in cash.

In terms of recommendations, for oil company Repsol, Morgan Stanley cut its target price to 14.20 euros per share from the previous 15.20 euros. Despite this reduction, the new estimate This represents an upside potential of 15.40%. compared to last Friday’s close.

They are also eyeing Endesa, raising their target price for Endesa. to 20 euros per share, down from 19 euros previous. The new estimate represents an upside of 4.27% from Friday’s close.

Already for Laboratorios Rovi Sabadell in its cost recommendations moves from “insufficient” to “excessive”.

This improvement in valuation is accompanied by an increase in the target price from €83 to €90 per share, which represents significant potential for revaluation relative to the current share price of €73.45. With this new goal in mind, Sabadell estimates Rovi shares They could potentially grow by about 22.5%.

And Ferrovial, which just before the market closed, took the lead after a sharp decline in recent days caused by the possibility of expropriation of its 40% stake in Highway 407 in Ontario, Canada.

If we look at the rest of EuropeWe see how, with the exception of Frankfurt, all indicators closed higher, although in all cases this Monday they were lower, in these revaluations, the gains of the Spanish stock market, only Milan came close thanks to its also strong financial presence. in his electoral

Among the corporate news, what stands out is that the Norwegian Equinor has bought a 9.8% stake in Danish renewable energy group Ørsted and plans to increase it to 10%, making it the second largest shareholder after the Danish state. “Equinor supports Ørsted’s strategy and management and does not seek representation on the board.” This is stated in a statement by the Norwegian group.

Thus, at market close, the EURO STOXX 50 added 0.29% to 4,969 points, the CAC 40 rose 0.40% to 7,571 points, and the CAC 40 index rose 0.40% to 7,571 points. Dax falls 0.07% to 19,107 points as the London session ends FT 100 with an increase of 0.26% to 8302 points.

On Wall Street, pessimism has already taken hold of some investors who see the possibility of a more decisive rate cut at the next Fed meeting in November and thus the sales are settled in the market, although at the end of the day on Ibex and therefore in the middle of the session on the New York Stock Exchange, they are not very decisive.

Amazon shares lost 2.6% in mid-session after Wells Fargo cut its recommendations. Downgraded from overweight to neutral, citing slowing growth and competition from Walmart for the company founded by Jeff Bezos. The bank also cut its share price target to $183 from $225, highlighting challenges that could limit Amazon’s operating profit (OI) growth through 2027. While Amazon Web Services (AWS) remains strong, it is “not strong enough” to drive positive estimate revisions in the near term, Wells Fargo said.

And it is recommendations that drive Wall Street today, in the absence of big data. Hershey. Shares of the chocolate maker fell 1% after receiving downgrades to Neutral and Market Perform from UBS and Bernstein, respectively. UBS noted the challenging outlook for cocoa inflation into 2025, while Bernstein highlighted headwinds for GLP-1 drugs.

The same thing happened with American Express: financial services shares fell more than 1% after JPMorgan downgraded the stock from “overweight” to “neutral.” JPMorgan believes the stock is trading at a high price but has limited upside potential.

At the Spanish stock market close, the DOW JONES Ind Average was down 0.37% at 42,195, the S&P 500 was down 0.27% at 5,734 and the Nasdaq OMX was down 0.29% at 18,085.

And on the fixed income side, asset yields are rising, with the 10-year US Treasury note once again above the 4% level. Already in Europe Spanish 10-year bonds are priced above 3%, with a rise of 1.5%. and the bond rose 1.76% to 2.2530%. The Spanish risk premium rose 0.5% to 76.75 basis points.

On the commodity side, crude oil is shining again at the height of the year, which marks exactly one year since the Hamas attack on Israel and rising tensions in the Middle East. Brent is already close to $80. We have the future of a barrel of oil prevailing in Europe at $79.86, up 2.33%, while West Texas is trading at 76.31, up 2.6%.

Gold, in turn, recorded profits at a spot price of $2,643 per ounce and fell 0.4%.

Finally, the euro-dollar ratio is trading at the opening level, at 1.0974 units.