Capricorn awaiting the new direction of BBVA and Sabadell
Markets maintain a truce throughout the day with no major mentions and bullish threats in Europe. Ibex manages to consolidate yesterday’s growth with the support of BBVA and despite the brakes from Sabadell, which is conceding after rejecting a merger proposal.
Business news take center stage during the mini-truce period in the release of important macro data and avalanche presentation results. But these reports are not the only news that is in the business news.
corporate movements have come to the forefront of news in markets such as Spain, excited last week by the proposed merger of BBVA with Banco Sabadell. The refusal of the latter determines today’s day in Capricorn.
Capricorn 35
Spanish stock market receives timidly optimistic forecasts from abroad, which in the case of Ibex changed due to the reaction of BBVA and Sabadell to the failed merger attempt. The Spanish selective index rose by 0.58% yesterday, and today aims to gain a foothold at at least 10,900 points.
Since the merger proposal put forward BBVA about a week ago Sabadell The prices of the two banks turned in opposite directions. Until yesterday, BBVA had accumulated a decline of 9.72%, while Sabadell was overvalued by 8.75%. Having learned of Sabadell’s rejection of the offer, which they believe “understates” the company’s potential, analysts are now predicting a possible change in price direction for both companies.
In addition to banks, Indra and Grifols were the two most notable growth figures recorded by Ibex yesterday. The defense company celebrated its results with a bottom line profit of 8.8%, while Grifols received advances on the sale of its Chinese subsidiary at a revaluation of 7%.
European stock market
European shares attempting to replicate the prevailing bullish signal from yesterday’s close on Wall Street. The day started with encouraging macro data, a better-than-expected recovery in German exports, and then gave way to an avalanche of results, especially among members of the Frankfurt Stock Exchange. The German Dax aims to strengthen above 18,000 points, and the Stoxx 600 index is one step away from the 510 point mark.
The wave of results is cooling investor sentiment in companies such as Infineon, a true European technological benchmark. The German semiconductor company receives its reports with shares decreasing, as is the case with other German groups such as Zalando, Siemes Healthineers and TeamViewer. Banks were again in the spotlight of investors after the publication of results of the largest financial institutions in Switzerland and Italy. UBS and UniCreditrespectively.
Oil, debt, euro, gold and bitcoin
Companies with a large market presence Oil They receive less negative feedback than in previous sessions. Brent managed to stop the puncture suffered last week and is consolidating at $83. Israel’s rejection of the Gaza ceasefire proposal prevents the geopolitical risk premium, including the price of crude oil, from falling further. A West Texas barrel, the US standard, costs about $78.
The recent correction in oil prices reduces inflationary tensions and contributes to some extent to the containment recorded debt interest. The required yield on US 10-year bonds falls below the 4.50% threshold. In Europe, the interest rate on German bonds is falling to about 2.45%, compared with the 3.22% that 10-year Spanish bonds are trading at.
The truce in the publication of important macro data favors greater stability in the foreign exchange market. He Euro It trades for another day at $1.07. Better-than-expected German export data helps strengthen its recovery. From my side, lb. The British dollar, two days away from the Bank of England meeting, strengthened at $1.25.
With virtually no significant changes in the foreign exchange market, stability is transferred to the price of the currency. gold. The precious metal is trading around $2,330 per ounce. Changes are also moderate in the cryptocurrency market, where bitcoin sees his return stalled at $63,000.