Ibex 35 climbs above 10,800 led by IAG

The IBEX 35 index at the opening of the session rose by 1.03% and reached 10,839 points. The top gainer is IAG (Iberia) with a revaluation of 2.44% compared to 2.37% recorded by Fluidra. Among the few declines, Grifols fell by 0.91% and Acciona by 0.47%.

The Madrid selection ends a week in which it managed to record a small gain of 0.40% after five days, despite closing in the red on Friday.

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The week that begins today will see quarterly earnings season pick up steam. In the coming days, Enagás, Iberdrola, Cellnex, Repsol, Acerinox and Banco Sabadell, among other companies, will publish their first quarter results.

It is also necessary to take into account that today Acerinox is holding its next general meeting of shareholders, at which it will vote on the payment additional dividend of 0.31 euros gross per share.

This amount will be paid on 19 July and with €0.31 gross already paid in January as an interim dividend, the total shareholder remuneration accrued for 2023 will be €0.62 per share, an increase of €3.33 % more than in the previous year.

Investors will have to pay attention to Grifols for another day after the publication of the newspaper Five days published The SEC, the US stock market regulator, issued two information requests to the company., which warns of the risk of new bearish attacks. The blood products company has lost 46% this year, making it one of the most punitive readings for the Ibex 35 in 2024.

Telefonica also remains in the spotlight as SEPI reaches a 10% stake in the company. This Thursday, Saudi Telecom Company (STC), whose entry into the capital of the telecommunications company caused a reaction from the Spanish state, is going to hold a general meeting of shareholders.

On the macroeconomic agenda this Monday, it is unlikely that any relevant links will be known, so investors will have to wait for those that will become known during the week and which will not remain without interest. Next Thursday, preliminary data on US GDP for the first quarter will be published, which is expected to grow 2.2% relative to the fourth quarter and in annual terms. Also on Friday, the country will release March PCE readings, a price variable used by the Federal Reserve, along with personal income and spending data. . develop your own monetary policy.

“Basically, as with the Consumer Price Index, the headline index’s annual growth rate is expected to increase slightly this month, to 2.6% (2.5% in February), while its core index’s growth rate is expected to decline. insignificantly, to 2.7% (2.8% in February),” it is emphasized. Juan J. Fernandez-Figares, from Link Gestión. “Although all this indicates that the disinflationary process has stalled for now, we understand that if there is no negative surprise and the indicators are in line with expectations, the bond and equity markets should react positively to its publication, already taking into account the mentioned slowdown in the disinflationary process in the country”.

Futures are pointing to a bullish opening on Wall Street this Monday, after only the DOW JONES index managed to close higher last Friday, while the S&P 500 fell 0.88% and the tech-heavy Nasdaq fell more than 2 %. On Wall Street in the next few days more than 150 companies from the S&P 500 index will publish their reports for the first quarter of the yearincluding the four largest companies in the technology sector: Microsoft, Alphabet, Meta Platforms and Tesla.

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“We understand that in this case What these companies say about the future of their businesses will be more relevant if special attention is paid to what their managers say about their AI-related activities.l than the figures corresponding to the last quarter that they report,” says Fernandez-Figares. “If investors like what they hear, it is possible that stock markets will turn higher and resume their upward trend.”

In Europe this morning, Asian stock markets clawed back some of their losses as concerns about wider conflict in the Middle East dissipated and investors turned back to riskier assets. The Nikkei 225 index in Tokyo rose 0.99% to close at 37,459 points. However, the recovery did not reach the Chinese CSI 300 index, where the decline was 0.28%.

In commodity markets, oil prices They began to decline on Monday, helped by a renewed focus on market fundamentals as Israel and Iran played down the risks of escalating fighting in the Middle East following a seemingly minor Israeli attack on Iran.

Oil Brent The European benchmark fell 0.65% to $86.69 a barrel and US West Texas futures fell 0.68% to $81.66 a barrel.

The euro fell 0.04% against the dollar, leaving the exchange rate at $1.0650 for each currency.

On fixed income, the Spanish 10-year bond yield rises to 3.317%, resulting in a risk premium of 80.90 points over its German counterpart. On the other side of the Atlantic, benchmark US 10-year bonds offer secondary market yields of 4.657%.

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