Ibex 35 Recovers 10,900. Enagas and IAG Taken Off Stock Market Today
The IBEX 35 wakes up today with the desire to compensate for the red figures that it dragged after three consecutive sessions of decline. In addition, in yesterday’s Tuesday session, the select ended with the worst close this month, as well as since the beginning of May, 10,898.80 points, moving away from 11,000 points in a session more than less with volatility as a flag. and in which all negative values closed in the minus.
While investor attention will be much the same today as yesterday – a political blockade in France, a wave of profit warnings ahead of results and the Fed’s resistance to confirming a future rate cut – the Spanish stock market, like the rest of Europe, is in a strong buying mood. Thus, The Ibex 35 index opened up 0.37% to 10,939..
The biggest gainers this morning were Enagas (5.49%), IAG (3.28%) and Telefónica (1.07%). On the other hand, the biggest declines were seen in Melia Hotels (0.96%), Grifols (0.81%) and Endesa (0.67%).
On the business side, Enagas reached an agreement to sell its 30.2% stake in Tallgrass Energy to Blackstone Infrastructure Partners for $1.1 billion in order to focus on its hydrogen investment plan.
Today’s IAG rally comes hand in hand with a more than solid recommendation from Morgan Stanley, which has improved from underweight to overweight on the airline. It also increases its price target from €2.10 to €2.80, representing a 37.25% upside.
Yesterday, expectations were met and Puig Brands will be part of the IBEX 35 two months after listing, while Melia Hotels will have to leave the 35 club, so today it is the most penalty price in Ibex. The consensus of analysts at Reuters recommends Puig to buy with a target price of 29.99 euros, which gives an upside of more than 8%.
Iberdrola completes the issue of green bonds for 750 million euros. The maturity date of the bonds is July 18, 2034, the coupon is 3.625% per annum, the issue price is set at 99.777% of their nominal value. Demand exceeded 4 billion euros, which increased the amount placed more than 5 times.
Pharmaceutical company Laboratorios Rovi announced that it will pay dividends per share today, July 10. The total dividend amount will be 1.1037 euros per share, corresponding to 2023.
Inditex buys stake in US sustainable farming company Galy.
Little progress in Europe
In Europe, shopping is also a priority. It DAX adds 0.4% to 18,297.35 points, FT-100 It rose just over two-tenths to 8,163.72, the CAC 40 gained 0.2% above 7,526 and the EURO STOXX 50 rose 0.2% to 4,914.75.
asian bags are virtually unchanged and hovering around two-year highs, given growing expectations of an imminent rate cut in the US. Japanese Nikkei rises by 0.5% and approaches the 42,000 mark. In China CSI 300 falls 0.42% on loss of 0.77% SSEC from Shanghai. He Hang Seng Hong Kong lost 0.25%. For its part, South Korean cosplay closed unchanged with a modest gain of 0.02%.
Consumer prices in China They grew for a fifth month in a row in June but fell short of expectations as producer price deflation persisted and government support measures caused an uneven recovery in the world’s second-largest economy.
Wall Street Trading ended mixed on Tuesday after Federal Reserve Chairman Jerome Powell told lawmakers that “better” economic data would strengthen the case for lower interest rates. The S&P 500 gained 0.07% to 5,576.98, while the NASDAQ 100 gained 0.06% to 20,453.02. The Dow Jones Industrial Average fell 0.13% to 39,291.97. This Wednesday US futures are trading down slightly by 0.05% on the Dow Jones index, while the S&P500 is pointing to a rise of 0.06% and the Nasdaq 100 is up 0.12%.
Oil futures fell after China reported weaker-than-expected inflation data amid expectations of an easing of tensions in the Middle East and an easing of concerns over supply disruptions caused by Hurricane Beryl in the United States. Brent fell 0.6% to $84.09 a barrel after falling 1.3% in the previous session. U.S. crude oil West Texas Intermediate fell 0.6% to $80.92 a barrel. Both contracts had lost about 3% over the previous three sessions amid signs that Texas’ energy industry was relatively unscathed by Hurricane Beryl, which battered the region on Monday.
The euro-dollar rate is rising, with the euro trading at $1.0819. In turn, in the cryptocurrency market, Bitcoin rose by 3.21% to $59,208, and Ethereum added 1.05% to $3,108.55.
In the case of fixed income rSpanish 10-year bond yield falls to 3.322%.
V macro program Today we have data on the French current account, US mortgage applications and the monthly OPEC report.
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