Ibex 35 resists BBVA’s fall and ends the first session of May in green.
The IBEX 35 index closed 0.16% higher on Thursday at 10,872 points. The leader in growth is Aena with an increase of 5.19%. Unicaja was revalued by 4.97% compared to the 3.56% added by Banco Sabadell. Among the declines, BBVA fell 3.84% and Laboratorios Rovi fell 2.49%.
The sample period begins in May this month after April, in which it even hit new yearly highs (and levels not seen in several years) but ended down almost 2% after Tuesday’s worst session day in 14 months. Despite this, the first third of the year ended with growth of 7.4%.
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Today the focus is still on BBVA and Banco Sabadell after last Tuesday. The organization, chaired by Carlos Torres, will confirm its interest in a merger by takeover, the value of which, according to details known in the last hours, will reach the figure of 12 billion euros.
BBVA has transmitted to the National Securities Market Commission a letter sent to the board of directors of Sabadell in which it includes a proposal for a potential merger transaction between both companies: it therefore proposes for this transaction the exchange of 1 newly issued BBVA share. for every 4.83 shares of Banco Sabadell, provided that neither company will pay dividends, reserves or any other distribution to its respective shareholders.
On the other hand, the quarterly results season continues to move forward, and today, before the opening of the session, it was ArcelorMittal’s turn. The steel company reported net income of $938 million, down from the $1.096 million reported in the same period last year. EBITDA decreased by 8.6% to $1.956 million.
Investors also had time to evaluate the reports, which were available as of late last Tuesday. On the one hand, Aena doubled its quarterly profit thanks to record passenger traffic, reaching a figure of 261 million euros, while, for its part, Redeia (REE) reduced net profit by 26.7% in the first quarter, to 132.3 million euros . .
In terms of analyst recommendations, UBS decides to raise Banco Santander’s target price to EUR 6.20 from the previous EUR 5.95 based on results reported earlier in the week. Morgan Stanley, for its part, prefers to raise the target price for Caixabank shares to 6 euros from the previous 5.50.
On a continuous basis, the Board of Directors of Faes Farma unanimously approved the appointment of Eduardo Recoder de la Cuadra, who has more than 20 years of experience in various multinational corporations in the pharmaceutical sector, as CEO. His appointment as chief executive will be subject to confirmation at the next general meeting of shareholders, scheduled for June, and his registration will take effect on September 1, the company said.
The market is digesting the Fed’s decision
V macroeconomic agenda today’s numbers Manufacturing PMI which were known in the major European economies. It is worth highlighting the data for Spain, whose index in April was 52.2 points compared to 51.4 in March. In the eurozone, it fell to 45.70 points in April, down from 46.10 points in March.
Knowing these figures, European stock markets closed the session: the German Dax fell by 0.15% to 17,894 points, the French CAC 40 fell by 0.88% to 7,914 points, the London FTSE 100 rose by 0.60% to 8,170 points The FTSE MIB closed unchanged at 33,739 points, while the EURO STOXX 50 index fell 0.63% to 4,890 points.
In the US, the most important published data was initial unemployment claims, which amounted to 208,000 requests, which is lower than the 212,000 expected by the market. Labor productivity and unit labor costs for the first quarter are also known: growth was 0.3% and 4.7%, respectively. All of these numbers serve as a prelude to tomorrow’s release of the April jobs report.
On the other hand, publication trading scaleHe announces that The trade deficit in March registered a balance of $69.4 billion.
However, the market continues to digest The Federal Reserve decided to leave interest rates unchanged for the sixth consecutive meeting.. Rates ranging from 5.25% to 5.50% are at their highest levels in more than two decades, but at least they don’t look like they will rise further despite persistent inflation.
In fact, Fed President Jerome Powell “has been less aggressive than expected,” he explains. Juan J. Fernandez-Figares, Link SecuritiesHowever, he reiterated that the FOMC needs more evidence that inflation is approaching its 2% target before it can begin cutting official rates, which it could do if the labor market weakens.
Wall Street opened today with the Dow Jones up 0.62% at 38,139, the S&P 500 up 0.74% at 5,055 and the Nasdaq up 1.0% at 15,761.
Asian stock markets were cautious in Thursday’s session, trading mixed, while Chinese stock markets remained closed.
Japan’s Nikkei closed down 0.10% but remained at 38,000 points. The South Korean Kospi fell slightly more, by 0.3%.
On the rising side, Hang Seng in Hong Kong rose 2.4%, compared with the 0.23% where Australia’s ASX 200 ended.
On the fixed income side, the benchmark 10-year Spanish bond offers a secondary market yield of 3.323%, resulting in a risk premium to its German counterpart of 77.5 points. On the other side of the pond, US 10-year bonds are falling and offering a yield of 4.605%.
On the raw materials market oil prices They remain unchanged after falling more than 3% on Wednesday to a seven-week low. Thus, with the closure of European markets Brent It is trading at $83.41, while US West Texas futures are trading at $78.81.
The euro fell 0.11% against the dollar, setting the exchange rate at $1.0697 for each community currency.
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