Ibex 35 seeks new highs above 11,150 as European debt continues to decline

The Spanish stock market is trying again. with growth again decided above 11,150 points At the end of this fourth stock market session in a week, against a backdrop of calm that continues to dominate throughout Europe, although we do not know whether it is only momentary, In the face of a storm, it erupted in the debt markets due to the French problem.

In fact, risk premiums in Europe are falling sharply.The French are relaxing by more than 3%, and the Spanish are falling by up to 90 basis points. and is reduced by about 4%.

Given this calm, The Spanish Selective Renews Advances on Almost All Securities decided in a session accompanied by good tone in the rest of the European markets and an even more moderate negative signal, again in the highs for Wall Street, in particular for S&P 500 and Nasdaq 100.

Tomorrow, of course, we will have to face new challenges due to the volatility that options and futures expirations usually bring. the so-called “quadruple witching hour” which occurs on the third Friday of June in global financial markets.

Thus, at the market close, IBEX 35 rises by 0.94% to 11,160.50 points with significant growth in Grifols A 4.12%, ACS 2.64% and MERLIN Properties 2.09% and a fall that is reflected in Acerinox 0.30%, Banco Santander 0.24% and Aena 0.05% were the only ones to lose ground at the end of the session.

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Among the main heroes of the time, Iberdrola undoubtedly stands out for two reasons. The first is because it will distribute among its shareholders at least€0.348 per share as additional dividend attributed to the results of 2023 in accordance with the terms of the new edition of the optional dividend system “Iberdrola Flexible Remuneration”.

This amount is added to the €0.202 gross per share already paid in January last year as an interim dividend. The total shareholder remuneration accrued for 2023 is €0.55 gross per share. 10.8% more than a year earlier.

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The second concerns UBS’s new value recommendation. The Swiss bank indicates that Iberdrola is still an option to buy. with a target price of 12.60 euros per share, so they give it a positive upside margin of 5% from yesterday’s closing price.

In the case of Amadeus this Thursday, several firms are focusing on value. Citigroup representatives are the most optimistic, estimating growth potential at 38%, but they all see a double-digit growth trajectory. BNP Paribas Exane estimates its potential at 23.8%. In particular, the French company lowers its target price from 79 to 78 euros per share.

As for Endesa, according to Investment Strategies technical analyst Alvaro Nieto, its price activated the sideways trend continuation channel at the close of yesterday’s session, on Wednesday, June 19, the target of which we set at €19.67 per share.

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Already in the ongoing market, Applus stands out as its board of directors has expressed support for a public acquisition proposal (OPA) to divest the shares offered by I Squared and TDR funds, its majority shareholders through its Amber joint venture. The takeover bid will be carried out at a price of €12.78 per share, the same price that allowed them to acquire 70.65% of the shares in the initial offer.

Already in case in other European squares the sun shines in the heat of this great calm what is breathing in the debt markets today is highly anticipated in addition to the meetings of the central banks of the Old Continent.

And the Bank of England, despite the inflation correction, left interest rates in the United Kingdom unchanged by a vote of 7 to 2 among its members. And the institute assures that monetary policy should “remain restrictive long enough to ensure that inflation returns sustainably to the 2% target.”

When The Swiss central bank cut official interest rates by 25 basis points to 1.25%.. This is his second layoff in recent months. Norway’s central bank kept its official interest rate at 4.50%.which is the highest level in 16 years, as analysts had unanimously expected, and notes that the contraction is now expected in 2025, later than previously expected.

As for the values ​​within the Euro Stoxx 50, firstly, there is a positive trend in all sectors, especially basic materials and utilities, leading achievementswith shares such as EssilorLuxott, BNP Paribas A and UniCredit leading the gainers in Thursday’s session.

Thus, at the end of the day, the EURO STOXX 50 rises by 1.3% to 4948.95 points, the CAC 40 rises by 1.34% to 7671.34 points, Dax moves up 1% to 18,246.75 points, and FT 100 in London revalued by 0.84% ​​to 8273.67 points.

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If we look at Wall Street, we find that by the close the Spanish stock market is again showing moderate gains, led by the almighty NVIDIA, which rose to decisively support the market by 2.9% and set new intraday highs for the year. on the verge of $140 per share.

Other peers in the sector include Dell Technologies, which rose 1.2%, and Super Micro Computer, which rose more than 7.8%. These advances come after Elon Musk announced on X (formerly Twitter) that both companies would provide server racks for the supercomputer his startup xAI is building.

Thus, at the close of the session in Spain, the DOW JONES Ind Average rose by 0.23% to 38,923 points, the S&P 500 approached 5,500 points, adding 0.2%, and the Nasdaq OMX rose by 0.14% to 17,887 points.

Already on the debt markets Spanish 10-year bonds fell 0.55% to yield 3.337%. and the German bond rose 1% to 2.4280%. The risk premium closed the day at 90.40 basis points and fell nearly 4%.

The Euro-Dollar is already down 0.23% and trading against the US Dollar at 1.0716 units, while Bitcoin shows little change at $64,900.

In fact, today we learned that Bernstein raised his Bitcoin price forecast for 2025 to $200,000. up from $150,000 previously, thanks to strong inflows of funds raised by US spot bitcoin exchange-traded funds (ETFs) since their launch in January.

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Among commodities, the price of crude oil is resisting, with the future Brent barrel at $85.42 with an increase of 0.4%. and West Texas revalued 0.32% to $81. Gold rose again by 0.92% to $2,368.

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