IBEX deducts almost 1% for the week of results, but has 11,800
Valencia (EP). The IBEX 35 closed this week with a cumulative decline of 0.95% to 11,812.5, ending a streak of two consecutive weeks of gains that took the index close to the symbolic level of just 12,000, while the last five days were marked By the beginning of the business results season.
Despite this week’s decline, in which banking, energy and construction stocks had a large role, the main Spanish market indicator has seen a cumulative overvaluation of almost 17% so far this year, according to the market, according to market data consulted Europe Press.
Entering a specific analysis of the week, analyst Manuel Pinto explained in a comment to Europe Press That the behavior of the banking sector has become the main reason for the limited capacity of the national selective in recent days, aggravated by the presentation of Bankinter: “He suggested doubts both due to the fall in interest margins due to the increase. In the cost of deposits, as well as a decrease in its loan portfolio,” he explained.
Specifically, Bankinter Received a net profit of €731 million between January and September, resulting in an increase of 6.8% compared to the same period in 2023.
Pinto said of the banks that this is “not a dream start for a key industry in the index” and is pushing for it, in line with the issue, to progressively cut rates European Central Bank (ECB) In the coming months they may reflect a new reality.
“On the opposite side,” Pinto noted, “we find Iberdrola which has delivered extraordinary results in a very positive environment for public services.”
The company runs Ignacio Galan Registered a net profit of €5,470.7 million for the first nine months of the year, representing an increase of 50.4% compared to the same period of the previous year, driven by a million dollar capital gain recorded with the sale in Mexico.
Continuing the business agenda, names such as Roviexcluding the entry of investors into its third-party manufacturing business; Repsolpreferred by oil prices; or PUIG, with a price encouraged by China’s recovery data.
Companies with United States exposure also stood out, in this case Fluidra And Grifols.
Thus, there are 35 failures in IBEX Solarium (-7.1%), Ferrovial (-4.52%), Sacyr (-4.32%), Activate energy (-3.85%), Bankinter (-3.6%), Sabadell Bank (-3.42%), Colonial (-3.23%), KaishaBank (-3.21%), CellNex (-2.77%), BBVA (-2.67%) and Telephone (-23%).
On the other hand, the stocks with the best weekly performance were Grifols (+2.53%), Repsol (+2.09%), Pooch (+1.62%), Inditex (+1.6%, although it did not consolidate historical highs, reaching 55 euros per share yesterday), Fluidra (+2.58%) and Mapfre (+1.12%).
On the macroeconomic agenda, this Friday, in which IBEX subtracted 0.23%, was marked by the publication Environmental Protection Agency from the third quarter, when unemployment fell by 1,200 people, for a total of 2.754 million with unemployed workers, pushing the unemployment rate to 11.21%, the lowest since 2008. Likewise, the number of people employed increased by 138,300 to a total of 21.83 million workers.
Similarly, at the national level, it was emphasized that the annual industrial price index rate (Ipri) General fell 5.2% in September, 3.8 points below that recorded in August.
At the European level, Pinto highlighted the October economic activity PMI: “Symptoms of slight deterioration in the services sector, which are still offsetting the fall in output; PMIs were particularly bad in this case in France, while “Germany has generated more confidence in recent days.”
For its part, it was also published that German business confidence increased in October and broke a streak of four consecutive falls, as reflected in the index prepared by the Munich Institute for Economic Research (if), which amounted to 86.5 points compared to 85.4 in the previous month.
European places on the old continent showed mixed results this week: London added 0.08%; Frankfurt 0.72% and Milan 1.91%, while Paris It joined Madrid in losses, subtracting 1.81%.
In other geographies, Wall Street The week should end on the downside as Treasury yields rise as traders lower expectations of a Federal Reserve rate cut and look forward to a possible Fed victory. Donald Trumpwhich, according to Pinto, implies a strong increase in the country’s fiscal incentives.
As for the raw materials, the trunk Brent It traded at $75.72, up 3.65% from last Friday, while West Texas Intermediate (WTI) was at $71.46, up 4%.
On the market dutyThe Spanish 10-year maturity bond yield closed at 2.993% after adding a tenth during the week. Thus, the risk premium for the German bond was 70.3 points
On the market foreign currencyThe euro fell 0.55% lower on the week against the dollar, trading at an exchange rate of 1.0808 greenbacks for each unit of the community currency.
By his side gold It is up 0.5% to trade at $2,735 – hitting a new all-time high of $2,758 last Wednesday – while Bitcoin fell 1% to $67,700.
Keys for next week
“Next week is shaping up to be one of the most volatile of the rest of the year,” Pinto said, with the presidential election around the corner and on macroeconomics, employment, GDP and PCE in the United States.
Companies such as Amazon, Alphabet, Apple, Microsoft or Meta will also present quarterly results internationally.
In the Spanish scenario, investors’ attention will be focused on the avalanche of results from the listed companies. Among Ibex 35, Santander, Mapfre, Endesa, Aena, Naturgy, Caixabank, BBVA, Banco Sabadell and Indra stand out, among others.