Stock market live | The fall of the banking sector led to the fall of Ibex on the day of the ECB | Financial markets

What does Ibex 35 do?

He Capricorn 35 It loses about 0.8% and again leaves behind the 9,900 points weighed down by banks ahead of the European Central Bank (ECB) meeting this Thursday.

Which values ​​rise or fall the most?

The highest values ​​are:

Repsol: 0.9%

Logistics: 0.7%

Acerinox: 0.5%

The values ​​that drop the most are:

Bankinter shares fell 6% after reporting 2023 results today, a period in which the company earned €844.8 million for the year, up 50.8% on the previous year. In a statement, the company said the strong earnings growth was due to “favorable rate developments and stronger commercial momentum.” Renta 4 analysts noted that billings “were below” their estimates as well as market consensus across key areas, with the exception of net fees, which exceeded them.

Sabadell: -2.7%

Grifols: -2.2%

What are the rest of the stock markets doing?

European stock markets are showing mixed dynamics.

In Asia, the Shanghai index rose 2.6%, helped by support from China’s central bank. The Hang Seng rose 1.96%. Nikkei closed unchanged. In New York, the Dow Jones index closed down 0.26% yesterday.

Keys of the day

• Attention is focused on the European Central Bank (ECB) monetary policy meeting. The monetary authority will hold a board meeting this Thursday and investors expect it to keep interest rates unchanged. He is also expected to reject investor expectations for rapid monetary easing.
• It was known that business trust in Germany fell for the second time in a row in January, with pessimistic expectations for the coming months as the country’s economy remains stuck in recession, the Institute for Economic Research (IFO) reported this Thursday.
• European firms reporting this Thursday include Nokia, LVMH and STMicroelectronics. The Finnish telecommunications giant Nokia presented this Thursday an annual net profit of 679 million euros, down 84% from 2022, a result marked by an unfavorable macroeconomic environment.
• Tesla abruptly halted its growth in the fourth quarter of 2023 and warned that slowing sales would continue into this year. Sales rose just 3% in the fourth quarter of the year, to $25.167 million (€23.133 million). Its shares are down 6% ahead of the open.
• This Thursday, the Ministry of Labor begins negotiations with social agents to reduce working hours, with the goal of setting it by law at 37.5 hours per week in 2025.
• Chinese stock markets are rising after the People’s Bank of China (PBOC, the central bank) announced yesterday it would cut banks’ reserve requirements, which will free up about $141 billion (€129.627 million) in long-term liquidity for the market.

What do analysts say?

Caroline Gauthier, co-head of equities at Edmond de Rothschild AM, notes that in 2024 the economy will be influenced by opposing forces. From a macroeconomic perspective, “the peak of inflation – and perhaps also interest rates – is certainly behind us, but the economic downturn cannot be denied.” At the corporate level, investors are “torn between the threat of downward earnings revisions and particularly strong support for soft valuations.” Earnings expectations “already seem modest to us, so the risk of disappointment is limited.” Many companies have already warned of slower growth in the second half of 2023 “and don’t see any improvement until the end of the first half of 2024.”

Marco Giordano, director of fixed income investments at Wellington Management, believes that despite the looming economic downturn (or recession), “company balance sheets remain strong thanks to consumer resilience.” Thus, “corporate bonds continue to offer compelling total return potential.” The firm favors European corporate bonds, “particularly in sectors such as utilities, energy and banks (where subordinated debt is also attractive).”

What is the evolution of debt, currency and commodities?

The yield on 10-year Spanish bonds is 3.281%.

A barrel of Brent oil costs $80.41.

Euros exchange at $1.0878.

Quotes

STOCK EXCHANGE – CURRENCIES – DEBT – INTEREST RATES – RAW MATERIALS

Follow all the information Five days V Facebook, X And LinkedInor in our newsletter Five days program

Five-day program

The most important economic quotes of the day, with keys and context to understand their scope.

get it