The IBEX 35 ends its first week of results down almost 1%.
The IBEX 35 index ended this Friday’s session down 0.23 percent to 11,812 points, ending the week with a loss of 0.95 percent.
Selective failed to catch the bullish current that was moving the New York Stock Exchange, and ultimately ended a very difficult week in the red, marked by volatility in the bond market.
US consumer confidence data from the University of Michigan came in at 70.5 points, a point and a half higher than analysts had expected, supporting the US technology sector, with the Nasdaq rebounding nearly 1.5 percent.
Poor results in Europe
In European stock markets, by contrast, risk appetite was conspicuously absent following Friday’s weak results.
So, a liquor manufacturer Remy Cointreau issued a profit warning and cut its full-year sales forecast, while Mercedes Benz Profit fell 51 percent, a figure impacted by weak demand in China.
Both companies were down about 1 percent as European stock markets closed, but the Swedish group fared much worse. Electroluxwhich fell 15 percent after reporting earnings, well below US market expectations.
In the face of these negative results, European investors decided to fold their sails, leaving Cac and Ftse little changed while Dax recorded a slight rise of 0.1 percent.
“For European stocks to break out of the doldrums, there will need to be clear signals that the world can escape trade tensions and that manufacturing activity is picking up again,” he concluded. Mathieu SavaryStrategist at BCA Research.
The bond market is stabilizing
Overall, the decline could have been more pronounced if not for the fact that the bond market ended the week stabilizing after a sharp rise in yields observed on Monday due to fears of Donald Trump’s victory in the United States. presidential elections.
In particular, the US 10-year yield barely changed from 4.19 percent, while German bonds rose two basis points to 2.29 percent and Spanish bonds added three points to 2.0.98 percent.
Even IFO’s strong German expectations of 87.3 points, beating analysts’ forecasts by four-tenths, failed to lift the spirits of European investors in the face of a string of poor business results.
Inditex lowered the IBEX 35 index
Things got tougher on the IBEX 35 with Inditex, the most weighted select, ending the session down 0.8 percent.
The red light went to Indra, which lost 1.8 percent, Ferrovial lost 1.5 percent, and Redeia corrected another 1 percent.
Leading the pack was Laboratorios Rovi, which pared some of Thursday’s decline to gain 2.68 percent, while Grifols, Arcelormittal, Acciona Energía and Acciona gained 1 percent.
On the foreign exchange market, money sought refuge in the dollar, which strengthened slightly against the euro, leaving the euro/dollar parity at 1.0807 units.
In commodity markets, Brent crude rose more than 1 percent to $75.28 a barrel as European stock markets closed.
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