The Ibex 35 index continues to rise above 10,900 points thanks to Inditex.

The IBEX 35 index rose 0.40% to 10,933.40 at the opening on Tuesday. The top gainer was Inditex with a gain of 1.16% compared to the 0.95% led by Grifols. Among the fallers, Naturgy (Natural Gas) lost 0.43% and ArcelorMittal lost 0.37%.

The Madrid selection only yesterday registered a strong rebound of 1.50%, putting it on the brink of 10,900 points, a level it has not reached since the beginning of the month.

The earnings season for the first quarter of the year begins today in Spain in Enagas, which announced ahead of the opening that it had made a net profit of 65.3 million euros, up 19.5% on the same period last year. This result allows the company to progress on schedule and achieve its annual profit target in the range of 260 to 270 million euros.

Revenue reached 220.5 million euros, in line with the first quarter of 2023, and the group’s gross operating result (Ebitda) amounted to 178.3 million euros, an increase of 2.7%.

Indra is also the main character of the market, after the newspaper Confidential made sure that the company seeks to sell most of Minsait in an operation in which he could raise around 1.5 billion euros. According to this media outlet, the state-owned company has begun the process of finding advisory banks for this operation.

The market also continues to closely monitor Naturgy (natural gas) developments. While waiting to see if a takeover bid for Emirati group Taqq goes ahead, Naturgy’s executive president Francisco Reines this Monday refused to receive any economic benefit from the possible elimination of the long-term incentive mechanism (ILP). with the aim of being able to continue to operate “with absolute independence” and neutrality.

By divesting this vehicle, Reines ensures his independence from any takeover bid as he stops charging for the product associated with Naturgy’s share change.

Meanwhile, on the Continuous Market, CNMV admitted to processing the Hungarian group Ganz-Mavag’s takeover bid for Talgo, which has caused so much suspicion in the government.

ENCE announced after the close yesterday that it made a profit of €9.5 million in the first quarter of the year, down 53.6% from the €20.5 million profit from its guidance for the same period in 2023, which included accounting the effect of updating the remuneration parameters applicable to the group’s renewable energy plants, approved in June last year, with retroactive effect from January 1 last year.

The paper and energy company’s consolidated operating result (Ebitda) for the period from January to March reached 45 million euros, an increase of 78%.

Following these reports, Jefferies upgrades his recommendation to “buy” from “hold”, and also raises his target price to €3.80 per share from the previous €3.33.

In other analyst recommendations, Jefferies cuts Oryzon Genomics’ price target to €2.50 per share from the previous €3, although upside is still above 26%.

On the macroeconomic agenda, investors are awaiting publication today S&P’s preliminary Services PMI, Manufacturing PMI and Composite PMI, with reference to France, Germany, the UK and the US.. Basically, “these indicators are expected to continue to improve in April, with manufacturing indicators, particularly in the eurozone, pointing to a slower pace of monthly contraction – something both the UK and US are expected to confirm.” activity in this sector continues to increase, and the services sector as a whole has seen a slight expansion in activity this month,” explains Juan J. Fernádes-Figares of Link Gestión.

“We believe that positive numbers that are better than analysts expected will be well received by markets in this case, while lower-than-consensus numbers will cause some unrest among investors, the vast majority of whom: “They are not taking into account the fact “The growth of the main developed economies will increase throughout the year,” the expert adds.

In anticipation of these figures on European stock markets, the German DAX wakes up with an increase of 0.85% to 18,003.19 points, the London FTSE 100 index rises by 0.50% to 8,062.84 points, the CAC The French 40 rose by 0. 35% to 8,069, while the CAC The French 40 index rose 0.35% to 8,069 points. The Italian stock market added 0.43% to 33,871 points. In turn, the EURO STOXX 50 index added 0.66% to 4969.55 points.

Futures on Wall Street are pointing to a slightly bearish open after the S&P 500 index, which had been in the red for six straight sessions, finally managed to recover yesterday. Investors are in for another busy day of results today on the New York stock market, with the likes of General Motors, Pepsico, Texas Instruments, Visa and, most notably, Tesla on display. The electric vehicle maker led by Elon Musk has found itself in the eye of a storm this year, with a cumulative 40% drop in sales as it weighs on growing competition from Chinese manufacturers.

Stock markets joined a recovery on Wall Street during the Asian session, with the Nikkei 225 index in Tokyo rising 0.28% to 37,563 as a still strong dollar pressured the Japanese yen to a new 34-year low. In China, the CSI 300 index fell 0.64%.

In commodity markets, oil prices are showing modest gains, recovering from yesterday’s decline as investors continue to weigh the risk of geopolitical troubles in the Middle East. Europe’s benchmark Brent rose 0.14% to $87.11, while U.S. West Texas futures rose 0.17% to $82.04 a barrel.

In the early hours of the morning, the euro fell 0.06% against the dollar, leaving the exchange rate at $1.0647 for each currency.

In fixed income, the Spanish 10-year yield falls to 3.238%, leaving the risk premium to Germany at 76.90 points. In the US, the benchmark bond offers a yield of 4.614%.

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