The Ibex 35 index is leaning towards the red but holding at 11,800 points thanks to support from banks.

The IBEX 35 index fell a very marginal 0.01% to 11,838.60 points at the opening this Friday. Indra, down 0.59%, and Endesa, down 0.56%, are the most penalized values. In terms of advances, Caixabank rose 0.53% and Banco Santander rose 0.50%.

The selective enters Friday’s session having accumulated a 0.71% decline over the week. The reason lies in the pressure Western stock markets are under from rising bond yields, particularly in the US, as investors revise their rate expectations.

It was therefore a somewhat lackluster start to the results season on the Spanish stock market, where Enagás, Iberdrola and Bankinter reported mixed results this week. Next week the season will accelerate thanks to the results of large banks, including Banco Santander, BBVA, Caixabank and Banco Sabadell, as well as companies such as Aena, Repsol, Endesa or Indra, among many others.

While waiting for Banco Santander to release its results next week, the organization made headlines after President Ana Botín’s criticism of the temporary tax on banks, which the government is considering as permanent. The banker believes that “this goes directly against economic growth,” she said at the 2024 annual meeting of the Institute of International Finance (IIF), which is taking place this week in Washington. Governments “have to understand that if we want to pay for the European model, we need companies that can make money,” he added.

Investors will also have to pay attention to Telefonica’s development after the newspaper Confidentially has published information that the government will soon give its consent for Saudi STC to reach 10% of the capital, which could cause unrest in the boards of directors of telecommunications companies.

In the energy sector, Endesa could take over Acciona’s hydraulics portfolio, it is claimed. Five daysBye Confidentially He continues to hide behind the fact that Entrecanales is coming to the aid of Acciona Energías Renovables by buying another 3%.

Yesterday afternoon Iberdrola announced largest green bond issue in pounds in 15 years with strong investor support. The electricity company issued 12-year green debt worth £500 million (around €600 million) with a demand that quadrupled the amount awarded, CNMV said.

It is worth taking into account that the energy sector of the Spanish stock market may soon have a new player as, according to Expansión, OPDEnergy is exploring the possibility of going public to take advantage of the renewable energy rush.

On a continuous basis, Berenberg raises Viscofan’s target price from €76 to €79 per share following the company’s results this week. This represents a potential upside of 27.6% from yesterday’s Thursday close.

Investors learned about the macroeconomic agenda already during the opening third quarter EPA survey showing 1,200 drop in unemployment over summer. Employment sets a new record with 21.8 million people employed. Throughout the day, investors should also keep an eye on the Ifo business confidence index in Germany, as well as durable goods orders and the University of Michigan consumer confidence index, which will be released this afternoon in the US.

In anticipation of these figures on European stock markets, the DAX opens with losses of 0.18% to 19,419.55 points, the French CAC 40 wakes up with a fall of 0.20% to 7,489.31 points, and the EURO STOXX 50 falls 0.13 % to 4,929. For our part, we see a slight increase in the London stock market: the FTSE 100 index rose by 0.08% to 8,275.

Wall Street closed mixed yesterday, with the S&P 500 and Nasdaq rising 0.21% and 0.76%, helped largely by a strong reception to Tesla’s results. However, the DOW JONES index closed down 0.33%, accumulating four straight days of declines for the first time since the beginning of the summer. Futures today are pointing to a slightly bullish opening for the major New York indexes.

Stock markets had a mixed finish during the Asian session, with the Japanese stock market falling as investors fear the country’s legislative elections this weekend. Thus, the Nikkei 225 index in Tokyo fell by 0.76% to 37,889 points. However, China’s CSI 300 index rose 0.75% today.

In commodity markets Oil prices are rising slightly and are on track to gain more than 1% weekly.amid tensions in the Middle East, the world’s main oil-producing region. The possibility of resuming ceasefire talks in the Gaza Strip in the coming days is keeping operators on edge.

European Brent crude futures rose 0.40% to $74.68 a barrel, while U.S. West Texas Intermediate crude futures closed at $70.48, up 0.41%.

Gold prices are weakening slightly, although they have continued to rise for the third week. Spot gold fell 0.4% to $2,725.73 an ounce. Prices hit an all-time high of $2,758.37 on Wednesday and are up 0.2% this week.

The dollar remains on the defensive after its biggest fall in a month against major currencies, although the euro was down 0.12% against its US counterpart this morning, at $1.0816 on a single currency basis.

On the fixed income side, Spanish 10-year yields are 2.98%, resulting in a risk premium to Germany of 69.25 points. Today, investors are paying close attention to a possible downgrade of France’s credit rating by Moody’s. French bonds currently pay 2.98%. On the other side of the Atlantic, 10-year US Treasury yields fell to 4.188% after hitting a three-month high of 4.25% on Wednesday.