The Ibex 35 index starts the week with renewed sentiment, focusing on the ECB.
The IBEX 35 index opened 0.58% higher at 9,915.70 points. With all positive values, the largest increase is observed in Inmobiliaria Colonial, which gains 2.04% compared to the 1.76% increased by ArcelorMittal. The most modest gain was recorded by shares of Acciona Energías Renovables, which rose 0.34%.
The Madrid team have just endured their worst week since October. the cumulative drop from Friday to Friday was 2.34%. which also marked the second straight week of decline.
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Investors will have to pay attention to the price of Telefónica, one of the stocks that best avoid doubts about Ibex 35 with cumulative growth in January was almost 7%. The telecommunications company was in the news today after announcing that it had increased its shareholding in its German subsidiary Telefónica Deutschland from approximately 71.81% to approximately 93.1% for a total of €1.483 million.
This Monday, the company informed the National Securities Market Commission (CNMV) that from the announcement of the takeover offer on November 7, 2023 until the end of the acceptance period, January 17, 2024, the offer was accepted by shareholders holding 7.86 shares. % shares of Telefonica Deutschland. In addition, in addition to the offer, it acquired approximately 13.43% of the share capital and voting rights of Telefónica Deutschland, including the liquidation of financial instruments.
Meanwhile, Grifols remains in the eye of the hurricane for another day, after plummeting 45% due to attack by bearish firm Gotham City Research. Investors will have a lot of value news to digest today. According to the publication ExtensionScranton charged 10 million to broker the sales of Grifols. Bye, Confidentially On the one hand, he assures that the CNMV is awaiting a response from Grifols, but it will take “weeks” to reach a verdict, and on the other hand, he points out that Grifols told the CNMV in 2011 that the family and directors had 70% of the holding company.Holland .
Today in the financial sector Five days reports that Banco Sabadell’s green subsidiary, Sinia Renovables, has agreed to become a shareholder in Sydis. The venture will receive 10% of the capital to fuel the company’s growth, which aims to reach 750 MW of capacity by 2028.
As for analyst recommendations, there is bad news for Solaria, one of the most penalized Ibex 35 values at the beginning of the year, which sees Citigroup analysts lowered their recommendation from “buy” to “neutral.” This move will also entail a reduction in the target price from 17 to 15.5 euros per share. Solaria shares closed at €14.28 on Friday after already falling 23% in 2024.
The best prospects are for Ferrovial, with upside potential of 15.5%, according to Citigroup analysts, who raised their target price from 35 to 40 euros per share.
Monday is unlikely to feature much on the macroeconomic agenda, although it will be a busy week, highlighted by Wednesday’s release of preliminary January services PMI and manufacturing PMI figures. In addition, the first estimate of fourth-quarter GDP in the United States, which is expected to grow at an annual rate of 1.5%, will be published on Thursday, along with figures for personal income and spending growth in December in the same country. The Personal Consumption Price Index, PCE, will be released, which is the price variable most closely watched by the Federal Reserve (Fed), which sets its inflation target for it.
However, the main event of the week will be meeting of the European Central Bank (ECB) Governing Council on Thursday, at which the institution is in principle expected to keep all its benchmark interest rates unchanged. “It would be very relevant to listen to what the French President of the ECB, Christine Lagarde, says at the press conference after the Council meeting, especially regarding the state of the eurozone economy, the expected evolution of inflation and possible future changes in the organization’s monetary policy,” says Juan J. Fernandez-Figares of Link Gestión.
In anticipation of events, European stock markets are trying to recover today. The DAX index rises 0.8% to 16,688.50, the FT-100 index rises 0.4% to 7,492.25, the EURO STOXX 50 index rises 0.9% to 4,492.95, the The CAC 40 rises by just over one percentage point and the FTSE MIB rises. quarter point, up to 30,421 points.
Futures on Wall Street are pointing to a bullish opening for this Monday’s session, continuing a positive streak that saw the major indexes register gains of more than 1% last Friday. The biggest gainer was the tech-heavy Nasdaq, up 1.70%, while the S&P 500 added 1.2% and the DOW JONES gained 1%.
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The Japanese stock market turned positive again during the Asian session, with the Nikkei 225 index rising 1.62% to 36,546, its highest level since February 1990. However, China’s CSI 300 fell 1.5% and is still not rising. head up. China left benchmark interest rates unchanged in its monthly survey today, as expected, as Beijing is seen as having limited room to ease monetary policy in the context of downward pressure on the yuan.
Oil prices are holding steady in commodity markets as economic headwinds weigh on the outlook for global oil demand and offset geopolitical concerns in the Middle East and the attack on a Russian fuel export terminal over the weekend.
European benchmark Brent crude fell 0.24% to $78.37 a barrel, while U.S. West Texas futures fell 0.20% to $73.10.
The euro rises by a small 0.04% against the dollar until an exchange rate of $1.0903 is established for each community currency.
Finally, in the fixed income space, bond yields are expected to fall by the ECB. Spain’s 10-year yield fell to 3.21%, leaving its risk premium on Germany at 93.15 points. Across the Atlantic, the US 10-year yield falls to 4.127%.
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