June 4 () –
The Ibex 35 closed this Tuesday with a fall of 0.97%, reaching 11,286.4 points, weighed down by banking values, with BBVA and Banco Sabadell subtracting more than 3% in a markedly bearish day for the markets and less than two days to know the new path for interest rates set by the European Central Bank (ECB).
The banking entities of the Spanish selective have decisively led the declines: Caixabank has lost 5.02%, Bankinter 4.22%, Unicaja 3.68%, Banco Sabadell 3.43%, BBVA 3.19% and Banco Santander 2.28%.
The uncertainty regarding interest rates is combined in the particular case of BBVA and Sabadell with the recent victory of Claudia Sheinbaum in the Mexican elections, as the polls were progressing. Although there has been no official statement from the candidate, a few days ago the newspaper ‘Financial Times’ reported that the Mexican Executive was considering the creation of a special tax on credit institutions.
Mexico is a particularly relevant region for BBVA, since it generates most of its profits there. Santander also has business in the country, although its geographic mix is more diversified than its competitor.
The main market indicator thus moves away strongly from the highs reached yesterday, on the edge of 11,400 points, an unprecedented maximum since 2015, on a day in which it was known from the macroeconomic agenda that the unemployment registered in Spain unemployed fell by 58,650 in May, while Social Security gained 220,289 average affiliates.
Going into the details of this Tuesday’s trading, the selective has fallen sharply in the morning and has put the level of 11,200 points at risk, although in the afternoon it has managed to moderate the losses and has even momentarily recovered the level of 11,300 points, a height that was finally lost in the closing auction.
On the ‘macro’ agenda, in addition to the Spanish employment data, it has been learned that Germany’s unemployment rate in May remained at 5.9% for the fourth consecutive month.
In the afternoon, it was published in the United States that factory orders in April repeated an increase of 0.7% in monthly rate, while durable goods orders moderated their growth to 0.7% compared to 0. 8% of the previous month. Also in that country, it has been known that job vacancies in April have decreased despite the fact that the market expected an increase, according to the JOLTs report.
On the other hand, the Public Treasury has placed 5,135.05 million euros in short-term debt this Tuesday, in the expected mid-range, and has done so by offering lower returns for 6-month bills and 12-month bills. , according to data published by the Bank of Spain.
In the business field, today ends the acceptance period for the public acquisition offer (OPA) proposed by the ISQ and TDR funds – through their joint venture Amber – on Applus+, which values the company at 1,650 million euros with a proposal of 12.78 euros per share.
For its part, BBVA has closed the issuance of a contingently convertible bond (‘CoCo’) for a volume of 750 million euros, although demand has reached 3,500 million euros, as Europa Press has learned from sources in the market.
On the other hand, BlackRock has continued to increase its stake in Banco Sabadell, going from 6.2% to 6.5%, according to the records of the National Securities Market Commission (CNMV).
In this context, in addition to the aforementioned falls in the banking sector, the declines in Grifols (-2.35%), ArcelorMittal (-2.18%) and Repsol (-1.72%) stood out on the Ibex; On the other hand, the dozen stocks that have managed to close with advances have been led by Telefónica (+2.11%), Enagás (+1.18%) and Redeia (+1.01%).
Corrections have also been the common denominator in the rest of Europe: London has subtracted 0.37%; Paris 0.75%; Frankfurt 1.09% and Milan 1.14%.
At the same time, the price of a barrel of Brent quality oil, a reference for the Old Continent, fell 1.5%, to 77.17 dollars, while Texas stood at 73 dollars, 1.64 % less.
In the foreign exchange market, the price of the euro depreciated 0.23% against the dollar, to 1.0878 ‘greenbacks’, while in the debt market the interest required on the 10-year Spanish bond closed at 3.27% after subtracting two basis points, with the risk premium (the differential with the German bond) at 74 points.
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