MADRID 11 Oct. () –
The Ibex 35 has once again recovered the 11,700 integers it lost yesterday, standing at 11,720 points, after closing the week with a rise of 0.54% compared to last Friday, in a week marked by tension geopolitics and expectations of changes in the monetary policies of the European Central Bank (ECB) and the US Federal Reserve (Fed).
On the one hand, analyst Manuel Pinto highlights that world markets are waiting to know the next steps that Israel takes in the open conflict in the Middle East, as well as its response to Iran’s attacks.
Regarding monetary policy, he highlights, in fact, the rise of the banking sector due to the expectation of higher than expected interest rates as a consequence of the “inflation spikes”, although he explains that the situation in Europe should be different to that of the USA.
“We expect progressive rate cuts from the ECB that limit the profit of entities in the banking sector, despite the possible improvement in activity,” highlights the analyst.
Also noteworthy are the statements this Friday by the Minister of Economy, Carlos Body, where he explained that if BBVA’s takeover bid for Sabadell reaches phase two “it can be extended for several more months, well into the first quarter of 2025.” which would force the entity chaired by Carlos Torres to increase the proportion in cash for the payment of dividends.
“Wall Street has once again marked its all-time highs this week, driven again by semiconductors and artificial intelligence,” highlighting the rise of Nvidia, which has seen increased demand for chips, especially Blackwell chips.
Today, in addition, the earnings season has begun in the United States with the publication of the third quarter accounts of Wells Fargo, JP Morgan and BlackRock. The first recorded an attributable profit of dollars (4,437 million euros) only in the third quarter of the year, 11% less, while the second earned 12,898 million dollars (11,792 million euros), which represents a decline of the 1.9%. Regarding BlackRock, it obtained a profit between July and September of 1,631 million dollars (1,491 million euros), 1.7% more.
Regarding next week, Pinto highlights the ECB meeting, which will have “special importance”, since it could apply a new rate cut of 25 basis points. The data that will come from China also stands out, which in recent days has recorded falls in its main indices, due to the lack of new fiscal stimuli.
“However, it is expected that this weekend this aid will be confirmed by issuing billions of debt in order to increase consumption in the country,” says the expert. A battery of macroeconomic data from the Asian country will also be known.
Returning to the Ibex 35, and taking into account only this Friday’s session, the selective has also recorded an increase of 0.54%, with Colonial (+1.95%), Acciona Energía (+1.66%), Naturgy (+1.64%), Sacyr (+1.62%) and Merlin (+1.37%) were the biggest revaluations of the day. On the opposite side, the biggest falls have been those of Grifols (-2.40%), Fluidra (-1.12%), Acerinox (-0.76%), Telefónica (-0.47%) and Aena ( -0.30%).
The rest of the main European indices have also ended this Friday’s day positively, with advances of 0.85% in Frankfurt, 0.68% in Milan, 0.48% in Paris and 0.19% in London .
A barrel of Brent stood at $78.90, 0.65% less, while West Texas Intermediate (WTI) fell 0.76%, to $75.26.
In the debt market, the yield on the Spanish bond maturing in 10 years reached 3.011%, while the risk premium on German debt moderated to 73.7 basis points.
Regarding currencies, the euro reached an exchange rate of 1.0942 dollars for each euro, appreciating 0.07% against the US currency.
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