Jul 16. () –
The Ibex 35 closed on Tuesday with a fall of 0.47%, reaching 11,090.5 points, conditioned by the losses of important stocks such as BBVA, Repsol and Inditex.
The Spanish index has been trading in the negative throughout the entire day, although it has been very volatile, as it has put the 11,000 point level at risk at various points, a level that it has finally managed to overcome with ease thanks to the moderation of the falls at the end of the day.
In the Spanish corporate arena, it is worth noting that BBVA has included the risk that the hostile takeover bid for Banco Sabadell is not completed in a timely or profitable manner or that it does not go ahead at all, in a prospectus for a contingent convertible bond issue (‘CoCos’) that it carried out in June and which is available on its corporate website; it has also indicated that, if completed, it may not have the expected results.
For its part, Talgo has received a proposal from the Czech manufacturer Skoda for a “business combination and industrial integration”, an alternative to the Public Acquisition Offer (OPA) for 100% of the company’s shares presented by the Hungarian Ganz-Mavag (Magyar Vagon), according to the company’s statement to the National Securities Market Commission (CNMV) on Tuesday.
On a broader macroeconomic level, it is worth noting that Renta 4 analysts have pointed out as a reference to follow that yesterday the president of the US Federal Reserve (Fed), Jerome Powell, acknowledged “some progress” on the inflation front during the second quarter of the year.
This is coupled with the “progressive cooling” of the US labour market, according to analysts, which leads these experts to discount two rate cuts in 2024, “without ruling out three”; the first of these would be on 18 September.
The macroeconomic agenda for Tuesday highlighted that retail sales in June remained unchanged on a monthly basis, despite the consensus expecting a 0.3% contraction, while in that country the first stages of the earnings season continue, led by Morgan Stanley (which increased its profits by 41% in the second quarter) and Bank of America (which earned 7.3% more in the same period).
On the Old Continent, the German ZEW investor confidence index was the most notable, showing its first decline in a year, falling from 47.5 in June to 41.8 in July.
At the Spanish level, the government has raised the spending ceiling to a record of almost 200 billion euros in 2025 and has forecast a deficit of 2.5%.
The International Monetary Fund (IMF) has forecast that the Spanish economy will grow by 2.4% this year, according to new forecasts, which have revised their previous estimate for Spain upwards by half a percentage point, thus highlighting it as the major European economy with the best prospects for expansion.
Given this situation, within the Ibex 35 only ten stocks have closed with gains, among which Fluidra (+2.57%), Bankinter (+2.22%), which will present results this Thursday, Indra (+2.15%) and Caixabank (+1.18%) have stood out. For its part, Talgo, which is listed on the continuous market, has risen by 1.25%.
On the other hand, the biggest falls at the close were those of ArcelorMittal (-2.45%), Colonial (-1.45%), BBVA (-1.37%), Repsol (-1.28%), IAG (-1.15%), Inditex (-1.06%) and Telefónica (-0.88%).
The main European stock markets also posted losses on Tuesday: Milan lost 0.02%; London 0.22%; Frankfurt 0.39% and Paris 0.69%.
The price of a barrel of Brent crude oil, the benchmark for the Old Continent, fell by 1.1% at closing time, to $83.9, while Texas crude was at $80.9, down 1.23%.
On the currency market, the euro’s exchange rate against the dollar fell by 0.1% to 1.0885 euros, while on the debt market the interest rate on 10-year Spanish bonds closed at 3.186% after falling four basis points, with the risk premium over German bonds at 76.3 points.
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