June 19 () –
The Ibex 35 fell 0.1% this Wednesday, reaching 11,056.4 points, on a day marked by inflation in the United Kingdom in May and in which Wall Street remains closed for the Liberation Day holiday. .
The Spanish selective has gone through the negotiation of this day without a clear direction and constantly debating between the positive and the negative sign, while at some moments it seemed inclined to return to the 11,100 integers and at others it resisted so as not to jeopardize the level of 11,000 points.
All in all, the selling pressure has ended up being imposed by stocks like Grifols, which has subtracted 5.54% from its capitalization despite the fact that Deutsche Bank has improved its recommendation from ‘sell’ to ‘hold’ and after yesterday the Catalan company completed the sale of 20% of its stake in Shanghai Raas for 1.6 billion (thus maintaining 6.58%).
This Wednesday it was learned that the annual inflation rate in the United Kingdom stood at 2% last May, three tenths below the rise in prices recorded in April and the lowest reading of the index since July 2021. according to data published by the Office for National Statistics (ONS).
In this way, the British CPI has continued to moderate since in October 2022 it reached a record since 1997 of 11.1%, meeting the Bank of England’s 2% objective for the first time since July 2021, which opens the door to a drop in interest rates in August.
However, Banca March experts have pointed out in their morning report that according to this scenario, the market continues to discount a rate cut for 2024, which would occur at the November or December meeting, since underlying inflation has reached at 3.5%, which has implied a moderation of four tenths, although still far from the target level of 2%.
Likewise, it is worth noting that, despite the fact that Wall Street does not operate this Wednesday, Nvidia yesterday became the most valuable company in the world by surpassing Microsoft in trading and after exceeding 3.3 trillion dollars.
On the other hand, the European Central Bank (ECB) has indicated that the public accounts of the eurozone countries will be pressured by the effect of a series of long-term challenges, such as the aging of the population, climate change or the end of the ‘peace dividend’, added to current high levels of debt, according to the organization’s bulletin, which has identified Spain as the second country that should make the greatest fiscal effort in response to these challenges.
In this context, within the Ibex 35 the advances of Unicaja (+1.85%) have stood out, followed by Bankinter (+1.71%), Indra (+1.48%), IAG (+1.41%) and Caixabank (+1%), while the ‘red lanterns’ were Colonial (-7.52%, affected by the ex-dividend effect), Grifols (-5.54%), Cellnex (-2.13%) and Merlín Properties (-1.96%).
On a business level, the head of BBVA Spain, Peio Belausteguigoitia, has ruled out the possibility of his entity pursuing another entity if the hostile takeover bid that he has proposed to acquire and merge with Banco Sabadell does not go ahead.
For its part, Bankinter’s board of directors has decided to integrate Evo Banco into its own structure through a merger by absorption to enhance its digital strategy, as announced by the bank this Wednesday.
In the rest of Europe, the main indices have also opted for the negative sign: Milan has subtracted 0.29%; Frankfurt 0.35% and Paris 0.77%. The exception was London with an increase of 0.17%.
At closing time in Europe, the price of a barrel of Brent quality oil, a reference for the Old Continent, fell 0.15%, to 85.2 dollars, while Texas stood at 81.43 dollars, 0.17% less.
In the foreign exchange market, the price of the euro against the dollar rose by 0.07%, to 1.0748 ‘greenbacks’, while in the debt market the interest required on the 10-year Spanish bond closed at 3.29% after adding two basis points, with the risk premium (the differential with the German bond) at 88.8 points.
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