MADRID 15 Nov. () –
The Ibex 35 closed this week at 11,635.9 points, which represents an increase of 0.72% compared to the previous Friday, despite the fact that during the week it had lost 11,300 points intraday.
Only on this Friday’s day, the selective has increased by 0.97%, recovering more than 110 points in just one session.
Under the macroeconomic umbrella, the European Commission has raised the growth of the Spanish economy to 3% for this year, nine tenths above the previous forecast from May, and maintains its forecast that the deficit will decrease to 3% in 2024 , although it does not take into account the damage caused by DANA in the east and south of the country and warns of a failure to meet the deficit objective from 2025.
On a broader level, the Commission has maintained the growth forecast of 0.8% for the eurozone and lowers that of the EU as a whole in 2024 to 0.9%, the latter one tenth below the previous forecast, and The estimate for 2025 also worsens, which drops to 1.3% in the case of the euro zone, and 1.5% in the EU, one tenth less in both cases.
In parallel, it has been known that the Gross Domestic Product (GDP) of the United Kingdom grew by 0.1% in the third quarter of 2024, well below the 0.5% observed in the previous three months, while in France has revised October’s year-on-year inflation to 1.2%.
In more distant geographies, Japan’s gross domestic product (GDP) moderated its expansion in the third quarter to 0.2% from 0.5% in the previous three months, while compared to the same period in 2023 growth was 0.3%, compared to the year-on-year contraction of 1.1% in the previous quarter.
Likewise, yesterday after the closure of the European stock market, the president of the United States Federal Reserve, Jerome Powell, publicly intervened, announcing that the signals sent by the economy do not suggest the need to urgently cut interest rates.
“The main sectors close positively, as is the case with banks, which are encouraged by the expectation that the Fed will not cut rates as aggressively as expected,” highlighted XTB analyst Manuel Pinto.
Regarding companies, the day was dominated by the IPO of Cox, whose initial price had been set at 10.23 euros per share. Finally, the price closed at 9.50 euros, so it fell 7.1%.
Likewise, it has been learned that the Brandes fund has reached a stake of almost 13.5% in Grifols, divided into both ADR and class B shares. The fund’s position is the eleventh largest in its portfolio, counting only American ADRs.
In this context, Unicaja has been the main bullish value of the selective, rising 3.35%. They were followed by BBVA (+3.19%), Acciona (+3.09%), Solaria (+3.04%), Bankinter (+2.56%), Acciona Energía (+2.47%), Colonial (+2.41%) and Banco Sabadell (+2.30%).
On the opposite side, only four stocks have fallen this Friday: Rovi (-4.68%), Grifols (-1.51%), Cellnex (-0.91%) and Puig Brands (-0.37%).
This Friday, the Ibex 35 was the only index of the main European markets that closed positively. London has fallen 0.09%; Paris, 0.58%; Frankfurt, 0.27% and Milan, 0.48%.
In the raw materials market, at the close of the European trading session, the barrel of Brent fell 1.24%, to 71.66 dollars, while West Texas Intermediate (WTI) reached 67.75 dollars, 1 .41% less.
The yield on the Spanish bond maturing in 10 years closed the session at 3.057%, slightly above the 3.048% recorded at the close of Thursday. In this way, the risk premium against German debt has stood at 70.1 basis points, six tenths less.
Regarding currencies, the euro appreciated 0.24% against the dollar, reaching an exchange rate of 1.0556 ‘greenbacks’ for each unit of the community currency. During the week, the rebound in Bitcoin has also stood out, reaching new all-time highs, exceeding $90,000.
On Tuesday of next week, the new inflation data for the euro zone will be released, which will provide an extra clue about the financial policy of the European Central Bank (ECB) before its December meeting. On Wednesday, UK inflation will be released, while on Friday it will be Germany’s GDP data.
Wednesday will also be an important day for the stock markets because Nvidia, the largest company in the world by market capitalization, publishes its quarterly results. The consensus of analysts predicts that the company will report revenues of 33,200 million dollars (31,473 million euros) and net profits of 17,570 million (16,656 million euros).
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