The Ibex 35 tries to turn to profits at midday and recover the level of 11,600 points

MADRID 21 Nov. () –

The Ibex 35 registered a decline of 0.1% at midday this Thursday, reaching 11,580.7 points, in a day marked once again by geopolitical tensions in Ukraine and by the vote in Congress on the tax reform which may affect taxes on banks and energy companies.

The main indicator of the Spanish market has started the day on the downside and has come to endanger the level of 11,500 integers, although at midday it recovered ground and was preparing to move to the side of gains.

The declines in Europe thus bore witness to the losses recorded in the early morning by the Asian markets (Tokyo has subtracted 0.85% and Hong Kong 0.53%), since the market has received the results with a bittersweet taste. Nvidia, as it reported record results but projected slower revenue growth.

On a broader level, investors’ attention remains focused on geopolitical risks, after Ukraine’s decision to launch the first long-range missiles of American origin against Russia and with Russia’s parallel warning to the United States and its allies that this situation could lead to direct conflict.

In line with this, the kyiv government denounced this morning that Russia has launched the first intercontinental ballistic missile against its territory.

Under the Spanish macroeconomic umbrella, the law on the tax on multinationals imposed by the European Union, to which part of the fiscal package that the Government had announced has been added, reaches its final votes in Congress this Thursday with several details of its articulated in the air and with the threat of Podemos to vote against and knock down the project.

For its part, the Public Treasury has placed 4,081.3 million euros this Thursday in a medium and long-term debt auction, which includes ‘green bonds’, and has done so by cutting the profitability offered to investors by this reference of ecological financing, according to data published by the Bank of Spain.

In the afternoon, within the European macroeconomic agenda, the advance data on consumer confidence in the eurozone in November will be known.

In the business field, BBVA presented yesterday – with the market already closed – to the National Markets and Competition Commission (CNMC) a battery of measures to facilitate the takeover bid that it wants to launch for Banco Sabadell, among which was not closing offices where there is no other fence, maintaining commercial conditions for individual clients and SMEs in those postal codes in which there are less than four entities or not abandoning municipalities where there are less than three competitors.

The CNMC, for its part, justified its decision to elevate to phase 2 the takeover bid that BBVA wants to launch on Banco Sabadell by saying that it cannot conclude that the operation will not “worse” the current conditions for certain SMEs and that it does not have ” “all the information” you need to address SME credit reduction risk.

On the other hand, Iberdrola and Repsol face each other this Thursday in the Commercial Court number 2 of Santander in the lawsuit filed by the electricity company against the oil company for “unfair competition” and “misleading advertising”, in the first trial between companies. by ‘greenwashing’ Spain.

Likewise, the media conglomerate MFE-MediaForEurope (MFE), parent of Mediaset Spain, reported this Thursday before the market opening that it registered a net profit of 96.2 million euros in the first nine months of 2024. , which represents an increase of 35.6% compared to the profits of 71 million euros recorded in the same period of the previous year.

In the middle section of trading this Thursday, the biggest increases within the Ibex 35 were recorded by Acerinox, which rose 2.1%, followed by Fluidra (+1.18%), Mapfre (+0.94%) , IAG (+0.93%) and CaixaBank (+0.9%), while the ‘red lanterns’ were Merlin Properties, whose shares fell 2.9%, Solaria (-2.22%), Colonial (-1.7%) and Rovi (-1.13%).

The main European stock markets were trading in different directions at midday: Milan and Paris dropped 0.2% each, while Frankfurt rose 0.26% and London 0.33%.

At the same time, the price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 74.03 dollars, 1.65% more, while Texas rose 1.77%, to 69 $.97.

In the currency market, the price of the euro against the dollar stood at 1.0526 ‘greenbacks’, 0.17% compared to the day before, while in the debt market, the interest required on the bond 10 years was trading with little variation at 3.05%, with the risk premium with respect to the German bond at 72.3 points.