The Ibex falls 0.42% and gives up 11,400 points after the European elections

June 10 () –

The Ibex 35 closed this Monday with a fall of 0.42%, reaching 11,357.2 points, with the majority of values ​​in ‘red’ given the new scenario that opens up due to the European elections held yesterday and at awaiting the meeting of the United States Federal Reserve (Fed) next Wednesday and on which the markets will pivot.

The Spanish selective has fallen sharply in the morning – along with its European counterparts and, especially, the Paris Stock Exchange – and has managed to lose the level of 11,300 integers, although it has subsequently moderated the declines and has held that level with ease .

The XTB analyst, Manuel Pinto, has pointed out that the French index, the CAC 40, may be the one that registers the greatest movements during the next few days after the elections, since the president of France, Emmanuel Macron, has called early elections after ” their crushing defeat” in the European Championships.

In fact, Paris has decisively led the losses by recording a decline of 1.35% (it has fallen by more than 2% in several sections of the negotiation), while London has managed to limit losses to 0.2 % and Milan and Frankfurt have placed them at 0.34%.

Beyond these elections, attention will also turn to central banks, especially the meeting of the Federal Reserve (Fed), where in principle rates should remain unchanged for the seventh consecutive meeting. “The big question will be knowing the economic estimates and the dot diagram,” according to Pinto, which will help investors know the next movements of the central bank.

“Given the weakness in the latest published growth and consumption data [en EEUU]we hope they decide on two cuts with a soft and moderate message from Jerome Powell [presidente de la Fed] in the subsequent press conference,” said Pinto.

For his part, the analyst highlighted the meeting of the Ibex 35 Technical Advisory Committee, which will be held this Wednesday. XTB does not expect changes, although Puig has been pointed out as a possible incorporation. “The review period is six months in normal cases, although there could be exceptions. However, Puig has only been listed for one month and its level of free float is low, so we do not think that the committee has any interest in including it in the index at the moment,” indicated Pinto.

Linked to this, it is worth noting that several financial entities have begun to cover Puig’s stock and, most of them, have established a ‘buy’ recommendation with target prices located around 30 euros, while this Monday the shares of the listed company have risen 2.36% and have closed at the edge of 26 euros.

On the other hand, this Monday’s macroeconomic agenda highlighted that the eurozone investor confidence index (prepared by Sentix) has been in positive territory for the first time since February 2022, just before Russia began the attempt. of invasion of Ukraine.

Given this situation, within the Ibex 35, only seven values ​​have closed with advances: Repsol (+0.72%), Naturgy (+0.65%), Endesa (+0.6%), Bankinter (+0.45 %), Acerinox (+0.25%) and Caixabank (+0.19%) and Inditex (+0.09%).

At the opposite extreme, the most notable losses have been for Grifols (-2.46%), Aena (-1.95%), ACS (-1.55%), Colonial (-1.44%) and BBVA ( -1.35%).

Regarding BBVA, the president, Carlos Torres, explained to his shareholders the operation that the entity has proposed for Banco Sabadell, consisting of a hostile takeover bid and a subsequent merger, and has defended that the intention is to achieve greater efficiency and cost effectiveness.

The price of a barrel of Brent quality oil, a reference for the Old Continent, rose 2.2% at closing time in Europe, to $81.38, while Texas stood at $77.38. 2.45% more.

In the currency market, the price of the euro against the dollar fell 0.46%, to 1.0752 ‘greenbacks’, while in the debt market the interest required on the 10-year Spanish bond has risen almost one tenth – like the majority of European issuers – and has closed at 3.439%, with the risk premium (the spread with the German bond) at 77 points.