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The Ibex 35 rises 0.79% driven by IAG (5%) and despite Grifols (-11%), with its sights already on the ECB

MADRID, 6 Mar.

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The Ibex 35 rises 0.79% driven by IAG (5%) and despite Grifols (-11%), with its sights already on the ECB


The Ibex 35 rose 0.79% this Wednesday, reaching 10,197.2 points, with the majority of stocks in 'green' and boosted especially by IAG after a favorable report from the investment bank JPMorgan that raised more than one 70% its target price, while Grifols has once again led the losses by collapsing 11% after a new attack by the bearish fund Gotham City Research.

The Spanish selective has experienced a day marked by the constant increases that have allowed it to be above 10,200 points for a good part of the negotiation - the last time it closed above that level was on January 8 -, however , the bullish trend has moderated slightly after the opening of Wall Street.

For their part, investors are now shifting their attention to tomorrow's meeting of the European Central Bank (ECB) since, although they do not expect movements in interest rates - they would remain at 4.5% -, they will pay attention to the possible clues about cuts in the agency's statement and in the press appearance of the president, Christine Lagarde.

They will also be attentive to the statements of the president of the United States Federal Reserve (Fed), Jerome Powell, in the House and Senate of that country.

In the business field, Indra has presented its new strategic plan for the coming years. The Spanish firm plans to invoice 10,000 million euros in 2030, give entry to partners in Minsait and has opened the door to enter Hispasat to be the 'national champion' in defense and technology.

For its part, the bearish fund Gotham City Research has published a new report on Grifols, in which it accuses the company of making loans in a non-transparent manner to the 'family office' owned by the Grifols family, Scranton, through Haema and BPC. In addition, he has criticized that the interest that Scranton pays on these loans to Haema and BPC, two firms of which Scranton has ownership, is greater than the interest that these companies pay to Grifols for the money they receive.

Regarding the macroeconomic agenda, this day it was known that the volume of retail trade in the eurozone rose by 0.1% in January and 0.3% in the European Union compared to the December 2023 reading. , according to estimates published by Eurostat, the EU statistical office.

However, if the data from last January are compared with those from the first month of 2023, the retail sales index corrected for calendar effects decreased by 1% in the eurozone and 0.6% in the European Union.

For its part, in the United States it has been published that the number of unfilled jobs in the United States stood at 8.863 million vacancies last January, its lowest figure in three months, according to data published this Wednesday by the Department of Labor. The number of unfilled jobs in the first month of the year represents a drop of 26,000 vacancies compared to the previous month and implies a reduction of 1,562 million positions compared to twelve months earlier.

Also related to the United States labor market, the ADP private employment report for the month of February was released, which reflected a smaller increase in job creation (140,000 positions) than expected.

Given this situation, IAG has presided over the advances of the Ibex 35 with an increase of 5%, followed by Endesa (3.17%), Fluidra (2.6%), Unicaja (1.95%), Amadeus (1.85 %), BBVA (1.83%), Sacyr (1.69%) and Indra (1.59%).

On the other hand, only five stocks closed with falls: Grifols (-11.27%), Cellnex (-1.63%), Naturgy (-0.67%), Enagás (-0.38%) and Repsol ( -0.03%).

The positive evolution has been the common denominator in Europe: Frankfurt has added 0.1%; Paris 0.28%; London 0.43% and Milan 0.66%.

On the other hand, the president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, has expressed concern about the lack of listings on the stock market, although he has pointed out that it is a concern shared by all European supervisors and that it is something that must be addressed.

At the close of the Old Continent, a barrel of Brent was trading at $83.37 in the mid-session, 1.63% higher, while West Texas Intermediate (WTI) rose 2.18%, to $79.83. .

In the debt market, the yield on the Spanish bond with a 10-year maturity closed at 3.142% after subtracting three basis points. In this way, the risk premium against German debt stood at 82.3 basis points, compared to the 85.7 at which it closed on Tuesday.

In the foreign exchange market, the euro appreciated 0.5% against the dollar, waiting for the ECB, to reach an exchange rate of 1.091 dollars for each euro, unprecedented levels since the end of last January.