Ibex 35 stuck at 9,200; BBVA once again leads the decline

Ibex 35 continues in sluggishness and fell again to 9,200 points

In the mid-session, the IBEX 35 fell 0.02% to 9,199.36. The biggest fall has once again come for BBVA, which is now losing 1.06%, after yesterday the bank was the most punished stock on the Ibex 35, after learning the results of the Turkish elections, which resulted in a narrow victory for the president. . country and the candidate for re-election, Recep Tayyip Erdogan. However, it is not enough to make him the winner, who takes the country through to the second round in two weeks.

It was followed by Acerinox, with a 0.88% drawdown, Bankinter and Caixabank lost a little over 0.5%.

Without excluding the bank, Banco Sabadell’s shares are among those that have suffered the most from the financial turmoil that continues to affect their price. Some analysts are shying away from the price until better prospects return, but there are experts who support its potential upside.

In the green, the biggest increases in the Ibex 35 are for Amadeus, 2%, Inmobiliaria Colonial, 1.37% and Melia Hotels, 1%.

Regarding the quarterly results weather, the market will have to digest the report of Inmobiliaria Colonial, which will present its accounts after market close today. Society Achieved a net result of 28 million euros in the first quarter of the yearWhich means matching the figure with respect to the same period last year with an increase of 3% in the rent signed in office contracts compared to the data at the end of 2022.

Specifically, it formalized 25 office rental contracts with a total space of 45,860 square meters in the first three months of 2023, a total of two fewer contracts and nearly 5,000 square meters of rents down from a year earlier.

Iberdrola is another hero after the newspaper Expansion has published that it is exploring selling up to 50% of its renewable energy in the US. The electric company will study the entry of a partner into Avangrid’s wind and solar plants, totaling approximately 28,000 MW, and will aspire to a valuation of 10,000 million for 100%. Meanwhile it has been published. secretThe US Supreme Court decided by mid-September on the purchase of PNM resources by Avangrid, a subsidiary of Iberdrola.

Investors need to pay attention to the valuation of Melia Hotels. Price is suffering on the parquet floor as it presented its quarterly results, though analysts still give it an upside potential of 14.5%.

In the Continuous Market, one of the main characters of the day is AmRest. The restaurant operator has closed the sale of its KFC restaurant business in Russia to SmartService for 100 million euros, subject to prior conditions being met.

Through this transaction, AmRest has definitively ceased all of its operations and corporate presence in Russia, as reported by the company to the National Securities Market Commission (CNMV). The restaurant operator, which has already received €100 million in payments from SmartService, calculates that the operation could generate a consolidated net profit of €4 million.

Another stock to watch is NH Hotels, which in recent weeks has emerged as one of the best buys on the continuous market so far this year. All this due to the intention of its majority partner to increase its presence to almost all of its capital and delist it from the stock market, but without possibly launching a takeover bid.

The day presents an in-depth macroeconomic agenda, including a battery of data in China, “among which we will highlight industrial production and retail sales for the month of April and on both counts, although they have made significant progress, somewhat higher than analysts expected, pointing to a slower than projected recovery of the Chinese economy,” he says. Juan J. Fernandez-Figueres, Link to Gasteone,

In addition, this morning the second estimate of the region’s GDP for the first quarter will be published in the eurozone, as well as the ZEW index for Germany for the month of May, indices that measure people’s sentiments about the present and the future. . Large investors and analysts expect the state of the German economy to ease slightly in relation to its levels in April. In the afternoon, and in the US, the publication of the always relevant figures for retail sales, for the month of April, as well as industrial production for the same month, will stand out.

“However, and despite the relevance of these figures, Markets will focus on talks between Republicans and Democrats to prevent America from defaultingThe talks that we do not expect, at the moment, to reach a definitive agreement, says Fernández-Figares. “Until this issue is resolved, European and US stock markets will not be able to recover the upward trend, there is a real risk that if no agreement is eventually reached, a scenario we not yet considered, the stock markets will face a drastic correction”.

At the moment, as in the rest of the European stock markets, the DAX is trying to turn upside down, and is currently up 0.05%, similar to the CAC 40, which is down 0.02%. On the other hand, the Euro STOXX 50 rose 0.06% to close at 4,319.05 points.

During the Asian session, stocks were mostly flat despite weaker-than-expected Chinese economic data as investors hoped the world’s second-largest economy would support its monetary policy. In Japan, the Nikkei 225 index in Tokyo closed at 29,842, up 0.73%.

Wall Street futures point to a lower start to the session on Tuesday, after the main indexes managed to close higher yesterday, with the Nasdaq leading the way with gains.

In commodity markets, oil prices rose for the second day in a row, as US plans to buy oil for its strategic petroleum reserve and devastating fires in Canada fueled supply concerns. Benchmark Brent oil in Europe remained close to $75 per barrel, while US West Texas crude was struggling to move above $71.

In fixed income, the yield on the Spanish ten-year debt bond fell to 3.329%, leaving a risk premium of 107 basis points over its German counterpart. On the other side of the Atlantic, the benchmark ten-year US bond offers a secondary market yield of 3.477%.