The Spanish indicator adds five days above 11,300 integers


This Thursday, the Ibex 35 recorded its third consecutive closing in losses, recording a fall of 0.16%, reaching 11,311.1 points – a level that it managed to save at the last moment after the closing auction -, in a day in which macroeconomic references and interest rate prospects have returned strongly thanks to activity indicators and central banks.

Despite having a three-session decline, the truth is that the Spanish index has barely detached itself these days from last Friday’s closing levels, since since then it has only suffered a cumulative depreciation of 0.15%.

This Thursday’s trading has been similar to the development of the week: for a good part of the trading the index has remained stable at yesterday’s closing levels, around 11,330 points, and, despite the fact that in the last section He has fallen more decisively and it seemed that he was going to lose 11,300 points, he has managed to moderate the setbacks and save that level at the last moment.

Analysts have highlighted this day two references that come from the United States and were known yesterday at the close of the European stock markets: on the one hand, Nvidia has once again exceeded expectations by obtaining a net profit of 14,881 million dollars (about 13,747 million of euros) in the first quarter of its fiscal year (from February to April), which means multiplying by more than seven the profits of 2,043 million dollars (1,887 million euros) that it achieved in the same period of the previous year (628 %).

In addition, the minutes of the last meeting, held at the beginning of May, of the US Federal Reserve (Fed) were published, which reiterated that they reflect the perception of central bankers that inflation had not evolved during the first quarter in the same way. in which they expected.

“However, the data after the Fed meeting have shown a slowdown in both prices and the labor market and private consumption,” say Renta 4 analysts, who maintain their forecast of two rate cuts. in 2024, starting after the summer.

On the other hand, in Europe, the cut would begin in June, as the vice president of the European Central Bank (ECB), Luis de Guindos, made clear today. The next meeting of the institution is scheduled for June 6 and an adjustment of 25 basis points is expected.

“We are adopting a prudent approach, which would favor a reduction of 25 basis points,” the Spanish economist specifically noted in an interview with the Austrian newspaper ‘Oberösterreichische Nachrichten’, in which he underlines that the ECB has not made any decision on the number of interest rate cuts or their magnitude given the high degree of uncertainty.

Within the framework of economic activity indicators, the activity of the private sector of the eurozone has accelerated in May to twelve-month highs, according to the preliminary reading of the composite purchasing managers index (PMI), which has reached 52, 3 points from 51.7 the previous month.

In the fifth month of the year, the manufacturing PMI has improved to 47.4 points from 45.7 in April, its highest level in 15 months, although still showing a contraction in activity, while the preliminary data of the PMI of the services sector has remained stable at 53.3 points.

For its part, the PMI indicator for the United States expanded at the highest rate in two years, standing at 54.4 points in May compared to 51.3 in April. The manufacturing sector rose from 50 to 50.9 and the services sector soared from 51.3 to 54.8 points.

In the Spanish business field, OHLA published its accounts for the first quarter of the year before the market opened, when it recorded net losses of 4.7 million euros, a figure 39.7% lower than the negative result of 7. 8 million euros that it obtained in the same period of 2023.

For its part, Técnicas Reunidas expects to multiply its operating result (Ebit) by more than two in the coming years, reaching around 380 million euros in 2028, compared to 157 million at the end of 2023, and will recover the dividend in 2026, with an initial pay-out of 30%.

Precisely, the shares of Técnicas Reunidas have soared by 22% this Thursday on the stock market, with its shares standing close to 12 euros, which has led it to preside over the gains in the continuous market.

Likewise, it is worth noting that the CEO of Banco Sabadell, César González-Bueno, has expressed his confidence that the evolution of the share price will dissuade shareholders from going to the takeover bid (OPA) announced by BBVA.

Regarding the Ibex 35, the biggest increases at the close of the session have been for Solaria (2.4%), Inditex (1.6%), Rovi (1.35%), Unicaja (0.97%), Repsol ( 0.88%) and Caixabank (0.79%). On the other hand, the most notable falls have been those of Merlin (-2.21%), Endesa (-1.73%), IAG (-1.56%), Sacyr (-1.35%) and Iberdrola (-1.34%).

Contrary to the Ibex, slight advances have predominated in most of the rest of the reference European stock markets: Milan has added 0.02%; Frankfurt 0.06% and Paris 0.13%. London has joined Madrid in the losses by subtracting 0.37%.

The price of a barrel of Brent quality oil, a reference for the Old Continent, fell 0.6% at closing time, to 81.4 dollars, while Texas stood at 76.9 dollars, a 0.85% less.

In the foreign exchange market, the price of the euro against the dollar remained unchanged at the close at 1,083 dollars – although it reached 1,086 dollars during the day -, while in the debt market the interest required on the Spanish bond The 10-year bond closed at 3.348% after adding half a tenth, with the risk premium (the differential with the German bond) at 75.3 points.