The majority of the lost ground was concentrated this Friday with a decline of 0.58%


The Ibex 35 broke its streak of two consecutive weeks on the rise this Friday by signing a weekly drop of 0.72%, reaching 11,246 points, in a week of correction and profit-taking for the majority of the selective securities. while investors digest the latest battery of macroeconomic data to try to elucidate the next steps of central banks.

Going into the details of the week, the truth is that the main indicator of the Spanish market has barely detached itself until today from the closing levels of last Friday (at the close of Thursday, the indicator only presented an accumulated depreciation of 0.15 % after chaining several days practically in a draw).

The XTB analyst, Manuel Pinto, has assessed the weekly evolution of the market that the first doubts have appeared so far this year regarding the good macroeconomic evolution, which offers a scenario of higher rates for longer.

Something that draws attention especially in the case of Europe, has had an impact, as it considers that “the probabilities of rate cuts by the European Central Bank (ECB) have been drastically reduced”, since the market places the first rate cut at the meeting in early June.

This conclusion is established since yesterday, within the framework of economic activity indicators, it was known that the activity of the private sector in the eurozone accelerated in May to twelve-month highs, according to the preliminary reading of the composite index of asset managers. purchase (PMI), after reaching 52.3 points from 51.7 the previous month.

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

Furthermore, Pinto recalled that “another point of conflict” for the evolution of monetary policy are salaries, as they have risen in the last month “well above what was expected, which adds some pressure on the medium term. inflation”.

Regarding the United States, the tone is similar since, according to the expert, the minutes of the Federal Reserve (Fed) increase doubts about the next move to be made and its next steps: “At this time only a cut is expected of rates for the remainder of the year,” he has forecast accordingly.

In that geography, 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.

Regarding the US market, Nvidia’s accounts in its first fiscal quarter have stood out, a period in which they tripled their income and sevenfolded their profit, up to 13,747 million euros.

In the weekly count, the advances of the Ibex 35 have been led by Rovi (5.96%), Caixabank (4.6%), Bankinter (3.15%), Inditex (2.67%) and ACS (2. 51%). On the other hand, the declines have been led by Sacyr (-7.24%), Acciona (-5.31%), Cellnex (-5.13%) and Mapfre (-5.12%).

Regarding this Friday’s trading, in which the Ibex dropped 0.58%, the negative tone has predominated, although the losses have moderated in the final stretch of the day and the indicator has managed to easily overcome the level of the 11,200 points that he lost in the early stages of the morning.

This Friday, investors have been paying attention to Sacyr, which has raised 222 million euros in the capital increase that it launched this Thursday afternoon with the aim of promoting the development of its highway concession projects around the world.

Likewise, it is worth noting that Acciona Energía lowered yesterday – with the market already closed – the forecasts announced at the beginning of the year regarding the gross operating result (Ebitda) that it will register for the entire year 2024, due to the current price forecasts. and lower production than expected.

On the other hand, a few minutes after the market opening, CriteriaCaixa, the industrial arm of the la Caixa Banking Foundation, has reached a 9.4% stake in ACS for an amount of 983 million euros, which will allow the entry of Isidro Fainé, president of Criteria, on the construction company’s board of directors.

In this context, ACS has been the stock with the best performance on the Stock Market on the day, adding 2.77%, followed by Rovi (1.61%) and Enagás (0.94%). At the opposite extreme, Acciona (-7.13%), Sacyr (-6.58%) and Acciona Energía (-5.29%) have appeared.

Regarding the stock market performance in the week of the rest of the European markets, the falls have been the common denominator: Frankfurt has subtracted 0.06%; London 0.74%; Paris 0.89% and Milan 2.57%.

For its part, a barrel of Brent experienced a decrease of 2.2% in the week, to 82.1 dollars, while West Texas Intermediate (WTI) stood at 77.65 dollars, 2.4% less .

In the debt market, the yield on the Spanish bond with a 10-year maturity has closed at 3.342% after adding almost one tenth in the week. In this way, the risk premium against German debt rose by two tenths, to 76 basis points.

In the foreign exchange market, the euro depreciated 0.15% since last Friday against the dollar, reaching an exchange rate of 1.0853 ‘greenbacks’ for each unit of the community currency.

The troy ounce of gold, which reached record highs on Monday at $2,450, has lost strength during the week and fell 3.33% cumulatively, to $2,334 at closing time in Europe.

On the other hand, the United States Securities and Exchange Commission (SEC) has given the ‘green light’ to the regulatory changes necessary for the implementation of ETFs or ether spot exchange traded funds, which will allow expanding the scope of the investment in crypto assets.

After that, Ethereum added almost 20% in the weekly count, up to $3,675, while Bitcoin, the best-known and most valuable cryptocurrency, added 3% in the same period, up to $68,100 (although it has reached trading at the beginning of the week at around $72,000).

Next week, attention will focus on inflation data (May CPI in the Eurozone and underlying private consumption deflator in the US), which will offer the most up-to-date view of prices, relevant for their impact on monetary policies. of the central banks, according to Renta 4 analyst, Eduardo Imedio.

Likewise, he explained that, in terms of economic activity, attention will be on leading cycle indicators (PMIs in China, German IFO, consumer confidence in the US), also determining factors in knowing the timing of the global economic cycle.