Tuesday, August 16

The Ibex 35 deflates: it only rises by 0.06% and 8,300 are in danger

After closing yesterday at the edge of 8,300, at this time it is approaching that level again, with a rise of just 0.06%, it stands at 8,305 points.

It is clear that in the coming weeks the news about the evolution of the pandemic and about the greater or lesser danger that the new variant of Covid-19 entails, the one baptized as Omicron, will be the factor that determines the behavior of equities. Investors fear more the possible measures that the authorities adopt to combat the virus, due to the negative impact that they may have on the already weakened economic recovery, than the virus itself. On the more positive side, yesterday two big pharma, Pfizer and Glaxo, pointed out that their vaccines and viral treatments appear to work well against Omicron. Furthermore, the majority of identified cases of this variant of the virus show mild symptoms or are asymptomatic.

The best in the IBEX 35 is for Solaria, Enagas and Iberdrola, which add 3% the first and close to 1.3% the two second. They thus stand at 16.31, 20.11 and 9.76 euros respectively. We also see increases of more than 1% for Acciona, MERLIN Properties, Indra and Melia Hotels.

On the negative side, the worst is for Banco Sabadell, which fell 3.41% to 0.5780 euros, Caixabank fell 1.64% and Almirall fell 1.30%. As for banking, Bankinter also fell 1.03%, Banco Santander dropped 0.81% and BBVA escaped the red with a 0.45% rise.

In another order of news of Ibex quotes, as published by Divacons Alphavalue, the manager Elliott Management Corporation enters the capital of the consumer subsidiary of Santander en EE.UU. Paul Singer’s Elhedge fund has acquired 4.1% of the capital of Santander Consumer USA, a package valued at around € 462 million.

The new US setback to Iberdrola leaves the purchase of PNM on the edge of the abyss. Three of the five members of the New Mexico Regulatory Commission oppose the operation due to the reputation of the Spanish company and governance problems, as El Confidencial points out.

Bankinter’s private banking area set itself the objective of increasing its BAI by + 40% in the next three years, as detailed yesterday by the director of this business, Joaquín Calvo-Sotelo.

In the Continuous Market, this Friday the largest increases were for CEVASA, 9.42% at 7.55 euros, Inmobiliaria del Sur rose 7.14% and Dominion rose 5.5%. In negative, falls for Berkeley Energia (-4.5%), UNICAJA (-2.55%) and Vocento (-2.5%).

In the news section, it has been learned that Global Dominion agrees to inject 50 million euros from Incus Capital into its renewable subsidiary.

Grupo Insur closes the issuance of a 30 mln euro 5-year bond at 4%.

Other markets

In Europe, the day also started with a bullish tone, but some indices have turned around. The DAX yields 0.05% in the 15,254 points, the FTSE 100 rises 0.16% in the 7,140, ​​the CAC 40 fell 0.12% to 6,787 points and the italian bag it rises just 0.01% in the 26,009. For its part, the EURO STOXX 50 fell 0.22% at 4,098 points.

The asian bags They fell this morning after Chinese trucking giant DiDi said it would be delisting in New York, renewing concerns over US-China tensions and technology regulation. However, at the end of the session Asia closed with general increases except for the Hang Seng. The Nikkei advances 1% to 28,029 points, the shanghai compound rises 0.94% to 3,607 and the SZSE Component adds 0.70% to the 14,869 points. On the other hand the Hang Seng de Hong Kong registers a fall of 0.61% to 23,642 points. The Kospi from Seoul adds up to 0.78%.

In China, the Chinese real estate developer Kaisa Group Holdings it failed to get the minimum 95% approval it needed from overseas bondholders to extend the maturity of a $ 400 million note due next week, increasing the risk of default. Kaisa now faces the possibility of defaulting on its 6.5% overseas bonds due December 7. Kaisa expected to exchange the $ 400 million of the 6.5% foreign bonds for new bonds due June 6, 2023 at the same interest rate if at least 95% of the holders accepted. It has not disclosed how many bondholders have accepted the offer. Shares in the promoter fell 9.8% to a record low of 0.92 Hong Kong dollars, pushing the share’s plunge so far this year to about 75%.

The wall street stock exchange, for its part, closed yesterday with strong increases, 1.82% for the DOW JONES Ind Average, at 34,639 points, the S&P 500 advanced 1.42% at 4,577 points and the NASDAQ 100 added 0.71 % at 15,990 points. Today the futures of the main American indices are trading the same: rises of 0.06% for the Dow Jones, while the S & P500 lost 0.08% and the Nasdaq fell 0.16%.

For their part, crude prices rise, spreading gains, after OPEC + said it would review supply additions before its next scheduled meeting if the omicron variant hits demand. Right now, Brent oil futures rose 2.50% to $ 71.40, while West Texas futures advanced 2.41% to $ 68.11 a barrel.

Last night the OPEC + surprised the markets by deciding continue with its production increases of 400,000 bpd planned for this month. OPEC + reserves the right to call an immediate meeting and change its mind if the omicron continues to drive down oil prices. This has made it dangerous to go short at these levels and the net effect has been the rise in prices, after the market immediately sold for the headline, before reading the fine print.

In the cryptocurrency market, Bitcoin rises 0.69% to $ 56,919.5.

In the EUR / USD pair, the euro rose 0.12% to 1.1313 greenbacks.

Economy and macro

Variation of unemployment in Spain: -74.4 k current vs -0.7 k previous. Unemployment registers a historic drop: 74,381 fewer unemployed. It is the minimum in a month of November since 2008. Memberships peaked until 19,752,358 and never before had so many permanent contracts been signed: 282,981.

According to the figures published by the National Institute of Statistics (INE), last October 5.13 million international tourists entered Spains, five times more than in 2020, but still far from the 7.58 million in that month of 2019, before the pandemic.

PMI data disappoint in Europe. The euro area composite PMI stood at 55.4 in November, above the previous 54.2 but less than the 55.8 expected. Data for France and Germany have also registered lower-than-expected readings. They are at 56.1 and 52.2 points respectively.

“The improvement in the pace of economic growth signaled by the euro zone PMI seems likely to be short-lived,” said Chris Williamson, an economist at IHS Markit. “Not only did demand growth weaken, but companies’ expectations for future growth also waned as concerns about the pandemic intensified again.”

Eurozone retail sales â ???? â ???? â ???? up 0.2% â ???? â ???? â ???? in Octoberâ ???? â ????, â ???? in line with expectations
Service sector activity in Spain accelerated in November at its fastest pace in three months, although new COVID-19 restrictions in other parts of Europe raised concerns for the future, a survey showed on Friday.

In the US, the focus is on the unemployment figure.

The Senate of The United States, controlled by Democrats, passed a bill on Thursday to fund the government until mid-February, avoiding the risk of a shutdown after overcoming a proposal by some Republicans to delay the vote in protest against the vaccine mandates.

Australia joined other countries in reporting community transmission of the omicron variant, a day after the variant was found in five US states, despite restrictions on international visitors.

Reference-www.estrategiasdeinversion.com

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