Sunday, July 3

The Ibex 35 loses in its fight to maintain the 8,500, with only 9 values ​​on the rise

The IBEX 35 fight She seemed to be focused today on one goal, to maintain the 8,500 points, and she has lost it. The selective opened the session this morning with slight falls of 0.39% at 8,525. However, as the day progressed, the Ibex was a prisoner of volatility again, hitting intraday lows of 8,465 and highs of 8,577 points. At the end of the session, the main Spanish stock index closed with falls of 0.95% in the 8,478.40.

The good news about the omicron variant has not been enough to make the Ibex hold up. And it is that today Pfizer has communicated, together with BioNTech, that initial laboratory studies show that a third dose of its Covid-19 vaccine neutralizes the Omicron variant, results that will accelerate reinforcement campaigns around the world. A booster with the current version of the vaccine raises antibodies 25-fold, providing a level similar to that seen after two doses against the parent virus and other variants, the companies said. The so-called T cells still provide protection against serious diseases, they said. However, the partners said they are confident that they will have a specific version of the Omicron vaccine ready for delivery in March 2022.

Uncertainty about the efficacy of the vaccine against the new variant has fueled market volatility and led to travel restrictions since Ómicron was identified in southern Africa last month. “From this preliminary data, it is clear that protection improves with a third dose,” said the Pfizer CEO. Albert Bourla in a statement. Initial data shows that a third dose could still offer sufficient protection against illnesses stemming from the virus, said BioNTech CEO Ugur Sahin. The data is preliminary, as partners continue to study the new variant. People vaccinated with two doses may still be protected against severe forms of Covid from the Omicron variant, thanks to T cells that are unaffected by the variant mutations, the companies said.

All in all, within the selective, the biggest drops at closing have been for Inditex (-2.90%), Banco Santander (-2.48%) and Acciona (-1.67%).

On the other hand, the most important increases were for BBVA (1.36%), MERLIN Properties (1.04%) and Melia Hotels (1.01%). In fact, of all the selective Spanish sOnly 9 stocks have saved the day and have closed in green: in addition to these three, Colonial, Grifols, Solaria, Enagas, Cellnex and Red Elétrica.

In the Continuous Market, the greatest increases have been for Codere (5.99%), Bodegas Riojanas (5.63% and Aperam (4.16%). Clinica Baviera, Global Dominion and Mediaset have taken the worst part today with decreases of between 2.5 and 2.3%.

In Europe, the day is also down. The DAX has lost 0.79% in the 15,688.55, the FTSE 100 slightly yields 0.08% in the 7,334.1, the CAC 40 0.72% remains at 7,014.5 and the EURO STOXX 50 loses 0.99% at 4,234.0. For its part, italian bag it fell 1.38% at the close.

Politics and macro

The Organization for Economic Cooperation and Development (OECD) has warned of the impact that the aging of the population will have on the “financial sustainability” of the Spanish pension system, According to the annex for Spain of the biennial report ‘Pensions at a glance’, published this Wednesday. The document explains that the income of those over 65 is equivalent to around 96% of the average income of the total population, which is eight percentage points more than in the OECD as a whole. Furthermore, in Spain this ratio has grown by 11 points compared to 2000, which means that the income of the elderly has grown at a higher ratio than that of the rest.

The president of Banco Central Europeo (ECB), Christine Lagarde, has warned that climate change and cyber risks are threats that “could profoundly affect financial stability”, which is why he has urged a collective effort and take action in the present before the risks materialize. At the annual conference of the European Systemic Risk Board (ESRB), the President of the ECB pointed out that the impact of climate change on financial stability depends on whether the most extreme climate scenarios are avoided and whether a transition is carried out neat.

Investment firm Allianz Global Investors believes that the inflation will last longer than financial markets and many investors anticipate and that only a part of this rise in prices will be temporary. This was highlighted by the director of Global Economics and Strategy at Allianz Global Investors, Stefan Hofrichter, and the firm’s senior economist, Martin Hochstein, in a recently published report.

The Western and Central Pacific Fisheries Commission (WCPFC) has concluded with the adoption of a new measure that guarantees European Union vessels the use of 403 days of fishing on the high seas and consolidates the presence of the four Spanish tuna vessels operating in the area, considered the main tropical tuna catch area. As reported by the Ministry of Agriculture in a statement, the new management measure adopted at its 18th annual meeting, held by videoconference from November 29 to the early morning of December 7, will be applicable from February 16, 2022 to February 15 of 2024.

The Vice President of the European Central Bank (ECB), Luis de Guindos, has underlined the need to have a macroprudential policy framework for non-bank financial institutions more comprehensive to help ensure that these entities are more resilient and can provide a more stable source of funding for the real economy. This was made clear during the V Annual Conference of the European Systemic Risk Board (ESRB), in which De Guindos highlighted that the non-banking financial sector has grown considerably over the last decade and has become an important source financing for the real economy.

The ministers of Economy and Finance of the European Union (Ecofin) reached an agreement yesterday to make the common rules on VAT so that governments are given more freedom to set VAT rates, including reduced VAT.

The president of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, has stated that “as we emerge from the pandemic, the Credit risk will be high on the ECB’s agenda. A possible decline in asset quality requires supervisory attention. Several leading indicators point to future asset quality degradation. We will continue to pressure banks to accurately classify loans and recognize declining asset quality in a timely manner. ” Also noteworthy are the statements of Peter Kazimir and Madis Muller, members of the Governing Council of the ECB. Kazimir pointed out: “Inflation expectations in the medium and long term continue to trend upward. The APP is the key instrument for when the PEPP ends, we must maintain our commitment to the APP in the short term. For his part, Muller stated: “It will take longer than expected for inflation to relax. Risks to inflation are more pronounced to the upside. We must not commit to exact levels of bond purchases, we need flexibility depending on the circumstances “

The eurozone economy confirmed growth of + 2.2% (quarterly) in 3Q21. 3Q21 GDP (quarterly): 2.2% vs 2.2% previously and vs 2.2% expected. 3Q21 GDP (YoY): + 3.9% vs + 3.7% previously and vs + 3.7% expected. Employment growth in 3Q21: + 0.9% vs + 0.9% previously and vs + 0.9% expected.

The ministers of Economy and Finance of the European Union (Ecofin) yesterday gave their support to the economic vice president, Nadia Calviño, as European candidate to the International Monetary and Financial Committee (IMFC), which advises and reports to the Board of Governors of the International Monetary Fund (IMF).

Other markets

On Wall Street, The main indices of the US stock market have opened with a mixed sign. Specifically, the DOW JONES has opened with increases of 0.11% at 35,757 points and the S&P 500 rebounding a slight 0.03% to 4,688.23, while the NASDAQ lost 0.22% at 15,652, 74. In addition, yesterday there was also favorable news in the American political arena. Thus, in the afternoon it became known that the Republican and Democratic leaders had reached an agreement to allow the Democrats to raise the debt ceiling in the Senate (upper house of the US Congress). Subsequently, the House of Representatives (lower house of Congress) approved a bill that paves the way for Congress as a whole to proceed to increase the debt ceiling – it is said that the increase will last until after the legislative elections mid-term, to be held in November 2022-. This will finally prevent the US Treasury from running out of resources in mid-December, with the risk that this would have entailed that the country would not have been able to meet its debt payment commitments.

Today it is known that the gross domestic product (GDP) of Japan registered a 0.9% contraction in the third quarter of the year compared to the second quarter of the year, in which it grew 0.4%, which is a revision of one tenth higher than the initial estimate, according to the revised data of the Cabinet Office of Japan.

The Hardly, known as the fear index, yesterday registered a severe decline to reach its lowest level so far this month. The selective, in fact, fell to 21.8 points, a level that is slightly above the average registered over the last 12 months, which is slightly below 20 points.

At oil market, crude oil brings increases at this time. Specifically, the futures of the Brent are trading 0.16% higher at $ 75.56, while those of the West Texas They rebounded slightly by 0.06% in the 72.09.

In the cryptocurrency market, Bitcoin gives 1.97% to $ 50,718.6.

At by EUR / USD, the euro is trading 0.63% higher on the 1.1335 greenbacks.

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