Saturday, June 25

The Ibex 35 resists at 8,500 but cuts 0.39%, weighed down by IAG and Aena

Bullish optimism falters again on the Spanish market. After two consecutive sessions of gains that have served for the stock market to recover part of what it lost since the end of November, today the selective Spanish is experiencing a slightly lower opening despite the goodnews about the omicron variant: early studies in South Africa and Sweden on the new strain show that booster doses of Pfizer’s vaccine are effective.

However, the IBEX 35 opens this Wednesday, a holiday in our country, with slight falls of 0.39% at 8,525.90. Within the selective, the biggest increases were for PharmaMar (0.91%), Almirall (0.84%) and Solaria (0.49%). On the other hand, the biggest drops were for IAG (-2.15%), Aena (-1.19%) and Melia Hotels (-1.14%).

In the field of business news and stock recommendations, Morgan Stanley raises the target price for Indra to 9.90 from 6.95; Indra’s shares are trading practically flat at the opening.

Citi reduces the valuation of ArcelorMittal and cuts the target price from 52 to 50. In the first minutes of the day, the steelmaker is trading 0.17% higher at 26.38.

Another cut by analysts is for Aena: HSBC cuts its target price from 167 to 151.12.

In the Continuous Market, the biggest increases came from Codere (5.82%), Pescanova (3%) and Ercros (2.74%). On the other hand, significant falls for Miquel y Costas (-2.76%), Alantra (-2.59%) and FCC (-1.31%).

Other markets

In Europe, open also lower. The DAX yields -0.32% in the 15,762, the FTSE 100 opens flat at 7,340, the CAC 40 it lost a slight 0.02% at 7,064.12 and the EURO STOXX 50 lost 0.18% to 4,268.45. For its part, italian bag falls by 0.38% in 27,034.

On Asia, the bulls have once again “taken control” of the session in Asia. Bulls have been imposed in most of the large squares of the continent, favoring indices such as the Japanese Nikkei or the Hang Seng de China have moved away from the lows that marked this month between 3 and 4%. The yuan continues to revalue, until reaching the € 0.139 per unit, again touching highs not seen since March 2016, after the two devaluations of the Chinese currency. With this rise, it has already accumulated a revaluation of more than 10% against the European currency so far this year. With the dollar, it marks the maximums of 2018.

Yesterday in Wall Street, the main indices of the US stock market end the session on Tuesday positive. The DOW JONES rose 1.40% to 35,719.43 points, the S&P 500 rallied 2.07% on the day, its biggest daily rise in the stock market since March, and reached 4,686.75 units. Finally, the NASDAQ rose 3.03% to 16,325.66 points. This Wednesday, American futures also arrive with increases of 0.10% for the Dow Jones, 0.19% for the S & P500 and 0.31% for the Nasdaq.

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.

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 falls. Specifically, the futures of the Brent trade with falls of 0.78% at 74.85 dollars per barrel, while those of the West Texas they yield 1% at $ 71.33.

In the cryptocurrency market, Bitcoin is slightly down 0.85% at $ 50,495.4. However, the forecasts for some analysts are good and they see that the recovery of 50,000 can make one think again about the forecasts of Bitcoin in the 100,000 dollars before the end of the year.

At by EUR / USD, the euro is trading 0.23% higher on 1.1289 greenbacks.

Agenda of the day

Although it is public holiday in Spain, the stock market continues its course. In any case, it will be a session with few references.

They wait appearances of various members of the ECB –Lagarde, Guindos and Schanabel- during the morning, but there will be no macro data of depth at the European level, with the exception of non-farm payrolls in France.

On USA, the data to follow will be the MBA mortgage application rate (Weekly) and IEA crude oil inventories.

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