Saturday, June 25

Tourist values ​​weigh on the Ibex, which falls below 8,500

The news around Covid continues to move the markets. Yesterday the news was known that a treatment of three injections of the COVID-19 vaccine from BioNTech and Pfizer was able to neutralize the new omicron variant in a laboratory test, however all of Europe, including Spain, closed down, before the Investors fear the announcements of new restrictions by some authorities to combat the pandemic.

Britain’s decision to impose restrictions to curb the spread of the omicron variant of the new coronavirus will likely avoid the need for much stricter controls in the new year, Health Secretary Sajid Javid said on Thursday.

This Thursday, the Spanish selective opens downward on a day in which the IBEX 35 Technical Advisory Committee holds a regular meeting to adjust possible changes in the composition of the selective, and four values ​​resonate as possible candidates to become part of the club 35.

Specifically, the IBEX 35 falls at this time by 0.39% at 8,445 points. The worst within the IBEX 35 is for IAG (Iberia), which leaves 2.53% at 1.6165 euros. Aena fell 1.95% at 130.80 euros and Meliá fell 1.63% at 5.9260 euros.

On the positive, advances for MERLIN Properties, which increased 2.04% to 9.8920 euros, Cellnex increased 1.50% to 52.68 euros and Inmobiliaria Colonial increased 1.26% to 8.06 euros.

For its part, the entire bank of the Ibex 35 opened in red and some values ​​have turned around: Caixabank, rises 0.08%, BBVA, also 0.08%, Bankinter added 0.32% and Banco Sabadell increased 0.67%. Banco Santander remains negative, leaving 0.56%.

In the order of business news, note that today is the last day to request the cash collection of the dividend from Telefonica

In the Continuous Market, the largest increases were for Airtificial, 4.22% at 0.0938 euros, Clinica Baviera increased 3.63% and Codere advanced 3.39%. In negative, falls for Innovative Solutions, of 4.65%, Nyesa Valores cut 4.44% and Berkeley Energia fell 3.34%.

Within the Continuous Market, it should be noted that today Aperam pays dividend (0.3719 euros gross per share). At the open, Aperam is trading slightly down 0.04%.

Why the falls?

Link Securities analysts point out that, until the release of the US CPI figure for November, investors are likely to choose prudence. They point out that this inflation data can greatly condition what the Federal Reserve (Fed) decides to do in terms of monetary policy at the meeting that its Federal Open Market Committee (FOMC) will hold on Tuesday and Wednesday. In principle, it is expected that the Fed will choose to accelerate the process of reducing bond purchases, to terminate it as soon as in March -before it was considered as a date of completion in June-. The sharp fall in long-term Treasury prices yesterday and the subsequent rise in their yields seems to confirm this possible scenario.

What’s more, Next week the Governing Council of the ECB and the Monetary Policy Committee of the Bank of England (BoE) also meet, meetings to be held on Thursday and in which both governing bodies face a difficult ballot: to toughen their monetary policies to try to control inflation, with the negative impact that this would have on economies in sharp slowdown or, on the contrary, let inflation “run” and maintain its current accommodative policies, a decision that also carries a high risk, since the Inflation in the long run also penalizes economic growth. Hence, until the outcome of the meetings of the three major central banks is known, many investors choose to be prudent.

Politics and macro

The German exports They are up 4.1% in monthly and seasonally adjusted terms in October, higher than expected, the federal statistics office said on Thursday. The September data had shown a variation of -0.7%. A Reuters poll of analysts had forecast the figure to rise 0.9% in October. For its part, the number of imports rose 5.0%, after an increase of 0.1% in September.

The Central Bank of Brazil (BCB) on Wednesday raised the country’s basic interest rate by 1.5 percentage points, to 9.25% per year, its highest level since 2017, in an attempt to curb rising inflation, and despite the increase in the cost of money it may exacerbate the country’s current recession.

The China’s consumer price index (CPI) it increased by 2.3% year-on-year in November, 0.8 points more than in October. After five months of constant slowdown, the CPI accelerated from 0.7% in September to 1.5% the following month, and from there to 2.3% in November, which is already the highest year-on-year advance so far. of the year, according to the data published today by the National Statistics Office (ONE). For its part, the producer price index (PPI), which measures wholesale inflation, moderated its slight increase to 12.9%, 0.6 points less than in October after two consecutive months pulverizing its historical records.

Turkish President Recep Tayyip Erdogan has reiterated his call for the Bank of Turkey (CBRT) to lower rates again at the December meeting. The cuts in the interests of the entity has taken to historical lows to the Turkish lira. In a few weeks, the CBRT has twice had to come to the rescue by selling foreign currency. Inflation in the country already exceeds 20%.

Other markets

For its part, Europe The day started in green, but some indices have already turned around: the DAX cut 0.20% to 15,653 points, the FTSE 100 fell 0.06% to 7,333 points and the Euro Stoxx 50 lost 0 , 25% in the 4,222 points. The CAC 40, which rose 0.04%, and the FTSE MIB, with advances of 0.24%, continue to be positive.

On Asia, widespread rises today except for Japan’s Nikkei index. The Tokyo index It cuts 0.47% to 28,725 points, after the publication of the M2 money supply data in Japan, which has remained at 4%, from the previous 4.2% and below the 4.1% expected. In the rest of the indices we see generalized increases, of 0.98% in the 3,673 points for the Shanghai Composite, the SZSE Component adds 1.15% to 15,137 units, the Hang Seng de Hong Kong rises 1.06% in the 24,250 integers and the Kospi from Seoul adds 0.93% to 3,029 points.

On Wall Street, yesterday the US indices closed positive for the third consecutive day, with moderate increases: the Dow Jones rose 0.10% to 35,754.75 points, the S&P 500 added 0.31% to 4,701.21 and the Nasdaq 100 ended the day with increases of 0.42% at 16,394.34 units. This Thursday, lAmerican futures are trading slightly down 0.03% for the Nasdaq and S & P500, and 0.05% for the Dow jonex.

The oil prices they rose again overnight, albeit at a much more modest pace, in line with price developments in equity markets. At this time, they are also stained red: Brent futures fell 0.47% at $ 75.46, while West Texas lost 0.25% at $ 72.17.

The OPEC + it raised its production by 500,000 b / d in November despite the strong uncertainty generated by Ómicron, according to an S&P report. On the other hand, Mohamed Barkindo, Secretary General of OPEC, said: “High prices, imbalances and lack of supplies are affecting energy markets.” In another news order, IEA inventories fall less than the market consensus expected. IEA crude oil inventories: -0.240M vs -1.705M expected (-0.910M prior). SPR (Strategic Petroleum Reserves) reserves fall to their lowest level since May 2003.

The EUR/USD it falls back in its relation to the dollar, 0.21%, at 1.1319 greenbacks today.

In the cryptocurrency market, Bitcoin falls more than 2% at $ 49,426.10.

Agenda of the day

Few references this Thursday post-holiday for the investor, who will be awaiting the last meeting that the Ibex 35 Technical Advisory Committee will hold this year and from which it is unknown if there will be any change in the index. In Spain, the debate in the Senate of the 2022 Budget project also stands out.

To be hours the China CPI and the Germany’s trade balance for October.

For its part, in USA the focus of attention will be on the new requests for unemployment benefits.

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