Sunday, July 3

The Ibex 35 leads the falls in a bearish session in European stocks

Sharp fall for European stocks at the opening derived from the spread of the omicron variant, which is causing different economies to take measures to restrict mobility. And it is that the fact that the vaccines are not sterilizing causes that those vaccinated can continue to infect, which is what is happening throughout Europe, even in countries that, like Spain, have reached vaccination levels close to 90% of the population objective.

A) Yes, Although it is evident that vaccines do not prevent the transmission of the virus, they do have a positive effect in curbing hospital pressure and mortality from Covid -19. “In this sense, the best thing that could happen at this point in the pandemic is that Omicron is actually more transmissible but that it generates weaker symptoms, something that in countries where it is already prevalent or is about to become so seems to be it is already demonstrating that, with records of positives, not sick, the levels of hospitalization and deaths are much lower than those of previous waves “, acknowledges Link Securities. That is why, if Omicron finally becomes the prevalent variant of the virus, “we could be closer to the beginning of the end of the pandemic”, since Covid-19 would end up becoming one more endemic disease.

The Bundesbank (Central Bank of Germany) significantly revised upward inflation forecasts for the German country, anticipating an escalation to + 3.6% in 2022, while it lowered its growth expectations as a result of the effect of the coronavirus in late 2021 and early 2022. The entity now expects harmonized inflation in Germany to close 2021 at + 3.2%, six tenths more than expected in June , and warned that the rise in prices will accelerate in 2022 to + 3.6%, compared to the + 2.6% previously expected.

At the business level, the Danish firm Novo Nordisk has reported that its contractor, Wegovy, has supply problems and will affect products such as GLP-1 against obesity. This will delay expected expectations.

Analysts at Divacons Alphavalue acknowledge that the Serbian authorities have suspended the development of a lithium mine in which Rio Tinto plans to invest up to $ 2.4 billion. The move follows demands from environmental activists. An official statement has not yet emerged.

The Italian luxury group, Ermenegildo Zegna, debuts today on the stock market after absorbing a SPAC in New York (3,200 million dollars). This puts an end to 100 years of private property. With this operation, they hope to raise about 880 million and use the funds to strengthen Zegna’s menswear business, both organically and inorganically. The Zegna family will continue to have control of the group they founded in 1910 after taking it public, as they will maintain a stake of approximately 62 percent.

The German financial institution announced on Friday the agreement to sell its subsidiary in Hungary to ERSTE GROUP. The transaction is subject to the approval of the banking and antitrust supervisory authorities. It was agreed not to disclose the purchase price. The closing of the sale and therefore the start of the operational implementation of the transaction is scheduled for the second semester.

The British bank was fined £ 63.9 million by the UK’s Financial Conduct Authority (FCA) due to the deficient control measures in the processes against money laundering applied by the entity between 2010 and 2018.

That is why the impact on the world economy is expected to be smaller and of short duration, although it will not prevent many companies, especially in the services sector, from being forced to lower their expectations of results in the face of a worse Christmas campaign. than expected due to restrictions. Something that can weigh down the behavior of the stock markets in the short term.

The price of oil falls sharply. West Texas yields more than 3.4% to $ 68.41. The Brent yields more than 2.7%, on the 71.49 dollars. In the currency market, the euro rose slightly above 1.1259 dollars.

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