Thursday, October 6

The Ibex 35 begins the last session of the exercise with falls

The IBEX 35 starts the day with a subtraction of 0.09% at 8,666 points. The worst is for Grifols, which fell 0.72% at 16.50 euros, Telefonica fell 0.70% at 3.8875 and Inmobiliaria Colonial fell 0.67% at 8.1350 euros.

On the positive side, the greatest advances in the opening are for Iberdrola, which rises 0.44% to 10.33 euros, IAG (Iberia) adds 0.35% to 1.7065 and Acciona advances 0.24% at 168.40 euros.

Within the Continuous Market, increases for Miquel and Costas, of 2.29%, Ecoemer increased 1.82% and GAM increased 1.70%. On the downside, Squirrel fell 5%, Adolfo Domínguez fell 4.58% and Nyesa Valores fell 4.25%.

In the European markets we see slight falls for the DAX, of 0.10% at 15,837 points, the CAC 40 yields 0.07% at 7,156 and the FTSE 100 falls 0.17% at 7,407 points. The Italian stock market opens flat and the EURO STOXX 50 rises 0.09%.

Thus begins the last session of the year in markets such as Spanish, German or Italian, among others – tomorrow the stock exchanges integrated in the Euronext open half a session and London and Wall Street are open all day – we expect an opening without a clear trend on the European stock markets, in an environment of very little activity. The macro agenda for the day is also very light, highlighting only the publication in the US this afternoon of the number of new requests for unemployment benefits corresponding to the previous week, a figure that is a good approximation of the behavior of weekly unemployment in the country, and of the index that measures the monthly evolution of private activity in the manufacturing and services sectors in the Chicago region, the well-known like Chicago PMI. In principle, we believe that none of these indicators will be able by itself to move the markets today, according to analysts at Link Securities.

During yesterday’s session, the most striking thing was the weakness shown by the sovereign bonds of the Eurozone, a fact that caused a general rebound in their returns and that had as main “victims” the stocks classified as growth, specifically those of the technology sector, which tend to behave badly when long-term interest rates rebound, since this penalizes their valuations.

“We understand that the weakness of bonds at a time when in many countries of the Eurozone are breaking records of “positive” by Covid-19 It implies that investors take it for granted that this new wave will not have such a negative impact on the performance of the economies of the region as was initially expected, “they point out from Link Securities.

Experts point out that the divergence it is showing the strong increase in infections in relation to the increase in hospitalizations and deaths from Covid-19 It seems to confirm the greater benignity of the Omicron variant in relation to previous variants, as well as the positive effect of vaccines, which are efficient in limiting severe cases of the disease. All this is leading investors “to look beyond” the current wave of the pandemic and to begin to discount a rebound in economic growth during the first months of 2022. The main conclusion of the markets seems to be that Covid-19 has It has come to stay and that will become an endemic disease with which we will have to live, just as it is done with the flu or with the other coronaviruses that affect humans.

A focus of focus on the eurozone in the new year will continue to be inflation. Euro zone inflation forecasts below 2% in 2023-2024 are exposed to both downside and upside risks, Bank of Italy Governor Ignazio Visco said on Thursday. “(Inflation forecasts) below 2% in 2023-24 are, of course, exposed to both downside and upside risks,” Visco, a member of the Governing Council of the European Central Bank, said in an interview with the Italian newspaper La Stampa.

The ECB raised its inflation forecast this month but cut its growth outlook for 2022 as the COVID-19 pandemic and supply chain disruptions are holding back the euro zone’s economic recovery.

In Wall Street yesterday’s session was more positive, which allowed both the S&P 500 and the Dow Jones to close setting new all-time highs; the seventieth year so far for the first and the forty-fifth for the second.

Specifically, the DOW JONES Ind Average closed 0.25% higher at 36,488 points, the S&P 500 added 0.14% to 4,793 and the NASDAQ 100 rose just 0.01% at 16,491 points.

The Nasdaq Composite, on the other hand, closed the day slightly lower, in a day of very low trading volume. On Wall Street yesterday it was the defensive-cut sectors / stocks that performed the best during the session, with equity real estate, healthcare and profits leading the gains. In the opposite direction, energy sector stocks did the worst, despite the upward turn in the price of oil during the session, after learning that US oil reserves had fallen more than expected. preceding week.

Other markets

Today we see a mixed sign for Asian stocks. The Nikkei at this time gives 0.40% at 28,791 points, we see increases for the Shanghai compound, 0.62% at 3,619, the SZSE Component advances 0.99% to 14,799 units, on the other hand the Hong Kong’s Hang Seng subtracts 0.03% from 23,080 points. Seoul’s Kospi fell 0.52% at 2,977 points.

As for oil, Brent futures dropped 0.47% at $ 78.83 and WTI futures dropped 0.43% at $ 76.23.

The euro yields 0.27% in relation to the greenback and is exchanged for 1.1317 EUR / USD.

Bitcoin starts the day with rises of just over 1.2% at $ 47,029.9.


The day begins with the publication in UK Nationwide Home Price Index. UK home prices rose 10.4% year-on-year in December, mortgage company Nationwide reported Thursday. The November data had shown a variation of + 10.0%. Compared to the previous month, prices rose by 1.0%, after a variation of + 0.9% in November. The Reuters poll had expected prices to rise 0.5% on the month before in December.

In our country the data of December CPI and the Bank of Spain will publish the current account balance. In USA, the focus of attention will be on the weekly claims for unemployment benefits.

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