The Ibex 35 closes the week with losses despite the comeback this Friday

The IBEX 35 has finally risen 0.82% to 9,191.10 points in the day of this Friday, but in the whole of the week it leaves 0.65% compared to the 9,251.50 points at the close of last Friday.

The biggest rises today have been for Fluidra, with an increase of 2.24%, compared to the 2.01% that ArcelorMittal has recorded. Regarding the falls, the greatest punishment has been for Solaria, which has closed with a decrease of 1.12%. Bankinter has fallen by 0.62%.

Indra will increase the number of seats on its board of directors from 14 to 16 and will appoint two independent directors, María Ángeles Santamaría Martín and Elena García Armada, while Pablo Jiménez de Parga will enter the highest decision-making body of the technology firm and Defense on behalf of Amber Capital, the fund led by Joseph Oughourlian, Prisa’s top shareholder.

Another leading value of the day was Cellnex, after its new president, Anne Bouverot, seems to have closed the door to a possible takeover bid with which the market had been rumored in recent months in an interview with Expansión. Analysts point out that the value continues to have potential within the Ibex 35.

As for the analysts’ recommendations, today the spotlight has turned to the financial sector, after Barclays analysts have started covering Caixabank, BBVA and Banco Sabadell. The first of them is his main bet, with an overweight board and an upside potential of more than 40%.

If the focus is on technical analysis, an interesting stock to watch is ArcelorMittal. The steelmaker’s price is proposing a triple bottom pattern. In order to have a sign of strength, we monitor the violation of the medium-term downtrend line, as well as the critical point of the figure, located at 25.18 euros per share.

Outside of Spain, the advances in most European stock markets also dominate. The EURO STOXX 50 rises 1.62% to 4,338 points, while the German DAX registers 1.21%. In Paris, the CAC 40 is up 1.24%, while in London the FTSE 100 is up 0.74%.

Investors are also leaning towards a rebound on Wall Street, although it seems too late for the Dow Jones to save the week with a positive balance. Today all eyes are still on the negotiations on the debt ceiling in the US. House Speaker Kevin McCarthy left the Capitol Thursday night stating that no deal had yet been reached. However, Reuters reported, citing a US official, that the White House and McCarthy are close to reaching an agreement that would raise the US debt ceiling for two years. The information added that most of the spending would be capped as part of the deal.

Treasury Secretary Janet Yellen has warned several times that the US could default on its debt on June 1 if the debt ceiling is not raised.

In the macroeconomic section, investors learned first thing in the morning that the number of mortgages constituted on homes fell by 15.7% last March compared to the same month of 2022, up to 36,182 loans, according to data released this Friday by the National Institute of Statistics (INE). Meanwhile, Social Security allocated in the month of May the record amount of 11,974.3 million euros to the payment of contributory pensions, 10.7% more than in the same month of 2022, after its revaluation by 8.5% for this year, as reported this Friday by the Ministry of Inclusion, Social Security and Migrations.

However, the main reference has also been made in the US, once again showing that inflation continues unabated, potentially bolstering the chances that interest rates will stay higher for longeraccording to one of the indicators most followed by the Federal Reserve.

The personal consumption expenditures price index, which measures a range of goods and services and adjusts for changes in consumer behaviour, rose 0.4% in the month excluding food and grocery costs. energy, above the Dow Jones estimate of 0.3%. In annual terms, the indicator increased 4.7%, 0.1 percentage points more than expected, according to the Commerce Department.

Including food and energy, headline PCE was also up 0.4%, while rising 4.4% from a year ago, up from 4.2% in March.

During the Asian day, The main index of the Tokyo Stock Exchange, the Nikkei, rose 0.37% this Friday, thanks to the good performance of technology companies, favored by the yen, which today touched its lowest level against the dollar in six months. Core consumer inflation in Japan’s capital slowed in May, but a key index stripping out fuel hit a four-decade high, underscoring mounting price pressure that may keep expectations of a pullback alive. ultra-loose monetary policy.

Regarding fixed income, the return on the ten-year Spanish debt bond rises to 3.589%, leaving the risk premium with respect to its German counterpart at 106.40 points. On the other side of the Atlantic, the ten-year US reference bond offers a yield of 3.857%, increasing the increases after the PCE data.

Meanwhile, in raw materials, oil prices are headed for a week of rises after Saudi Arabia’s warnings to speculators, which have raised expectations of OPEC+ action. Benchmark Brent crude in Europe rose 0.88% to $76.59 a barrel, while US oil futures rose 0.91% to $72.31.

The euro fell 0.21% against the dollar until the exchange rate was established at 1.0705 dollars for each community currency.

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