The IBEX 35 rises 0.65% in the half session to 9,372 points, with Inditex leading the rises with a rise of 6.16%. Far behind is Sacyr with an increase of 1.59%, Aena 1.21%, Fluidra 1.11% and Acerinox 0.78%.

Solaria falls 1.41% and leads the declines of the Spanish selective, Acciona Energías Renovables loses 1.37%, BBVA 1.36%, Acciona 1.29% and Iberdrola 0.98%.

The great protagonist of the day is Inditex, the last Ibex 35 company to present its first quarter results due to the peculiarity of its calendar (until April 30). The textile giant closed the first quarter of its fiscal year with a net profit of 1,168 million euros, an increase of 54% compared to the same period last year.

Sales grew by 13% to 7,611 million euros, with a “very satisfactory” evolution both in stores and online. The operating result (EBITDA) grew by 14% to 2,195 million euros. EBIT grew by 43% to 1,483 million euros and the result before taxes by 52%, to 1,505 million euros. In the first quarter, Inditex provisioned the estimated expenses for the 2022 financial year in the Russian Federation and Ukraine for 216 million euros in the Other results line. Net profit without the provision in 1Q2022 would have been €940 million.

The Inditex board of directors will propose to the General Shareholders’ Meeting the approval of a dividend of 1.20 euros per share charged to the results of the 2022 financial year. The dividend is made up of two equal payments of 0.60 euros per share: the first was paid on May 2, 2023 and the second will be made on November 2, 2023.

As for the analysts’ recommendations, Citigroup experts have raised the target price for Amadeus, one of the Ibex 35 stocks that has done the best this year, to 79 euros, from the previous 73 euros.

Also good news for another value in the tourism sector such as IAG (Iberia). JPMorgan analysts have raised the airline holding’s price target to 2.5 euros, from 2.4 euros previously.

In other news, Telefónica has been awarded for almost 34 million euros the creation and implementation of the ‘Development, training and testing center for military operations in cyber defense with 5G technology’ for the Ministry of Defense.

The contract will receive financing from the European Union with funds associated with the Recovery, Transformation and Resilience Plan and its execution period will be 36 months.

Meanwhile, in the Continuous Market, eyes continue to be on Metrovacesa, given the continuous rumors in the press that FCC could launch a new offensive for it.

At the moment, the rest of the European stock markets are trading with decreases, except for the British FTSE 100, which is revalued by 0.10%. The Italian FTSE Mib fell 0.65%, the EURO STOXX 50 fell 0.25%, the CAC 40 0.19%, the Dax 0.18% and the PSI 20 0.13%.

During the Asian day, the Nikkei 225 index in Tokyo suffered a strong setback today, with a fall of 1.8% to 31,913 points. Wall Street’s main indices closed higher yesterday, while futures are little changed today.

The macroeconomic agenda for the day is once again limited, highlighting only the publication in Germany of industrial production for April and in the US, already in the afternoon, the trade balance for the same month.

In Spain, the price of free housing rose 3.5% in the first quarter of the year compared to the same period in 2022, thus registering its smallest rise since the second quarter of 2021, when the price increased by 3.3%, according to the Housing Price Index (IPV) of the National Institute of Statistics (INE) published this Wednesday. This rebound, with which 36 quarters of increases have already accumulated, is two points lower than that registered in the last quarter of 2022.

German industrial production registered growth of 0.3% in April 2023 compared to the previous month. This represents a recovery after the downwardly revised 2.1% drop in March, although it is below market forecasts for a 0.6% rise.

China’s trade balance for the month of May was also known during the early morning, whose surplus was the lowest in three months. In May, both Chinese exports and imports fell in year-on-year terms, with the former performing significantly worse than expected by analysts as a result of weak global demand.

“The publication of these figures consolidates the hypothesis that the country’s economic growth is slowing down after the strong pull it experienced after the reopening,” he says. Juan J. Fernández-Figares, from Link Managementwho hopes that today “the calm in the European stock markets” will continue.

“Activity will be subdued again, with many investors waiting to hear what the Fed’s interest rate intentions are. In this sense, remember that the market consensus now expects the Fed to leave its official interest rate unchanged at next week’s FOMC meeting and to raise it again by 25 basis points in July.” However, “this will depend to a large extent on the inflation readings and the employment figures that are released before said meeting,” recalls Fernández-Figares.

In commodity markets, oil is trading higher, extending gains posted earlier in the week after Saudi Arabia vowed to deepen output cuts, as concerns about global economic headwinds appear to overshadow this promise.

Brent crude, the benchmark in Europe, rose 0.76% to $77, while West Texas Intermediate rose 0.79% to $72.46 per barrel.

In the foreign exchange market, the value of the euro against the dollar stood at 1.0678 ‘greenbacks’, while the Spanish risk premium was around 99.7 points, with the interest required on the ten-year Spanish bond in 3.352%.

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