The marked week has been marked by the business results season, the resignation of the British prime minister, the increase in bond yields and the inflation data in Europe.
The Ibex 35 stocks that have risen the most have been ArcelorMittal 2.24%, Acerinox 0.59%, ACS 0.51%, Banco Sabadell 0.38% and Repsol 0.30%. For their part, the shares that fell the most were Grifols A 5.16%, Ferrovial 4.28%, Fluidra 3.30%, Solaria 3.21% and Inditex 3.04%.
The rest of the European stock markets have also ended the session on Friday in ‘red’, with the exception of London, which has advanced 0.37%. The falls have been 0.85% in Paris, 0.29% in Frankfurt and 0.62% in Milan. At the close of Europe, Wall Street traded with increases of 1.20% in the DOW JONES Ind Average, the S&P 500 at 1.03% and 0.85% in the NASDAQ 100 0.86%.
Banco Santander has reported through the CNMV this morning that they intend to launch an offer (which will be a compulsory takeover bid in terms of article 108 of the Securities Market Law) for 3.76% of the non-controlling capital of Santander Mexico. After its acquisition, Banco Santander’s intention is to exclude the stock market subsidiary, which jumped to the floor a decade ago.
Without leaving the financial sector, the credit rating agency S&P Global Ratings has raised Banco Sabadell’s rating as a long-term debt issuer to ‘BBB’ from ‘BBB-‘, while the rating as a short-term issuer has been raised to ‘A-2’ from ‘A-3’ and the perspective has been set to ‘stable’.
In the Continuous Market, today investors had breakfast with the results of Línea Directa. Between January and September, the insurer recorded a net profit of 58.3 million euros, due to the impact of inflation on repair costs, especially in the third quarter, and the increase in the frequency of claims due to increased mobility and in Home, which have not yet been offset by the premiums earned. Premium income amounted to 710.7 million euros, 4.1% more than in the same period of 2021, as reported to the National Securities Market Commission (CNMV).
For its part, Vidrala obtained a net attributable profit of 78.2 million euros in the first nine months of the year, which represents a decrease of 37.4% compared to the same period of 2021. The gross operating profit (Ebitda) of the glass manufacturer reached 158.9 million, a figure 30% lower than that of the same period in 2021. On the other hand, sales of soared 24% to 1,017 million euros, which at constant currency represents growth of 23.3%.
Investors should also keep an eye on OHLA’s share price. Its shares fell yesterday to record lows on the stock market, after plummeting about 13% despite having obtained the precautionary suspension that prevents it from paying, at least temporarily, the 21 million fine imposed by the National Commission of Markets and the Competition (CNMC) in July.
To sour things a little more, yesterday the president of the Federal Reserve Bank of Philadelphia, Patrick Harker, warned that to fight inflation, the US Federal Reserve is trying to slow down the economy and will continue to raise its rate target short term.
The Fed will hold its next monetary policy meeting in early November, while the ECB’s meeting is next week.
At the business level, they are expected to publish their quarterly results Enagás, Iberdrola, Santander, Aena, PharmaMar, Repsol, Ferrovial, Sabadell, Acerinox, BBVA, CaixaBank, IAG and Mapfre.
In the early European morning, Asian stock markets have also traded mostly lower in an environment in which investors had to weigh the inflation data from several economies. Japan’s Nikkei 225 fell 0.43% to 26,890 points. The Japanese yen weakened further to 150.39, after breaking above 150 against the dollar on Thursday.
Beijing is studying the possibility of reducing the quarantine period for visitors to seven days from 10 days, the Bloomberg news agency reported on Thursday, citing people familiar with the matter. China, the world’s biggest crude importer, has adhered to tight Covid-19 restrictions this year, weighing on business and economic activity, reducing demand for the fuel.
The barrel of Brent quality oil, a reference for the Old Continent, stood this Friday at a price of 92.82 dollars, with a rise of 0.45%, while the Texas stood at 84.67 dollars, with a rise of 0.18%.
The price of the euro against the dollar stood at 0.9796 ‘greenbacks’, while the Spanish risk premium stood at 113 basis points, with the interest required on the ten-year bond at 3.549%.