The IBEX 35 on Thursday continued its third consecutive losing streak with a 0.16% decline.To reach 11,311.1 points – a level that was able to be saved at the last minute after the closing auction -, on a day when macroeconomic references and interest rate prospects returned strongly to the attention of activity indicators and central banks.
Although three sessions were postponed, the reality is that These days the Spanish team has barely emerged from the levels of Friday’s closing Last, it has since only suffered a cumulative decline of 0.15%. Thursday’s trading was similar to the development of the week: during most of the trading the index remained stable at yesterday’s closing levels, at about 11,330 points, and although in the recent period it fell more decisively and it seemed that it was going to lose the 11,300 points, it managed to smooth out the setbacks and save this level at the last minute.
Analysts highlighted two references today that come from the United States and became known yesterday when European stock markets closed: on the one hand, Nvidia beat expectations again with net profit of $14.881 billion (about 13.747 million euros) in the first quarter of its fiscal year (from February to April), which means multiplying more than seven profits worth 2.043 million dollars (1.887 million euros) that it achieved in the same period of the previous year (+628%).
In addition, the minutes of the last meeting held at the beginning of May of the US Federal Reserve were published, which reiterated that they reflect the perception of central bankers that… Inflation did not develop during the first quarter from The way they expected
“but, Data after the Fed meeting showed a slowdown in prices and the labor market And in private consumption,” point out Renda 4 analysts, who maintain their expectations of two interest rate cuts in 2024, starting after the summer.
but, In Europe, the reduction will begin in June, as the Vice-President of the European Central Bank made clear again today (BC), Luis de Guindos. The next meeting of the institution is scheduled to be held on June 6 and a 25 basis point adjustment is expected.
“We are adopting a cautious approach, which would favor a 25 basis point cut,” the Spanish economist specifically noted in an interview with the Austrian newspaper Oberösterreichische Nachrichten, in which he stressed that The European Central Bank has not made any decision on the number or size of interest rate cuts Due to the high degree of uncertainty.
In the context of indicators of economic activity, private sector activity in the euro area accelerated in May to its highest levels in twelve months, according to the preliminary reading of the composite purchasing managers index (PMI), which reached 52.3 points from 51.7 in the previous month.
fifth month of the year, The manufacturing PMI improved to 47.4 points from 45.7 in April The highest level in 15 months, although it still showed a contraction in activity, while preliminary data for the services sector PMI remained stable at 53.3 points. Meanwhile, the US PMI expanded at the fastest pace in two years, reaching 54.4 points in May compared to 51.3 in April. The manufacturing sector index rose from 50 to 50.9, and the services sector index rose from 51.3 to 54.8 points.
In the Spanish business world, OHLA published before the market opened its accounts for the first quarter of the year, when It recorded a net loss of €4.7 million, a figure 39.7% lower than the negative result With a value of 7.8 million euros, he obtained it in the same period of 2023.
For its part, Tècniques Reunides expects its operating results (Ebit) to more than double in the coming years, reaching around 380 million euros in 2028, compared to 157 million at the end of 2023, and will recover profits in 2026, with an “initial payment” of 30%.
Specifically, Tècniques Reunides shares rose 22% on Thursday on the stock exchange, with its shares approaching 12 euros, pushing it to head the gains in the ongoing market. It should also be noted that the CEO of Banco Sabadell, Cesar González Bueno expressed confidence that the stock price development will dissuade shareholders To go into public takeover offer (OPA) announced by BBVA.
As for the IBEX 35 index, the largest gains at the end of the session were for SPottery (+2.4%), Inditex (+1.6%), Rovi (+1.35%), Unicaja (+0.97%), Repsol (+0.88%) and Kaishabank (+0.79%). On the other hand, the most notable falls were those that occurred in Merlin (-2.21%), Endesa (-1.73%), IAG (-1.56%), Sasser (-1.35%) and Iberdrola (-1.34%).
but against, In most of the rest of the benchmark European stock markets, minor developments dominated: Milan added 0.02%; Frankfurt by 0.06% and Paris by 0.13%. London joined Madrid in losses, offering 0.37%.
The price of a barrel of high-quality Brent crude, a standard for the Old Continent, fell by 0.6%. At close, it was at $81.4, while the Texas price was at $76.9, down 0.85%.
In the foreign exchange market, the euro rate against the dollar remained unchanged at the close at $1.083 – although it reached $1.086 during the day – while In the debt market, the required interest on Spanish 10-year bonds closed at 3.348% after adding an average of tenWith the risk premium (spread with German bonds) at 75.3 points.
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