The IBEX 35 on Monday sidestepped the signs that point to a slowdown in the economic recovery.
The selective Spanish added 0.16 percent to mark 8,920 points at the close, a little closer to the insurmountable barrier it has encountered in recent weeks at 9,000 integers.
The index overcame the initial drops when it was more difficult. On the one hand, the drop in business confidence in Germany for the fourth consecutive month was a serious blow to European stocks at the beginning of the session.
On the other, the Bank of Spain said this Monday that it is preparing a “significant downward revision” of the growth forecasts for the Spanish economy for 2021 and also for next year.
“We have had the waves of the Covid and it has slowed the economy in the first part of the year. Even in the third quarter, the tourism sector has been in the middle. It is quite logical that we are going to have a ‘sensible cut in forecasts’ “, he explains Ignacio Mendez, director of equity analysis at Mirabaud Spain, on the finance.com podcast.
Solaria, red IBEX lantern
Solaria was the worst value of the session of the IBEX 35 with a fall of 3.8 percent, in a correction after the strong rises that the company registered last week after the auction of government renewables.
The manufacturer of vehicle components CIE Automotive it did notice investor fears and its shares fell 3 percent.
Siemens GamesaLike Solaria, it corrected 1.7 percent. In tourism, heavy losses also for Meliá Hotels and the group Amadeus, which fell 1.5 percent.
Viscofan, Cellnex and ACS lost more than 1 percent.
Arcelormittal it was, on the contrary, the best value of the day with a revaluation of 4.5 percent. Two benches followed, the Sabadell and Caixabank, with increases of 2.7 and 2.5 percent respectively.
Acerinox, the other steelmaker of the IBEX 35 along with Arcelormittal, added 2 percent after a rebound in metal prices.
Repsol and Mapfre posted increases of over 1.5 percent and closed as the best listed on the day.
The IBEX, in line with Europe
The IBEX, like the rest of the markets in Europe, was dyed red throughout the session due to the uncertainty that the economic recovery continues to generate after the pandemic.
Bottlenecks in the supply chain and persistent inflation pose an ongoing risk to markets. However this Monday, most indices made gains.
The DAX 30 German added 0.36 percent and stayed at the gates of 15,600 points; the FTSE Mib Italian shot up 0.9 percent while the FTSE 100 Briton gained another 0.2 percent. Of the main stock exchanges, only the Paris one closed in the red with a decrease of 0.3 percent.
On Wall Street, the main indicators are green with the Nasdaq in the lead with a rise of 0.7 percent as investors’ eyes now turn to the results of the technology sector.