Friday, December 3

The IBEX 35, interest rates and BBVA

The IBEX 35 flirts again with 9,000 points and the key could lie in the lower attractiveness on the part of foreign investors.

“They are an important number, 45-50 percent, but they are leaving the Spanish market aside being aware of the best possibilities in other markets,” says Javier Nierderleytner, financial agent and professor of the Master of Financial Markets at the IEB, at the podcast from

One of the reasons lies in the recent blow from the European Commission, which lowered its economic growth forecasts by almost 2 percent.

“The budgets are not believed, they say that our income is inflated. In Spain we are not responding with data ”, affirms the analyst.

Also influencing this week’s speech by the President of the ECB, Christine Lagarde. “He said he is not going to touch interest rates for another 2-3 years. With this, the markets say: “I am going to look for another investment alternative”, highlights Javier Nierderleytner.

“The Covid, far from being completely finished, is still there, but the economy is recovering. It is an important dilemma: growth or inflation ”, he explains.

Another argument resides in the smaller size of the “IBEX tail companies”, which “may not have the size that investors in Germany or France would seek”.

BBVA bets on winning horse

On the other hand, the expert valued the purchase of Garanti by BBVA, announced this week. “It is a long-term bet,” says the financial agent.

“It has a significant excess of liquidity now. They are buying at bargain prices, in 5 or 6 years, when the lira recovers 20-30 percent of its potential, we will see ”, explains Javier Nierderleytner.

“The purchase is made at very low prices, and Turkey in the long term is a winning horse”, details the financial agent.

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