Monday, May 29

The Ibex 35 rebounds thanks to the banks and looks closely at 8,500 points

Investors are pending the evolution of the conflict between Ukraine and Russia, as well as the first meeting of the year of the United States Federal Reserve (Fed), which will last for today and tomorrow.

Likewise, investors are awaiting the presentation of business results. In this regard, the American card and payment method company American Express achieved a net profit of 8,060 million dollars (7,118 million euros) at the end of 2021, which is more than double the earnings of 3,135 million dollars (2,768 million euros) accounted for a year earlier thanks to the strong increase in consumer spending.

Regarding macroeconomic references, this Tuesday it was known that the confidence of German businessmen has started 2022 with “a ray of hope” by putting an end in January to six consecutive months of falls in the index prepared by the Munich Institute for Economic Research (Ifo), which has stood at 95.7 points from 94.8 last month.

On the other hand, the International Monetary Fund (IMF) has decided to lower Spain’s economic growth estimates for 2022 to 5.8%, while it has revised those for 2023 upwards, to 3.8%, as revealed of the January update of its biannual report ‘World Economic Outlook’, published this Tuesday.

At the global level, the IMF contemplates a GDP expansion of 4.4% in 2022, which represents a cut of half a percentage point compared to last October’s forecasts, while for 2023 it foresees an advance of 3.8%.

In the tourist plane, The European Union has adopted this Tuesday a review of travel restrictions to adapt them to the health situation of the traveler and not to the risk of coronavirus in the area from which they travel, which means that the holders of a Covid Certificate will be able to travel without additional restrictions from anywhere in the EU, despite the fact that a dozen of European governments is already failing to comply with the recommendations agreed upon by the bloc.

In this scenario, the biggest rises in the Ibex 35 have been recorded by Banco Sabadell (+3.56%), PharmaMar (+3.05%), Repsol (+2.80%), Mapfre (+2.80%), Banco Santander (+2.74%), Caixabank (+.31%), Bankinter (+2.26%), Grifols (+2.05%) and Telefónica (+1.80%).

On the contrary, Indra (-1.30%), Amadeus (-1.17%), Acerinox (-1.08%), Ferrovial (-0.93%), Solaria (-0.81 %), Cellnex (-0.78%) and Naturgy (Natural Gas)(-0.74%).

The rest of European stock markets have also closed with gains, 1.02% in London, 0.74% in Paris, 0.75% in Frankfurt and 0.22% in Milan.

It should be remembered that Italy continues with the process of electing the next President of the Republic to replace Sergio Matarella, whose mandate will end on February 3.

On the other hand, the price of a barrel of Brent quality oil, a reference for the Old Continent, climbed to 87.59 dollars, after advancing 1.30%, while Texas stood at 84.65 dollars, after earn 1.60%.

Finally, the price of the euro against the dollar stood at 1.1286 ‘greenbacks’, while the Spanish risk premium stood at 72 basis points, with the interest required on the ten-year bond at 0.642%.