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The Ibex saves the day but fails to conquer 9,000 points

formyjob by formyjob
May 8, 2021
in Banking, Uncategorized
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The Ibex saves the day but fails to conquer 9,000 points
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Prudence and doubts have prevailed in the markets today. The first-hour gains in the Spanish stock market, which have allowed the Ibex 35 to touch 9,000 points, gave way to falls that became slight rallies at the close, with a rise of 0.16%, which leaves doors of this new level. The rest of the European places were also debated between the slight decreases and the gains and finally the latter prevailed. Wall Street traded with a mixed sign, although the Nasdaq fell 1% penalized by pharmaceutical companies, after the US opened the debate on lifting patents on vaccines. The day was also marked by macroeconomic data, such as the weekly unemployment in the United States, which has been better than expected, and business results.

Within the selective Spanish, corporate accounts have been the protagonists. Today, the biggest rise in the selective has been for Fluidra. The company specialized in the manufacture and maintenance of swimming pools has risen 5% after publishing its quarterly accounts. The shares of Cie Automotive (3.9%) and Sabadell (3.3%) have also registered strong increases.

The European parks register slight increases in a day of doubts

On the other side of the scale have been the titles of Solaria and PharmaMar, which have subtracted around 6%. Siemens Gamesa has fallen 4.4%, while Indra has lost 3.3%. Rovi and Reig Jofre have fallen 4.7% and 5.7%, respectively, in a day of punishment for pharmaceutical companies. For its part, CaixaBank has yielded 1.2% after announcing that during the first quarter of the year its result has been distorted by the merger with Bankia, on the one hand, and by the provisions for Covid that the entity recorded in the same last year’s period. The entity has announced an attributable profit of 4,786 million euros until March, after incorporating extraordinary impacts associated with the merger with Bankia.

After rising 1%, Iberdrola has lost 0.2% despite Morgan Stanley raising its recommendation for the company to overweight, after publishing a note stating that European energy companies are “attractive” and in the one that defends a more positive stance in the sector after the corrections at the beginning of the year. In fact, he claims there are buying opportunities in “the fallen angels of renewables.”

Meanwhile, Wall Street started with timid gains after learning that weekly jobless claims were at 498,000 compared to 553,000 previously and the expected 540,000. However, an hour later the three main indices were already recording losses, reaching 1% on the Nasdaq, which were reduced at the close of the European markets.

Vaccine maker stocks posted sharp declines at the start of the session that penalized the Nasdaq and S&P. However, after it became known that German Chancellor Angela Merkel opposes Biden’s plan to lift patents on vaccines, they reduced the drops. Finally, Wall Street closed higher and the Dow Jones and the S&P 500 added 0.9% and 0.8%, respectively.

Today, in addition, the Bank of England has advanced that the GDP of the United Kingdom will grow by 7.25% in 2021, compared to the 5% previously forecast, which is the largest advance since records began in 1949.

In the commodities market, a barrel of West Texas Intermediate (WTI) oil, the reference for the United States, is quoted at 64.7 dollars and falls 1.4%, while Brent crude, the reference for Europe, it marks a price of 68.1, dollars, with a decrease of 1.3%.

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