The apathy of the Ibex 35 and the rest of the European stock exchanges has extended until the close of the same. The tranquility and even the signs of fatigue have been imposed on the Spanish selective, which has closed flat (-0.11%) at 9,153.6 points.
- 11.925,200
- 0,17%
The most bullish value of the day was Acciona, which rose 2.85% after taking a new step to list its Renewables division, Acciona Energía, with a valuation of between 10-12bn euros.
In addition, Solaria and Siemens Gamesa have rebounded after their latest falls and Cellnex has risen 1.12% after an improvement in Berenberg's price target.
On the negative side, the falls in large stocks such as Santander, CaixaBank, Repsol and Aena have stood out, which has received a new judicial setback in the battle it has with the duty free shops at its airports.
In the Continuous Market, OHL has ended up turning around and rising 1.12% after much of the session in the red due to the dilutive effect of the first capital increase that it has planned, within its complicated financial restructuring process.
MACROECONOMIC DATA
Spain's GDP shot up 18.3% year-on-year in the second quarter in relation to the same period of the previous year, which coincided with the almost total stoppage of the economy due to the confinement derived from the pandemic, according to calculations by the Independent Authority of Fiscal Responsibility (AIReF).
In addition, the GDP of the euro area in the first quarter finally registered a contraction of 0.3%, better than the -0.6% of the first estimate. And Germany's June ZEW current situation index stood at -9.1 versus -27.8 expected and -40.1 previously. However, the ZEW of economic sentiment came in at 79.8 from 84.4 and below the estimate of 86.
In Germany, industrial production was also known today, which decreased by 1.0% in April compared to March in calendar-adjusted terms. Economists had forecast a 0.4% increase.
In Japan, revised government data showed that the Japanese economy contracted 3.9% in the first quarter, an improvement over the initial estimate of a 5.1% contraction. The revised GDP compares with the economists' median forecast of a contraction of 4.8%.
DEUTSCHE BANK WARNS ABOUT INFLATION
Inflation is going to be one of the most prominent topics this week, especially with the publication of the May CPI for the United States this Thursday.
In this sense, it is worth highlighting the latest warning from Deutsche Bank, which, contrary to many experts, considers that inflation will not be a problem that will disappear and that it could cause a crisis in the coming years.
According to the German bank, focusing on stimuli while dismissing inflationary fears will be a mistake, if not in the short term, then in 2023 and beyond. The analysis especially points to the Federal Reserve (Fed) and its new framework in which it will tolerate higher inflation for the sake of a full and inclusive recovery.
THE FIRST ALZHEIMER THERAPY IN TWO DECADES
This Tuesday, the rise of the biotech Biogen continues to kick in on the Nasdaq (+ 38%) after the US FDA approved a drug against Alzheimer's, the first new therapy for the disease in almost two decades.
The FDA's decision was long-awaited. The drug, which is marketed under the name Aduhelm, is expected to generate billions of dollars of revenue for the company and offer new hope to friends and family of patients living with the disease.
Grifols, which is also investigating Alzheimer's with its AMBAR trial, reacts to this news with increases that now exceed 1%.
IT TURNS IN THE 9,000
The Ibex respected the 9,000 points on Monday and recovered from that level. Now it will be necessary to see if it is able to overcome the resistance it has at the level of 9,254 points, annual highs. For now, it seems that this resistance remains a clear brake.
OTHER MARKETS
The euro trades at $ 1.2182. Oil is trading flat, at $ 71.45 for Brent and $ 69.32 for West Texas.
Gold fell slightly and lost 1,900 ($ 1,894), and silver fell almost 1% ($ 27.76).
Bitcoin is down 7% ($ 33,109) as is Ethereum ($ 2,516).
The yield of the 10-year American bond stands at 1.547% and the yield of the 10-year Spanish bond is relaxed to 0.44%.
