The Ibex leads the losses in Europe weighed down by the falls in banking and tourism

Although the bad behavior of the Ibex is explained by the falls in the national banks, amid doubts about its dividends, motivated by the statements of Margarita Delgado.

The deputy governor of the Bank of Spain, who is also a member of the ECB's supervisory council, has indicated in an interview with Bloomberg that the body will ask banks to be "cautious" when it comes to paying back their shareholders, once the restrictions imposed by the pandemic are lifted.

In addition, Banco Sabadell has behaved especially badly, to which Citi has drastically cut estimates of adjusted EPS and reduced the target price to 0.64 euros per share, from the previous 0.70 euros.

Siemens Gamesa has also dropped, due to the news about the imposition of tariffs in the US against Spanish wind component manufacturers, and securities such as lAG or Amadeus, weighed down by the rebound of Covid in Spain and Europe.

Inditex, which has held a general shareholders' meeting today, has left more than 1% after approving a dividend of 0.35 euros, which will be paid on November 2.

And the mining company Berkeley, which ended up sinking 56% yesterday after the Plenary of Nuclear Safety was opposed to its uranium mine in Salamanca, has collapsed almost another 11%.

In the US, the earnings season has started on the other side of the Atlantic, with figures from JP Morgan, Goldman Sachs and Pepsi. Overall, the S&P 500 companies are expected to post their strongest earnings growth since the fourth quarter of 2009.

INFLATION IN THE US EXCEEDS FORECASTS

This Tuesday, investors have paid special attention to the US CPI for June, the main macro reference. The general CPI has rebounded 0.9% in monthly rate, and has shot up to 5.4% in year-on-year rate from the previous 5%, well above the expected rise of 0.5% forecast, to 4 , 9% year-on-year. It is the biggest rise since August 2008, when oil reached $ 150 a barrel.

In addition, the core CPI, which excludes food and energy, rose 0.9% in June, to 4.5% year-on-year, well above the 0.4% expected, to 4% year-on-year. This is its biggest rise since September 1991. Germany has also published its inflation for the same month (much more moderate, at 2.3% year-on-year).

On the other hand, China's exports in June increased by 32.2% compared to the previous year. This figure is much higher than the forecast of analysts, who pointed to a growth of 23.1%. The data also showed that Chinese imports in June rose 36.7%, compared to an estimate of a 30% increase.

Regarding the news about the coronavirus, the World Health Organization said on Monday that the majority of fully vaccinated people who become infected with the Delta variant of Covid are asymptomatic. However, hospitalizations are increasing in some parts of the world, especially where vaccination rates are low and the highly contagious Delta strain is spreading.

Also on the calendar is the Ecofin meeting, which today approved the recovery plan for Spain, with the unlocking of the first tranche of 9,000 million euros.

FILLING THE BEAR GAP OF THE PAST THURSDAY

The Ibex continued this Monday with the rebound in the short term (+ 0.46%) after the good figure on Friday. In the short term, Bolsamanía experts point out that we could see how it covers the downward gap left on Thursday at 8,854 points.

"To see a sign of strength we should wait for a close above 8,968 points. Below, the first level of support is at 8,597 points," says César Nuez, analyst at Bolsamanía and head of Trader Watch.

OTHER MARKETS

The euro falls in value 0.4% and trades at $1.1810 dollars. Oil rose slightly, to $ 75.45 for Brent and $ 74.20 for West Texas.

Gold advanced moderately (1,814 dollars) and silver did not move (26.23 dollars).

Bitcoin is down 1% to $ 32,608, and Ethereum is down 2% to $ 1,981.

The yield of the 10-year American bond stands at 1.356% and the yield of the 10-year Spanish bond is 0.317%.