ep montaje de los logos de los seis bancos cotizados en espana
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A major surprise to close the trading week. BBVA and Sabadell have communicated that the negotiations for their merger have been broken as they have not reached an agreement on the exchange ratio. When it seemed that things in the Spanish banking sector were beginning to get back on track, with the corporate operations between CaixaBank and Bankia and BBVA and Sabadell, now this negotiation is broken and it becomes evident that the sectoral concentration in Spain, so desired by many, is not It is not all perfectly smooth.

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Sabadell has said in the note sent to the CNMV that its Board of Directors "has decided to terminate the talks as it has not reached (...) an agreement on the eventual exchange ratio". BBVA, for its part, has limited itself to informing that "the conversations in relation to a potential merger operation with the Banco de Sabadell have concluded without reaching an agreement".

The Ibex is trading flat at this time (+ 0.17%. 8,118 points). Sabadell sinks 9% after hearing the news (it has fallen by 18%) while BBVA rises 3.55%. On the negative side of the Ibex, Mapfre, Bankinter and Repsol also stand out, while on the positive side there are PharmaMar or Almirall.

Asia has experienced a session with mixed and very moderate movements. We recall that Wall Street only opens half a session this Friday. Americans will take advantage of Black Friday to go shopping for Christmas after the Thanksgiving holiday last day.

Today there are few macro references of interest while Covid and vaccines remain in the spotlight. The latest news indicates that AstraZeneca will undergo additional study to clear up questions about the efficacy of its vaccine. Additionally, the developers of the Russian Sputnik vaccine have suggested combining their vaccine with AstraZeneca's.

Hungary and Poland have joined the blockade of the European Recovery Fund. This is the hottest issue this Friday in Europe. The summit of the next 10 and 11 December will be key to see what finally happens with this matter. In Spain, the news is that Ciudadanos has announced that it will vote no to the PGE. "All Spaniards see that Sánchez has preferred to take the hand of Otegi and Junqueras than that of a moderate party like Cs," Inés Arrimadas announced at a press conference at the Congress on Thursday.

In other markets, oil has also been the protagonist this week. On Wednesday, Brent reached its highest level since the beginning of March thanks to hopes for vaccines and ahead of the OPEC + meeting next week.

Finally, with regard to the technical aspect of the Ibex, the short-term uptrend remains intact. "The Spanish selective does not give any sign of weakness, so for the next few days we continue to think about an extension of the increases to the level of 8,375 points, the maximum of the downward gap in March. We will not see a sign of weakness while remains trading above 7,835 points ", indicates César Nuez, analyst at Bolsamanía and head of Trader Watch.

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