The European stock exchanges have reduced earnings and the Ibex lists practically flat at this time, despite the fact that the banking sector and Telefónica report earnings. On the negative side, the worst performers are Grifols and Inditex, with falls above 1%. The selective lives a day full of uncertainty thanks to the escalation of trade tensions between the US and China. We should recall that today the English Ftse is closed for holidays.
- 11.382,600
- -1,85%
The rest of European exchanges have traded in line with the Spanish index (Cac: + 0.45%; Dax: + 0.44%; Ftse Mib: + 1.01%). It should be remembered that today the English Ftse has closed for holidays.
TRADE WAR
China announced more tariffs on the US at the end of last week and the US has reacted by increasing its tariffs on the Asian giant. The commercial battle between both world powers is escalating again and Asia has closed the day on Monday with falls of 2% on average after the cuts, also 2%, seen on Friday across the Atlantic.
However, this morning, Chinese Deputy Prime Minister Liu He has tried to reduce the tension generated by pointing out that China hopes to resolve the trade war through "calm" negotiations and does not seek to increase tensions. Donald Trump has confirmed that China called his negotiating team in Washington on Sunday and wants to restart trade negotiations.
The trade war is being one of the major concerns for investors this summer, however, there are also others. Today the market focused once again on macro data, since the fear of a recession is another cause for headaches. The German IFO of August deserves special attention. Thus, both the IFO expectations and the current situation and the business climate have come out worse than expected. The first has been 91.3 (compared to the 91.5 expected and the previous 92.2) and the second in 97.3 (compared to the estimated 98.6 and the previous 99.4). The IFO business climate stood at 94.3 compared to the forecast of 95.1 and the previous data of 95.7.
Finally, regarding the G7 summit that ends on Monday, the president of France, Emmanuel Macron, has announced that conditions have been created for a meeting between Trump and the Iranian president, Hasan Rohani. After hearing this news, oil, which was revving, has slowed. The barrel of Brent has yielded 0.17% at the close of the Spanish market, to $ 58.72, and West Texas has risen 0.31%, to $ 54.37.
BUSINESS
In business, there have been few developments. The most prominent has been the new license agreement signed by PharmaMar and Janssen, whereby the Belgian pharmaceutical company reserves the right to sell and distribute, exclusively, Yondelis and any other product that contains the active substance (trabectedin) in States United. After this news, PharmaMar shares have revalued 4.98%, although they have risen more than 7%.
Within the Ibex, the most outstanding value has been Ence, with a 3.13% increase, ahead of Telefónica (+ 1.99%). On the opposite side of the table, IAG has been the most punished company by falling 1.04%, followed by Grifols (-1.01%) and Amadeus (-0.72%).
