Despite losing steam towards the end of the session, the Ibex35 continues to open up against the lows marked on Monday. This Thursday it managed to close with gains for the third consecutive day, with a rise of 0.8%, driven by the banking sector and Telefónica (+ 1.1%). The Ibex was also the best performer, along with the Italian MTS Ftse (+ 0.45%), among the main selective companies in the continent, which closed with slight drops due to the growing uncertainties generated by Brexit.
- 11.576,500
- -1,16%
DIA was once again a protagonist in the Madrid Stock Exchange, closing this time with a rise of 10.5%, on its second consecutive earnings day after announcing a refinancing of 600 million euros on Wednesday. It was followed by Iberdrola (+ 2.4%) and BBVA (+ 1.9%), leading the banking sector that had, in general, a good day.
Indra Sistemas (-2.8%), Viscofan (-2.7%) and Acerinox (-2.3%) were the negative face of the Ibex, the latter punished by a reduction in its target price to 8.2 euros from 11.7 euros by Morgan Stanley. Both Acerinox and ArcelorMittal, which today closed with losses of 1.2%, have had a complicated 2018 marked by the protectionism promoted by Donald Trump, but also by other aspects that have penalized them. Both fall more than 25% in the stock market so far this year.
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Inditex was the most bearish value on Wednesday after presenting results somewhat worse than those anticipated by analysts, closed again with losses on Thursday, falling 0.2% due to investors' distrust of the brake on textile sales . In the Continuous Market, Sacyr has yielded 15.2% after knowing that it will have to return 225 million to Panama for advances from the Canal.
BREXIT STILL GENERATES UNCEIRTAINTY
Beyond the Ibex, the day has been marked by reactions to the no-confidence vote against Prime Minister Theresa May and the scenarios that now open for Brexit, because it does not seem at all easy for the British Parliament to pass the existing deal within the planned schedule. If nothing changes, on March 30, 2019 the United Kingdom will cease to be a member of the European Union and the terms of the divorce are still far from having been accepted by both parties. Regarding this issue, uncertainty is undoubtedly the dominant element.
The Italian Ftse MIB also managed to distance itself from the losses of the rest of European markets, also thanks to the good performance of its banking sector. Last night, the Italian Prime Minister presented a new deficit target proposal, which would be at 2.04% compared to the initial 2.4%, and it seems that there is optimism regarding the possibility of reaching an agreement on the Budgets.
Another key aspect of today, has been the meeting of the European Central Bank (ECB), which has worsened its growth forecast for the eurozone this year and the next, when it forecasts an expansion of 1.9% and 1.7 %, respectively, which represents a downward adjustment of one tenth in both cases.
The mixed behavior in Europe today comes after yesterday's gains on Wall Street (Dow Jones: + 0.64%, S & P: + 0.54%, Nasdaq: + 0.95%) and also in Asia. The prospects are good in the face of a commercial agreement. On Wednesday, Reuters reported that Chinese state-owned companies have bought over 1.5 million tons of US soybeans. This has been the first major purchase of US soy in over six months and the clearest signal to date that China is making progress on the promises agreed at the beginning of the month.
