The Ibex extends the rises with the focus on banks

The Ibex extends this Wednesday the increases of yesterday (+ 0.2%. 6,944 points) supported by the banks, which await the Supreme Court ruling on the IRPH with increases. Bankia, Santander or BBVA lead the selection, along with IAG or Acciona. Iberdrola is trading practically flat after publishing results and announcing the purchase of a company in the US.

The Spanish index will depend today to a large extent on what financial institutions do, and this in turn will depend on what the Supreme Court has to say about mortgages linked to the Reference Index of Mortgage Loans (IRPH). The high court must decide in which cases the reference of a mortgage to the IRPH can be considered abusive. Specifically, it will need to establish what is considered a lack of sufficient transparency to conclude that the bank acted in bad faith. The other big question that needs resolving is how the contract should look after eliminating the IRPH for its abusive application.

Those affected by the IRPH await a favorable ruling that will allow them to recover all the overpaid for this index, whose price has always been higher than that of the Euribor. If the ruling favors those affected, they may claim that this reference be removed from their contracts and may recover the money improperly charged for its application.

In addition to this appointment, investors are awaiting business results, such as Iberdrola, which gained 4.7% more until September. The electricity company has also announced the purchase of the US company PNM for 3.6bn) in Spain. Ericsson soars 7% after publishing its figures, something that Tesla will also do at the close of the US. On a macro level, the UK CPI for September rose 0.5%, as expected. Also, today there will be multiple appearances by central bankers (Christine Lagarde, Luis de Guindos, Philip Lane, and different members of the Fed) throughout the day.

Wall Street ended last day on the positive. At the close, Netflix published results that have disappointed due to the sharp drop in subscribers after the pandemic. The company gives 5% in the 'after hours'. In Asia, the green numbers have also dominated.

On the other side of the Atlantic there is still talk of the fiscal stimulus package in the US, as Nancy Pelosi has expressed her optimism regarding the possibility of the agreement being closed imminently. The gap between the two parties has narrowed in terms of quantity, with Republicans increasing their offer to $ 1.9 trillion. Even so, there is still division.