The Ibex continues in 'summer mode' and falls weighed down by the bad tone of the electrics

The Ibex 35 fell by 0.3%, to 9,164 points, weighed down by the bad moment of the electricity companies after the hack that the Government has given to their remuneration. Stock markets remain in 'summer mode' waiting for new catalysts to move the markets, with smooth movements and little volatility.

Within the selective, the falls continued in Endesa and Iberdrola. Citi has cut the target price of the first from 23.6 euros to 21.2 euros and of the second from 8.6 euros to 8.3 euros. For the US bank, the compensation cut will significantly reduce the benefits of both companies in the coming years, so its current valuation "is unsustainable."

Solaria, Siemens Gamesa and PharmaMar have also fallen sharply. Actions that did very well at the beginning of the year but have lost the favor of investors, who have clearly opted for values ​​more associated with the economic recovery. In this sense, Ferrovial, IAG and Amadeus have been the most bullish stocks.

On the other hand, the European Central Bank (ECB) sees "probable" a deterioration in the quality of the assets of Spanish financial institutions as "relief" measures are withdrawn, such as the moratoriums adopted to counteract the economic consequences. of the pandemic.

In this sense, the professor of economics at Pompeu Fabra University, José García Montalvo, has assured that "the shock of bad debts will come", although he added that it is unknown "how big it will be."

GOOD STOP DATA AND BRUSSELS RECOMMENDATION

The agenda for this Wednesday has included as the most relevant data the unemployment of May in Spain, which has fallen by 129,378 people. This is the best data since 1996.

US AND CHINA CONTINUE TO CLOSE POSITIONS

Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen spoke on Wednesday for the first time since President Joe Biden took office.

Both the United States and China have reported that the two leaders have discussed the economy and cooperation, and have discussed "frankly" the issues of interest, reports 'CNBC'.

Yellen has referred to the Biden administration's plans to "support a strong and continued economic recovery and the importance of cooperating in areas that are of interest to the United States," the Treasury said in a statement.

Liu and Yellen have agreed that the two countries' economic relationship is "very important," Chinese state media added.

THE IBEX MAINTAINS THE CONSOLIDATION

The Ibex failed yesterday, finally, to close above 9,200 points. The selective maintains the consolidation movement just in the vicinity of the annual highs.

"We will be very aware of a closing above 9,254 points since it would make us think about an extension of the gains to the level of 9,500 points. Below the first level of support is at 9,000 points", explain the experts of Bolsamanía.

OTHER MARKETS

In Asia the day has also been uneven, with moderate rises in some indices and contained falls in others. In Australia, the economy returns to pre-pandemic levels. GDP increased 1.8% in the first quarter compared to the previous quarter, above expectations of 1.5%.

The euro trades at $ 1.2169. Brent oil exceeds 71 ​​dollars (+ 1.22%. 71.10 dollars) and West Texas, 68 dollars (+ 1%. 68.41 dollars). OPEC + said yesterday that it is continuing with its plan to gradually increase its crude supply, by about 2 million barrels a day between May and July.

Gold and silver lost positions, up to $ 1,899 (-0.3%) and $ 27.89 (-0.75%), respectively.

Bitcoin is up 3.6% ($ 37,264) and Ethereum is up 5.9% ($ 2,694).

The yield on the 10-year American bond stands at 1.608%.