Soft falls for the Ibex, driven by renewables and weighed down by banks

At the business level, Solarpack has shot up more than 40%, dragging with it all renewables (Solaria, Siemens Gamesa, Acciona, Soltec, Grenergy, Ecoener ...), after receiving a friendly takeover bid at a price of 26, 5 euros per share, which represents a total price to be paid by the company of 881.2 million euros.

This offer, coming from the Swedish investment firm EQT, which bought Idealista a few months ago, represents a 45% premium compared to the closing of the company on Tuesday. In addition, it is a friendly offer that has already been accepted by 50.957% of the capital of the company (the Basque Galíndez family will pocket about 450 million).

On the negative side, bank stocks such as Sabadell, CaixaBank, Bankinter, Santander and BBVA have led sales within the Ibex and have weighed down the selective.

BACK WITH THE LIGHT

On the other hand, the Government does not rule out approving "provisional fiscal measures" to reduce the cost of electricity, which is skyrocketing in Spain, until the reform of energy taxation is fully addressed, as Minister Teresa Ribera has advanced.

In addition, President Pedro Sánchez has affirmed that the Spanish economy will register a growth of 1.6% in the second quarter, although he has opened the door for this figure to be even higher when all the available indicators are incorporated into the calculation.

RELEVANT MACRO DATA

Today investors have also learned relevant macro data in China. Retail sales slowed slightly in May compared to an increase of 17.7% year-on-year in April, with an increase of 12.4%.

"Although this is high in relation to the levels observed at the end of 2019. It must be remembered that consumer spending patterns were very weak a year ago, with the Chinese economy slowly coming out of its blockage in February," explain the experts from CMC Markets.

On the other hand, Chinese industrial production rose 8.8% in May, below the 9% forecast and with a slowdown compared to the 9.8% increase in April.

Japan, exports increased in May by 49.6% over the previous year. This figure is lower than the 51.3% increase predicted by economists.

For its part, the UK CPI for May rose to 2.1% year-on-year compared to the 1.8% forecast.

At the geopolitical level, investors are also paying attention this Wednesday to 'what comes out' of the highly anticipated meeting between the president of the United States, Joe Biden, and the Russian president, Vladimir Putin. According to the chronicles, it is expected that there will be marked disagreements between both parties, while there is little expectation of any progress.

OTHER MARKETS

The euro depreciates 0.1% and trades at $ 1.2109. Oil rose 0.2%, to $ 74.20 for Brent and $ 72.08 for West Texas.

Gold rose slightly, to $ 1,859, and silver advanced 0.6%, to $ 27.85.

Bitcoin yields 2% and loses 40,000 ($ 39,271), while Ethereum falls almost 3%, to $ 2,469. China, which has long been home to more than half of the world's bitcoin miners, is determined to have them leave as soon as possible. In May, the government called for a severe crackdown on bitcoin mining and trading, unleashing what has been dubbed in crypto circles 'the great mining migration'.

The yield on the 10-year American bond stands at 1.491% and the yield on the 10-year Spanish bond falls to 0.4%.