The IBEX 35 closed this Friday’s session at 16.45 points in a bearish session for the selective but that shows weekly gains above 2%. The selective is trying to digest the highs reached this week, at 16,615 points, although it has not yet fallen to worrying levels.
Despite these slight corrections, analyst Roberto Moro confirms in an interview that the markets maintain their “everlasting upward trend” intact. The expert points out the key support level in the Spanish stock market for the upward trend to continue: in the case of the IBEX 35, he points to the area of 15,800 points: «as long as the index remains above it, especially in the short term, it is reasonable to think that the current trend will continue,» Moro asserts.
The selective closes in line with the rest of the European places. The DAX lost 0.6%, above 23,870 points, the FT-100 fell more than one percentage point, the CAC-40 lost 0.8%, to 8,160 points and the Eurostoxx 50 closed above 5,690 points.
Leading values on the Spanish stock market
Among the leading stocks in the Spanish session, Acciona and its renewables subsidiary are placed at the bottom of the selective with falls of more than 7.6% and 5.9%, respectively. Both stocks have been penalized after the presentation of results that showed a slowdown in sales of their renewable assets. In addition, some of its headquarters were registered by the Central Operational Unit (UCO) of the Civil Guard in relation to the ‘Koldo case’. Yesterday at the closing Acciona presented its business trends report, which shows that Acciona Energía maintains its objective of selling 1.7 billion in renewable assets, but with a delay. In addition, MERLIN Properties joins the «podium» of the most bearish of the selective with falls of more than 5.5%
Among the least penalized values of the session, Solaria rises more than 2% and is placed at the top of the Ibex 35 followed by Naturgy (Gas Natural), with advances of 1.4% and Indra, which closes at 50.35 euros after rising just over 0.9% in the session.
In the continuous market, the advances are led by GAM shares, which rise by more than 4.4%, while Clinica Baviera and Bodejas Riojanas have closed the session with increases of more than 3%. In negative territory, Vocento and Duro Felguera closed with falls of more than 3%.
On the corporate side, this Friday’s day is marked by the quarterly results season, which is practically over pending some loose verse. Early in the morning, MERLIN Properties presented its accounts: the SOCIMI increased its profit by 158.8% to 583.1 million euros in the first nine months of the year. EBITDA reached 308.4 million euros, up 7.4%, while total revenues reached 413.0 million euros (including gross rents of 398.1 million), up 7.7%.
A few minutes ago ACS reported that, during its Investor Day, the progress in the execution of its 2024–2026 Strategic Plan and has presented in detail its strategy in data centers, one of the pillars of growth within its commitment to digital infrastructures. In the last five years, the company has established itself as the world’s leading data center builder, with more than 9 GW installed and a notable presence in markets with high growth potential, such as the United States, Europe and Asia-Pacific. This reference position is supported by an offer of comprehensive solutions that respond in an agile and flexible manner to the needs of its clients, and
which has made it the EPCM of reference for hyperscalars and leading players in the field of artificial intelligence.
Telefónica has assured that it will present seven ERE to reduce up to 7,000 jobs. According to publication Expansionthe plan will affect the corporate center, Movistar+ and five other subsidiaries.
Regarding analyst recommendations, RBC cuts Banco Sabadell’s recommendation to ‘the same as the sector’, but raises the target price to 3.3 euros per share, from the previous 3.05 euros. On the other hand, Goldman Sachs raises Indra’s target price to 60 euros per share, from the previous 47.
In the Continuous Market, the results of several companies have also been known: Talgo registered a negative EBITDA of 3.3 million euros for nine months; CAF increased its nine-month net profit by 66%; and AmRest reduced its net profit by 42.2% in the third quarter.
On the macro side, few references have been known this Friday except the CPI in Spain, which rose one tenth in October, to 3.1%due to the cost of electricity. Today investors also know the quarterly GDP figures, which grew by 0.2% in the third quarter, and eurozone employment, which increased by 0.1% in the third quarter.
Wall Street and other markets
However, markets appear to be looking to the US, where a growing number of Federal Reserve officials are showing reluctance to further ease monetary policy, citing concerns about inflation and signs of relative stability in the labor market. Market traders already only see a roughly 50% chance (52.1% according to the CME Group tool) of a rate cut at the December meeting.
Wall Street indices have started this Friday’s session with falls. The Dow Jones fell 0.9% to 47,026 points, while the S&P 500 falls more than 1%, at 6,665.98 points. The NASDAQ 100 fell 1.62% to 22,500.15 points.
In this market, investors continue to move away from the technology sector amid concerns about high valuations. And indeed, Big Tech continues to weaken amid investor concerns about the sustainability of AI spending. Alphabet-A lost more than 2%, NVIDIA, Intel and Palantir lost more than 3% while Tesla fell more than 4%.
By the way, the markets are crossing their fingers waiting for NVIDIA to present its quarterly results on November 19. Analysts such as UBS and Citi anticipate revenues of between $56 billion and $57 billion, figures that reinforce the idea that the chip giant could once again beat forecasts in sales and earnings per share.
In commodity markets, oil prices are soaring on supply fears after a Ukrainian drone strike hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub. European benchmark Brent oil rose 2.4% to $64.54 per barrel, while US West Texas oil futures rose 2.8% to $60.32.
The Euro fell 0.12% against the dollar, leaving the exchange rate at 1.1620 dollars for each single currency.
In fixed income, the yield on the Spanish ten-year debt bond rises to 3.213%, leaving the risk premium against Germany at 50.87 points. The benchmark US bond pays 4.114%.