The IBEX 35 fell 0.41% at the opening this Friday to reach 11,563 points. The biggest drop is for Banco Santander, which fell 1.05%, while BBVA fell 0.77%. On the advance side, Naturgy (Natural Gas) stands out, which rose 1.21% after an improvement in its recommendation. ArcelorMittal scores 0.47%.
The Madrid selective enters the last session of the week having accumulated a slight decrease of 0.39% despite yesterday’s advances. If you take a look For November as a whole, the index has fallen 0.53% until the close of yesterday, Thursdayin a month that has been very tumultuous due to the impact that Donald Trump’s victory in the US presidential elections has had on world markets.
Today the market will continue to pay attention for one more day to the price of Grifols, which has accumulated a fall of 19.7% in just two days after learning that the Brookfield fund has abandoned its intention to launch a delisting takeover bid for the company. of blood products. The company is now focused on its refinancing plans to be able to meet debt maturities in 2025, although the market fears that it may have to end up increasing capital.
In this sense, the CEO of Grifols, Nacho Abia, has tried to dispel these fears in an interview with The Economist in which he states that “there will not be a big sale and we are working to ensure that a capital increase is not necessary”.
The one that is still going forward for the moment is the Hostile Takeover Launched last May by BBVA on Banco Sabadell, although the operation is stuck in the analysis of the Competition Authority (CNMC). Today the newspaper Expansion It carries on its cover that Sabadell has signed Cravath, Swaine & Moore, a firm specialized in mergers and acquisitions on a global scale. It advises you in procedures with the SEC, the American markets regulator.
Meanwhile, the Catalan bank places Marc Armengol at the head of its British subsidiary (TSB), replacing Robin Bullroch, according to a report Five Days.
Regarding analyst recommendations, good news for Naturgy (Gas Natural), which sees JP Morgan raising its recommendation from ‘underweight’ to ‘neutral’.
In other news of the day, Caixabank has carried out 15.83% of its share buyback in the second week of its new program, the maximum amount of which has been set at 500 million euros, as reported to the CNMV. In the second week it acquired 9.97 million titles, at a weighted average price of 5.1329 euros and an amount of more than 51.19 million euros. In total, the entity has repurchased 15,112,459 shares for a combined amount of 79.17 million euros.
In the Continuous Market, eyes are directed today to Lar España. The CNMV has authorized the voluntary Public Acquisition Offer (OPA) of shares formulated by Helios, a company owned by the Hines real estate fund (62.5%) and Grupo Lar (37.5%), over 100% of the Socimi, worth 695 million euros.
The regulator has adopted this decision upon understanding that the operation complies with current regulations and after considering “sufficient” the explanatory brochure presented by the buyers after the last modification on November 22.
Meanwhile, OHLA continues with its plans to reduce its debt with the sale of its 25% stake in the Montreal hospital (Canada) for 66 million Canadian dollars, about 45 million euros at the current exchange rate.
On the macroeconomic agenda of the day, investors had breakfast today with the publication of German retail sales, which fell 1.5% from September to October and 1% compared to October last year. Import prices from Europe’s largest economy increased 0.6% monthly, also in October, but fell 0.8% year-on-year. While, Retail sales in Spain increased by 3.5% in October in year-on-year termsas published by the INE. In September, retail sales had shown a variation of +4.1%.
However, the main reference of the day will be the publication of the Eurozone flash CPI for Novemberafter yesterday data from Spain or Germany showed a rebound in prices. Despite this, the market continues to believe that the European Central Bank (ECB) will cut rates at its monetary policy meeting in December. Of course, “in our opinion, The ECB will opt for a reduction of only 25 basis points and not by half a percentage point as an important part of the market had been betting,” he points out. Juan J. Fernández-Figares, from Link Gestión.
At the moment in the European stock markets, the German DAX wakes up with falls of 0.09% at 19,406.25 points, the French CAC 40 drops 0.36% to 7,153.35 points, the London Stock Exchange drops 0 .11% at 8,271 and the EURO STOXX 50 loses 0.22% to 4,748.35 points.
To take into account that today the European markets They will once again have the Wall Street referencewhich was closed yesterday for Thanksgiving. However, it will only hold half a session, so expect low trading volume. Futures point to a bullish open, with the DOW JONES and S&P 500 approaching their recent all-time highs again.
Also remember that today is Black Friday, the day when the Christmas shopping season unofficially beginswhich “has great relevance for many listed companies, especially in the retail distribution sector, since a large part of the year’s results are ‘at stake’ in this period,” says Fernández-Figares. “That is why, starting tomorrow, investors will be very attentive to all the statistics that are released regarding retail purchases.”
During the Asian day there was no clear sign. In Japan, Tokyo’s Nikkei 225 index closed 0.52% lower at 38,148.50 points, with the yen heading for its best week in four months after strong local inflation data prompted traders lean towards an imminent rate hike by the Bank of Japan.
In China, the CSI 300 rose 1.15%, while the Hang Seng in Hong Kong rose 0.18%. The South Korean Kospi closed with a fall of 1.99%.
In raw materials markets, oil prices are trying to digest the possible resumption of supply risk, at a time when Israel and Hezbollah were accusing each other of violating the ceasefire and when the delay of a meeting of the OPEC+ left investors waiting for a decision on its production policy.
European benchmark Brent oil fell 0.70% to $72.28 per barrel, while US West Texas futures fell 0.23% to $68.56.
The euro rose 0.31% against the dollar, leaving the exchange rate at 1.0581 dollars for each single currency.
In fixed income, the Spanish ten-year debt bond pays 2.83%, leaving its risk premium against Germany at 71.80 points. Operators also remain attentive to the French risk premium, which today dawns at 82.60 points. On the other side of the Atlantic, ten-year US bonds offer a yield of 4.217%.