It couldn’t be better this Wednesday afternoon in the Spanish stock market. Investors are strongly opting for purchases throughout Europe and The Spanish selective reaches new highs on the way to 15,700 points while you already see, very closely, the historical ones that your coreligionists from the Old Continent have reached this year and those that still resist us.
The IBEX 35 closes the third trading session of the week with advances of 0.97%, new highs, up to 15,678.30 points with the gains experienced by ArcelorMittal 6.52%, Acerinox 3.56% and IAG (Iberia) 2.85% and the falls reflected by values such as Inditex 1.39%, Aena 1.19%, and Acciona Renewable Energies 0.80%.
Today’s protagonism is clearly twofold. On the one hand, the general who has doubled the situation of the last two sessions, with investors concerned about the situation in France and that has improved spirits….and the risk premium, which had tightened, in the French case, these days. The truth is that the Spanish one, around 55 basis points so far this week, has not offered problems to investors, although the auction of bills did result in higher returns to be paid by the Treasury this Tuesday.
Early on, the French Prime Minister, Sébastien Lecornu, who two days ago wanted to resign and with the grace period given by President Macron, remained in office until tonight, has declared that the contacts he had maintained removed the possibility of legislative elections and they were more inclined to form a government that could carry out the budgets.
On the other Brussels and its decisions on the steel sectorwhich change the strategy set in 2028, and which had already favored the sector in recent days, greatly encouraged ArcelorMittal y Acerinox.
The European Commission proposes, in improving its safeguard of the sector in 2018, to cut by 47% steel imports that will be able to enter the European Union free of tariffs. Measures that were initially intended to end in June of next year and that are now being tightened.
But at the same time, it also increased the tariffs that apply once that quota is exceeded to levels in line with those of the United States or Canada, which currently impose a 50% tariff on European steel. Specifically, It is about increasing from the real 25% to 50% all those imports that exceed the 47% quota.
Also hand in hand with new recommendations in light of the news. Citigroup has raised the price target of ArcelorMittal up to 45 euros per share, compared to the previous 40 euros . On the other hand, while Santander has revised downwards its target price on Acerinox from the 15.50 to 14.40 euros per sharebut it marks more than 21% potential revaluation for the value.
In turn, JB Capital Markets places the target price of Fluidra in the 25.7 euros per share, from the previous 23.50.
Meanwhile, in the Hostile takeover bid by BBVA for Banco Sabadell when there are only three days left until the end of the offer acceptance period. In this sense, the president of Banco Sabadell, Josep Oliu, assured yesterday in Oviedo that he has “full confidence that the entity’s shareholders will continue the project” of the entity.
Cross statements between both entities continue, with the CNMV specifying that on October 17 it will indicate the result of the takeover bid, and it will not be until that moment that it will be known that there will be a second takeover bid depending on the result and the decision of BBVA, and of course the intended price. Until then, nothing, just speculation.
It’s also news Telefónica . The company informed the CNMV yesterday that it has closed the sale of its subsidiary in Urugay to Millicom Spain for 440 million dollars (about 377 million euros), while América Móvil – owned by Mexican magnate Carlos Slim – and Entel have confirmed their interest in acquiring the Chilean business of the Spanish telecom company.
Already in the rest of Europe, the EURO STOXX 50 which gains 0.66% to 5,650 points, the CAC 40 advances 1.07% to 8,060 points, the Dax earn 0.94% to 24,600 points, and the session in London ends for el FT 100 with increases of 0.70% to 9,549 points.
And on Wall Street, pending NVIDIA which gives a positive tone to the session for the three main indicators in light of the statements of its CEO. J.ensen Huang, has noted that demand has increased enormously this year as artificial intelligence models develop beyond answering simple questions to complex reasoning.
And indicating that demand is very high in the case of its latest generation Blackwell chip, while considering that what is happening is «the beginning of a new expansion, the beginning of a new industrial revolution.» This puts an end to the market’s doubts about whether the mega-investments are already contained in price, and the value rises somewhat below 2%.
At the end of the day in the Spanish stock market, new intraday highs, with the DOW JONES Ind Average which continues with advances of 0.27% to 46,730 points, with a S&P 500 which gains 0.47% to 6,746 and a Nasdaq OMX which marks levels of 22,949 points and rises 0.69%.
In the rest of the market, we start with the fixed income market, with a downward trend since the 10-year Spanish bond gives up 1.35% to 3.215% while the cuts are 1.27% for the German bund, which is trading at 2.6767%. The risk premium fell 1.64% to 53.88 basis points.
In raw materials, oil gains positions. He future of the Brent barrel that rises 01.48% to $646.42 while West Texas places its price at $62.79, and advances 1.72%.
He Oroagain at highs, 1.54% up, at $4,065 per ounce in its futures and in the cash price gains of 1.5% to 4,045.
Of Bitcoin gains today, at the close of the Spanish stock market, 0.53% and is close to $122,500 per asset. Lastly, in the relationship Euro Dollar falls again of 0.33% for the single currency against the greenback to 1.1617 units.