The IBEX 35 rose a slight 0.22% on Tuesday morning to reach 11,461 points. At the forefront of the advances is Sacyr, with an increase of 1.05%, compared to the 0.85% recorded by the oil company Repsol. On the decline side, Fluidra fell 0.92%, while BBVA fell 0.41%.
Investors have to keep in mind that today The day will be shorter than usual for Christmas Eve in the main Western markets, including both the Spanish stock market and Wall Street, while in Germany the market will be closed.
Tomorrow, Christmas Day, will be a holiday in all Western stock markets, with the European ones not returning to activity until Friday the 27th, while the 26th Wall Street will now operate normally. “We can affirm that investors and operators have decided to consider this week almost closed,” he believes. Iñigo Isardo Rey, from Link Gestión, who hopes that “today the session will be a mere transition for the few investors and operators who are active.””.
Despite the semi-festive day, there will be some macro references to take into account in the US, such as the Richmond manufacturing index and durable goods orders, although they will be known with the Spanish market closed.
In the analysts’ recommendations, the focus is on the financial sector, where RBC experts have improved the respective valuations of Banco Santander and BBVA. In the case of Santander, the target price rises to 5.20 euros per share, from the previous 4.95 euros, while in BBVA the increase is from 11 euros to 11.80 euros per share.
Meanwhile, RBC and UBS analysts adjust their assessments of Inditex, and both seem to think that there is practically no room for the Spanish company with the largest market capitalization.
Analysts will also have to closely follow Endesa’s price. The company, through Enel Green Power Spain, has closed its alliance in renewables with the United Arab Emirates group Masdar through the sale of a minority stake of 49.99% in a portfolio of operational photovoltaic projects in Spain with an installed capacity total of about two gigawatts (GW) for 850 million eurosreported the electric company.
Specifically, Masdar will take that minority stake in the share capital of EGPE Solar, the entity that owns these photovoltaic assets, in an operation that values 100% of this company at around 1.7 billion euros.
Talgo continues to make people talk in the Continuous Market. Pending how Sidenor’s intentions prosper, the Supreme Court has rejected Ganz-Mavag’s demand to paralyze the purchase of the Spanish company. The Hungarian company had presented a series of precautionary measures to try to temporarily stop the sale of the company after the Government vetoed its takeover bid for 100% of Talgo at the end of August.
In that sense, yesterday it was learned that the Spanish Government has decided to extend the restrictions on the purchase of Spanish companies by foreign investors until the end of 2026.
It is also a protagonist of the OHLA market. The company reported yesterday that, within the framework of the international legal process it faces related to the construction and maintenance project of the Jamal Abdul Nasser Street highway in Kuwait, executed through a joint venture, the Paris Commercial Court decided to lift , last Friday, the precautionary measure that had been agreed on August 5 of this year, in relation to the execution of two guarantees claimed by the State of Kuwait, for a total amount of 39.8 million euros.
Meanwhile, in the rest of the European stock markets that open today, the FTSE 100 in London rose 0.51% to 8,143 points and the CAC 40 advanced 0.55% to 7,312 points. The Italian stock market, the German DAX and the EURO STOXX 50 remain closed.
On Wall Street, futures point to a slightly bullish opening after yesterday the major New York indices managed to close higher, in a day that went from low to high. The DOW JONES rose 0.16% at the close, while the S&P 500 added 0.73% and the technology Nasdaq rose 0.98%.
Outgoing US President Joe Biden yesterday announced a new trade investigation that could add more tariffs on Chinese semiconductors that power everyday products, from cars to washing machines.
Asian stock markets rose on Tuesday, although the movements were moderate before a week of holidays, with the Chinese CSI 300 standing out with an increase of 1.26%. In Japan, however, the Nikkei 225 index in Tokyo closed with a decrease of 0.26% to 39,071.50 points on a day in which the minutes of the Bank of Japan’s latest monetary policy meeting showed that the central bank debated the need for caution in raising rates.
In currencies, dollar remains near two-year high helped by high US Treasury yields, at a time when investors are assimilating the prospect of fewer rate cuts than planned by the Federal Reserve in 2025. Today the euro is down 0.14% against the banknote green until leaving the exchange rate at 1.0391 dollars for each single currency.
The US ten-year debt bond already offers a yield of 4.594%while on this side of the Atlantic, the reference Spanish bond pays 3.02%, with the risk premium against Germany at 70.15 points.
In commodity markets, oil prices advance on Tuesday, reversing the previous session’s losses, buoyed by a slightly positive near-term market outlook and stronger US economic data, despite thin trading earlier of the Christmas holidays.
European benchmark Brent oil rose 0.75% to $72.86 per barrel, while US West Texas futures rose 0.81% to $69.80.