Spanish equities begin a week full of incentives, but in which this first trading session, has shown the traditional ‘wait and see’ in anticipation of events. Something that, in addition, we are already accustomed to from the Ibex 35 since it set annual maximums and for the last 14 years, on December 5.
Hence, market experts view the situation with caution. It is the case of José Antonio González, financial market analyst at Investment Strategies who highlights that “it is necessary to observe whether the IBEX 35 has put us in what could be considered a ‘bullish trap’, with its highs of December 5.
In his opinion, “this doubt must be resolved in the coming sessions or weeks. For now, he points out that the structure remains clearly positive, with a target of 12,240 points, posing a potential of 4.07%. And the highs and lows continue to increase.”
In a week full of references and waiting for them, the IBEX 35 closes the day with increases of 0.23% to 11,778.60 points, with advances for Grifols A 3,83 %, Unicaja 2,30 % y Rovi Laboratories 1,61 % and losses for companies like Cellnex 2,23 %, Puig2,12 % y Action 2,03 %.
References stand out during the week such as the Fed meeting, which will begin tomorrow and end on Wednesday, the last of the year and in which most analysts already discount a new drop in interest rates in the US, of 25 basis points but they indicate that the president of the Federal Reserve, Jerome Powell, could stand out in this last meeting of the year with the price of American money, that there will already be a rush to lower them further.
Factors such as the forecasts that must be made known and the ‘dot plot’ the famous dot diagram with the expected drops in 2025. Just today Goldman Sachs indicated that there will be no new cut in January by the Federal Reserve Open Market Committee (FOMC).
Another reference of the week will be a macro data in the US, Next Friday the PCE, the private consumption price index in the US, will be known. which is derived from the data on personal expenses and income for the last month, ultimately the inflation indicator that the Fed follows the most.
And, globally, volatility is expected to be present on Friday With the arrival of the quadruple witching hour, quarterly maturity, and last of the year, with what it means for the modification of portfolios for 2025, of the maturities. . . . of options and futures on both sides of the Atlantic.
And today, regarding corporate news in the Spanish market, we highlight that Berenberg has cut the price target for Grifols until the 19.30 euros per share from the previous 19.40 euros. Despite this cut, the new valuation represents an upside potential of more than 100% . Despite the cut, the level of improvement that it endorses for the value leads it once again to lead the Ibex 35 and recover positions.
Besides, has been placed as first biotechnology company in the Dow Jones Sustainability Index and Dow Jones Sustainability Europe Index for the fourth and fifth consecutive year, respectively.
Advances also of amount for Unicaja because today was the last day to buy shares with the right to dividend, also in the case of Telefónica .
Besides, Ferrovial has increased by 300 million euros its own share repurchase plan launched last August of 300 million euros, so The maximum total investment amount of this program now amounts to 600 million euros . as communicated to the CNMV. Likewise, it has extended the duration of the plan until May 30, 2025.
In the financial sector, the market is still pending the Hostile takeover launched by BBVA on Banco Sabadell at the beginning of May. According to what has been known, fifteen organizations have asked the National Markets and Competition Commission (CNMC) to participate in the operation, a period that has already expired. These are entities that have announced their intention to appear, since the CNMC does not publish the list of organizations that have formally entered into the procedure, although it can be made public – although it is not mandatory – in the final report.
Already in Europe, cuts session in a negative environment with the motion of no confidence lost by Prime Minister Scholz, clearing the way for new elections in Germany.
At the close of the market, the EURO STOXX 50 loses 0.47% to 4,944 points, the CAC 40 drops 0.71% to 7,356 points, the DAX gives 0.25 % to 20,366 points, and the session in London ends for el FT 100 with cuts of 0.46% to 8,261 points.
A Wall Street a day of various advances, with all the prominence once again for the Nasdaq, which, by the way, will debut in the case of its selective Nasdaq 100 new securities on December 23 with the entry of the company Microstrategy-A by Michael Saylor, who continues to buy Bitcoin and that revalued more than 500% in the year and Palantir which has advanced 300% so far this year.
Among the protagonists of the day is also Honeywell . The company has announced that the board continues to review its business portfolio, including a possible separation of aerospace business . The company expects to provide an update on the process when it releases its fourth quarter results.
The announcement comes after activist investor Elliott Investment Management called for a split of the company’s aerospace and automation businesses after acquiring a stake of more than 5 billion dollars.
Regarding the analysts’ recommendations, Tesla sees Wedbush analyst Dan Ives reiterate his ‘buy’ advice and raise the electric car maker’s price target to $515 per share, up from $400 previously. It supposes a 18% upside potential vs. Friday’s close for a value that has risen more than 75% in the year.
So, he DOW JONES remains at opening levels of 43,830 points, the S&P 500 rises 0.4% to 6,075 points and the Nasdaq OMX It advances 0.90% to 20,108 points.
Now in fixed income, it goes up the 10-year Spanish bond, with slight advances of 0.17% to 2.92% while the German bund fell 0.6% to 2.2355%. The Spanish risk premium reaches 68.60 basis points, and advances 2.64%.
Already in raw materials, oil cuts, with a future for the Brent barrel that drops 0.77% in the market to 73.90 while West Texas places its price at $70.30, and drops a steeper 1.4%.
He Oro meanwhile, moves mixed with a spot price advancing 0.24% to $2,654 per ounce, while the future drops 0.11% to $2,672.
Of Bitcoin It remains unstoppable until setting new highs at $106,617, with an advance of 3.80% in the cryptocurrency markets while its value already clearly exceeds two trillion dollars in the market.
For its part, the relationship Euro Dollar It is placed at the opening and the single currency is exchanged against the greenback at 1.0503 units.