The IBEX 35 closes with falls of 1.50% at 11,720.90 points. At the head of the declines is Acciona, which lost 3.63%, compared to the 3.51% that Naturgy lost. Among the advances, ArcelorMittal adds 1.50%, while Laboratorios Rovi gains 1.44%.
The Madrid selective faced this day after rising yesterday and staying at the gates of 11,900 points on a day in which it did not have the reference of Wall Street, which was closed due to the state funeral of former President Carter. The Ibex, despite today’s falls, closes the first full week of January slightly positive, since after yesterday’s session it accumulated a rise of 2.12%.
In the business news of the day, the hostile takeover launched by BBVA for Banco Sabadell continues to work. On Thursday, at the close of the session, BBVA announced the modification of the minimum acceptance condition of the takeover bid of reaching 50.01% of the share capital, so that it is now conditioned to reach “more than half of the rights of effective vote”, which excludes Banco Sabadell’s treasury stock at the time the offer acceptance period ends.
The entity has explained to the regulator that this is a “reduction” of the minimum acceptance condition and that this implies “more favorable treatment” for Sabadell shareholders. The rest of the terms of the OPA are maintained.
For its part, Ferrovial closes the senior bond issue of 500 million euros which had been launched for five years with an annual coupon of 3.25%. These bonds, which are scheduled to be listed on the Euronext Dublin regulated market, will mature on January 6, 2030 and their settlement will take place this coming January 16.
The company is also in the news because will expand and rehabilitate the Ter water treatment plant together with Construcciones Rubau.
The project will be executed by Cadagua, Ferrovial’s water infrastructure subsidiary, and Arema, Rubau’s water subsidiary. The budget amounts to 102 million euros, with 48 months of execution.
In the area of recommendations, today Citi lowered Aena’s advice to ‘neutral’ from ‘buy’, at the same time as cutting the target price to 210 euros from the previous 202. It still represents an upward potential of 3.65%.
On the other hand, Deutsche Bank raises ArcelorMittal’s target price to 30 euros from 29, and Goldman Sachs also raises the price target for 23.50 to 25.70 euros.
In addition, UBS improves its recommendation on Amadeus to ‘buy’, from the previous ‘neutral’. In turn, it raises the target price, which goes from 67 euros to 80 euros per share.
The market digests US employment data
In the macroeconomic agenda of the day, investors learned right at the opening the data of industrial production of Spainwhich returns to negative territory after decreasing 0.4% in November compared to the same month of the previous year, and falls 3.4% in the original, according to data from the National Institute of Statistics.
It has also been published service production of the euro zone, which increased by 0.3% in October compared to September, 1.7% compared to October 2023, and the housing prices in the euro zonewhich rose 2.6% in the 3rd quarter of 2024 compared to the 3rd quarter of 2023, 1.4% compared to the 2nd quarter of 2024.
Even so, all eyes were directed today to the employment report from the US Department of Laborwhich was published before the opening of Wall Street. Thus, the country created 256,000 jobs in Decemberwell above the 155,000 that economists surveyed by Dow Jones had estimated, and the 212,000 in November. The unemployment rate fell one tenth, to 4,1%when the market expected it to remain at the previous $4.2.
Juan J. Fernández-Figares, of Link Securitiesassured before knowing the figure that if the readings exceed what analysts expected, both in terms of job creation and wage growth, the reaction of bonds and stocks was going to be negative, “since this “It would further distance the possibility that the Federal Reserve will continue to cut its reference interest rates.”
And that has been what has happened. Wall Street opened today with the Dow Jones down 0.79% to 42,298 points, while the S&P 500 fell 0.89% to 5,865 points and the Nasdaq It fell 1.15% to 19,254 points.
With a market that has been processing these figures throughout the day, the European stock markets close the session this Friday with the German Dax down 0.52% at 20,213 points, the French CAC 40 is down 0.82 % at 7,429 points, the FTSE 100 in London falls 0.84% to 8,250 points, the FTSE MIB subtracts one 0.62% at 35,097 points, while the EURO STOXX 50 lost 0.82% at 4,976 points.
In Asia, the Japanese Nikkei closed with a decrease of 1.04% to 39,208.50 points. Chinese stock markets have been weighed down by the announcement by the People’s Bank of China (PBoC) that it has temporarily stopped buying bonds in secondary markets. He CSI 300 fell 1.15%, the SSEC of Shanghai fell 1.33% and the Hang Seng in Hong Kong was around 1%.
Regarding fixed income, the reference 10-year Spanish bond offers a yield in the secondary market of 3.252%, which leaves the risk premium with respect to its German counterpart at 69.45 points. On the other side of the pond, the 10-year US bond obtains a yield of 4.746%, flirting with the highest levels since April.
Already in the raw materials market, the oil prices They rise strongly this Friday and will close the third consecutive week on the rise, as operators focus on possible supply interruptions due to sanctions, while the cold in some parts of the United States and Europe is expected to increase fuel demand.
In this way, the Brenta reference in Europe, rose 2.20% to $78.61 a barrel, while West Texas Intermediate oil futures rose 2.% to $75.64.
The Euro Dollar falls 0.45%, establishing the exchange rate at 1.0253 dollars for each community currency, increasingly closer to parity. Reviewing the main cryptocurrencies, Bitcoin fell 0.9% to $93,500, while Ethereum fell 2.5% to $3,238.