The IBEX 35 fell 0.45% at the opening this Monday to reach 11,588.60 points. The biggest drop is for Bankinter, which leaves 1.23%, compared to the 1.07% that BBVA leaves and the 1.01% that Banco Sabadell gives up. On the advance side, Redeia (REE) rose 0.89% and Endesa gained 0.77%.
The Madrid selective is coming from a week with hardly any movements that ended with a slight decrease of 0.13%. In November as a whole, the fall was barely greater, 0.26%, although it is two months in a row in which the index ends in negative. Of course, one month before the end of the year, the Ibex has accumulated an increase of 15.23% in fiscal year 2024.
Investors will have to remain attentive to the price of Grifols, which was the most penalized value of the Ibex 35 last week and in November as a whole after Brookfield withdraws its intention to launch a delisting takeover bid for the company. However, analysts at the moment seem to maintain their confidence in the value, placing it as the one with the most potential in the Ibex 35.
If Grifols is the cross, the head is for IAG (Iberia), which has just risen by more than 25% in November the recommendations of market experts who suggested that 3 euros per share could be exceeded, something that the value did last week with great ease.
Another value that makes the headlines is Telefónica, after the newspaper Five Days has published that Carlos Slim is suing the telecom company for unfair competition in Chile. Besides, Expansion assures that Amancio Ortega plans to bid for the “fiberco” of Telefónica and Vodafone.
In the analysts’ recommendations, Deutsche Bank raises Inditex board to ‘keep‘, from the previous ‘sell’.
It should also be taken into account that today Bankinter will distribute around 265 million euros among its shareholders by virtue of the dividend of 0.295 euros that it approved to distribute on November 20.
In the Continuous Market, OHLA has reorganized its structure in Central Europe, a key region for the Spanish construction group, especially due to its presence in the Czech Republic through the subsidiary OHLA ZS, according to The Economist.
On the macroeconomic agenda, today the final readings for the month of November of the Eurozone, its main economies, the United Kingdom and the United States are published. Manufacturing PMI. “In almost all cases, it is expected to confirm that the sector has continued to contract in monthly terms, although at a greater rate in European economies,” says Juan J. Fernández-Figares, of Link Gestión. “We do not believe that the readings, which do not usually differ much from their preliminary ones, published in the middle of the month, are going to have a great impact on the behavior of the financial markets,” the expert believes.
The main reference of the week will be the US November employment report to be published on Fridaysince it is presented as key for the December meeting of the Fed. “A report that shows a strong increase in employment in the month, above what analysts expected – it is expected that about 200,000 net jobs have been created -, “It could make the Fed rethink its intention to lower rates at this meeting, and decide not to do so,” warns Fernández-Figares.
At the moment, in the European stock markets, the German DAX opens with cuts of 0.15% at 19,599, the FTSE 100 in London cuts 0.04% to 8,284, the French CAC 40 falls 1.19% to 7,148.86 points and the EURO STOXX 50 loses 0.86% to 4,763.25 points.
Wall Street futures point to a lower opening in Monday’s session, with investors taking profits after the DOW JONES and S&P 500 ended last week setting new all-time highs closing despite lower trading volumes due to Thanksgiving and Black Friday.
During the Asian session, stock markets rose driven by all-time highs on Wall Street, while the dollar recovered from multi-week lows against the yen before the aforementioned employment data from the world’s largest economy. The Nikkei 225 index in Tokyo closed the first session of December with a rise of 0.92% to 38,500.50 points.
In China, the CSI 300 rose 0.79%, while the Hang Seng in Hong Kong rose 0.7%. For its part, the South Korean Kospi rose 0.17%.
In raw materials markets, oil prices start December on the risesupported by optimistic manufacturing activity in China, the world’s second largest consumer of crude oil, while Israel resumes attacks on Lebanon despite the ceasefire agreement, fueling tension in the Middle East.
European benchmark Brent oil rose 0.75% to $72.36 per barrel, while US West Texas futures rose 0.79% to $68.55.
The euro fell 0.66% in its exchange against the dollar, leaving the exchange rate at 1.0508 dollars for each community currency.
In fixed income, the yield on the ten-year Spanish bond starts the week at 2.80%, which leaves the risk premium with respect to Germany at 73.20 points. Last Friday, the Morningstar DBRS agency decided to raise Spain’s long-term foreign and local currency issuer rating one notch, which thus becomes “A (high)” from “A”, with a stable trend. On the other side of the Atlantic, the US ten-year bond offers a yield of 4.201%.