Spanish equities put a negative note on European markets this session. And although it is accompanied by the slight cuts in Frankfurt, the truth is that our stock market It is weighed down by the steepest falls in some of the large values.
This is the case of Caixabank and Inditex, in the first case reflecting the downward correction of the recommendations that we will later see from both Barclays and RBC, Although Jefferies endorses its value buying advice, and the second, heavily penalized by the double-digit increase experienced by its German online competitor Zalandoafter the good reception of the results.
In this way, the IBEX 35 lost 0.49% at the close of this Thursday to 11,840.60 points, with Indite’s cutsx 2.53%, Caixabank 2.40% and Acciona 1.52% and the increases experienced by values such as Puig 3.75%, Solaria 2.81% and Cellnex 1.84%.
Today the market was quoting downwards the figures that Repsol published yesterday at the close, in which it indicated that, in the last year, it reached a production of 571,000 barrels of oil equivalent per day, which represents a reduction of 4.7% in compared to the previous year.
In addition, its refining margin experienced a drop of 40.5% compared to 2023, standing at $6.6 per barrel, which the market has truly highlighted downwards.
Meanwhile, in the case of IAG (Iberia), JPMorgan leaves its rating overweight, before the publication of results, while waiting for them to return to being better than those of the big airlines.
Its analyst Harry Gowers highlights that he does not believe that the outlook has changed much compared to previous quarters, with respect to the accounts to be presented for the fourth quarter of last year.
For its part, Jefferies, after Cellnex’s announcement of its purchase of shares following the divestments in Austria and Ireland. They place the new target price of the value at 46.30 euros twelve months ahead. Taking into account the current price, the new valuation presents an upside potential of 47.31%.
And the banks, today with a shower of recommendations. On the one hand, those of Barclays, who place Banco Santander as the great hope of the sector and to which they attribute a potential of 28%, compared to 11.5% for BBVA and 5% for Unicaja, and compared to the negative potential that attributed to Bankinter and Sabadell, from their current price levels.
RBC also positions itself on Bankinter, overweighting its shares with a target price of 9.75 euros per share, with a possible upward trend that gives it slightly more than 17%.
And in the case of Caixabank, it is betting the same as the market while placing its target price at 5.65 euros per share, with slight negative potential.
Finally, Jefferies looks at Santander, with which it maintains a buy rating on the value, with a target price which rises to 6 euros from the previous 5.60, since it considers that the Cantabrian entity offers the clearest upward potential in terms of target price.
And to BBVA, which continues to be a purchase for them. with a target price of 12.30 euros per share, although they consider that it offers a price-benefit ratio that is undemanding.
For its part, ACS has carried out the second execution of the capital increase charged to reserves with the calendar from January 20 to February 14, for the different options, collection in cash, in shares or sale of the rights in the market.
Today in Europe, different trend, if we look at the recovery of the European selective indicator and Paris, on account of luxury, also with recovery of London and finally also of the Dax.
In fact, in the EURO STOXX 50 we see that, except for the slight drop in utility sectors, it is barely noticeable compared to the 6.7% rise in cyclical consumption, energy and technology, both above 1%.
And luxury is skyrocketing, with Richemont rising to 15% thanks to its enormous profitability, which has pushed the entire sector up today, with double-digit growth in its sales, except in Asia Pacific, with drops of 18% in China. Only in Europe they grew by 19% and in America by 22%. Thus, the value has dropped LVMH, Hermes with gains of 8 and 4% respectively. Between the falls, Mercedes Benz, Novo Nordisk and Prosus.
El DAX rises 0.14%, to 20,644 points, the FT-100 It advances 1.10%, to 8,392 points, the CAC 40 gains 2.14% to 7,634 points, while the EURO STOXX 50 advances 1.44%, to 5,104 points.
On Wall Street, mixed levels and close to the opening with an eye on business results and the hangover from yesterday’s strong earnings.
Among the protagonists, Bank of America increased its profits by 47% to $6.67 billion, or 82 cents per share, driven by the investment banking business and better-than-expected interest income. Analysts had anticipated earnings of 77 cents per share. Revenue also exceeds expectations, with a figure of 25.5 billion, compared to the expected 25.19 billion. Shares down about 1%
Morgan Stanley has also exceeded market expectations in both profits and income thanks to the good performance of trading income in fixed income and variable bonds. The entity more than doubled its earnings in the fourth quarter to $3.71 billion, or $2.22 per shareabove the expected $1.70. Revenue rose 26% to $16.22 billion, compared to analyst expectations of $15.03 billion. Shares rise 2.2%.
Finally, the DOW JONES Ind Average was shown at mid-session with opening levels at 43,223 points, with an S&P 500 advancing 0.19% to 5,973 points and a Nasdaq OMX rising 0.08% to 19,525 points .
Regarding fixed income, the 10-year Spanish bond falls 0.34% to 3.19% while the German 10-year bund cuts 0.22% to 2.5225%. The Spanish risk premium is at 74.45 points.
As for raw materials, first oil with cuts in the future of the Brent is down 1.61% at this time to $80.70. For its part, the West Texas lowers its price by 1.83% to $77.27. Gold Futures gain positions and the level of $2,700 per ounce. Specifically, it advances 1.30% to $2,751.04 per ounce.
The Euro Dollar is at opening levels and stands at 1.0297 units. And Bitcoin is gaining positions, 0.47% in the last 24 hours, with a price of 99,477, after yesterday once again exceeding the level of $100,000 per asset.