If on paper, the beginning of the week seemed volatile and somewhat low in volume due to the festivities in Madrid, Spanish equities have shown that risk in equities not only means falls, but also reading good news like those that have flooded the market today, to achieve a new historical maximum for the Ibex 35, the fourth so far this year.
The IBEX 35 closes on Monday with advances of 1.77% to 16,182.50 points, a new all-time high, and increases in values such as BBVA 4.21%, Banco Santander 3.67% and Unicaja 3.64%, compared to the cuts experienced by Cellnex 1.70%, Naturgy (Gas Natural) 1.62% and Telefónica 1.5%.
The main role came from the United States. And everything is due the first step, after almost 40 days, to end the government shutdown in the US. The change in bias last night, after 14 failed votes and due to the change in the votes of up to 8 Democratic senators last morning.
A decision that may be ready by mid-week. If so, federal employees and statistics would return. Macro data that could be crucial for the Fed to lower interest rates again at its December meeting, something for which Powell had almost closed the door due to the lack of macro data, especially on the American labor market and inflation.
Among the news, the resurgence of IAG (Iberia) stands out with the avalanche today of analysts who minimize the strong impact on Friday of the variation in the accounts presented on market expectations.
From JPMorgan, they have maintained their «Overweight» recommendation for IAG (Iberia), with a target price of €5.50. They expect the airline holding company’s profits to improve in the fourth quarter after a disappointing third quarter, Harry Gowers wrote on Sunday. It also foresees the announcement of share buybacks for a total of 1.5 billion euros in the base scenario, when the annual results are published. IAG is his favorite company in the sector, and its shares also appear on JPMorgan’s «Featured Analyst List.»
But also, since Bernstein raises its PO to 5.4 euros per sharewith an overweight rating on its shares. Analyst Alex Irving highlights that Friday’s declines, with its operating profit slightly below expectations, were excessive. Therefore, Irving continues to consider this company, one of the sector’s favorites, attractive. Same opinion and purchase recommendation and PO from Deutsche Bank.
On the other hand, Telefónica, again punished after Santander’s new vision, maintains its overweight recommendation and reduces the target price from 5.10 to 4.30 EUR.
Also in Caixabank, Autonomous Research maintains its neutral recommendation and raises the target price from 9.23 to 9.48 euros and the Canadian bank RBC has maintained its «Sector Performance» recommendation for Inditex with a target price of €49.
Regarding IBEX 35, HSBC maintains its buy recommendation and raises the target price from 18.20 EUR to 19 EUR. And for Rovi, Jefferies maintains its buy recommendation and raises the target price from 71.70 to 77.80 EUR.
And the big banks with big increases that take both BBVA and Banco Santander to maximums.
Also in the Continuous Market, Almirall publishes results which reached 39.1 million euros in the first nine months of the year compared to the 7.2 recorded in the same period of the previous year.
In addition, Viscofan approves a gross interim dividend for 2025 of at least 1.40 euros per share. On the decline side, Oryzon Genomics and its new capital increase that leads it to plummet by 12%, which its Board of Directors to hold in December must approve.
Already in the rest of Europe, general increases for the same reason, looking at the US, with the EURO STOXX 50 that gains 1.73% to 5,662 points, the CAC 40 rises 1.32% to 8,055 points, the Dax advances 1.75% to 23,957 points and el FT 100 It revalued at closing by 1.09% to 9,788 points.
And much the same on Wall Street, which is recovering from the previous bad week, with the worst levels for the Nasdaq since April, in the worst of the tariffs, after the market’s doubts about AI and the potential monetization of this technology. Increases for the technology sector, especially the most punished, discreet for the Dow Jones and more pronounced for the S&P 500.
Among the protagonists, Metsera shares fell more than 15% at the market open after Pfizer agreed to buy the emerging weight loss drug company for up to $86.25 per share.
The agreement, which could exceed $10 billion, contemplates Pfizer paying $65.60 per share in cash for Metsera and a contingent value right that provides shareholders with additional payments of up to $20.65 per share in cash. Metsera’s board of directors stated that Pfizer’s revised offer –which surpassed that of Novo Nordisk- represents «the best transaction for shareholders, both from the perspective of value and the certainty of its closing.» While Pfizer shares rise 0.65%.
But the big rise of the day goes to Rumble. Its shares advance almost 15% after the company’s agreement to acquire the German artificial intelligence infrastructure company Northern Data in an operation valued at up to 970 million dollars. Both companies are backed by Tether, the stablecoin issuer.
CoreWeave shares also appreciated about 5% at the opening. The AI cloud services provider, which primarily rents data centers equipped with Nvidia chips, plans to present its third quarter results after the close of the session on Monday. Analysts expect CoreWeave to post a loss of 40 cents per share on revenue of $1.26 billion.
Maplebear, Instacart rises strongly, 8% after its results. The company’s shares are up more than 7% ahead of Monday’s open after the grocery delivery platform beat third-quarter earnings and issued upbeat guidance under new CEO Chris Rogers.
At the close of the Spanish market, the DOW JONES remains at opening levels of 46,976 points, the S&P 500 rises 0.72% to 6,777 points and the Nasdaq OMX advances 1.43% to 23,334 points.
In the rest of the market, we start with the fixed income market, with cuts in the 10-year Spanish bond, from 0.47% to 3.173% while in the case of the German bund, there are falls of 0.09% to 2.6653%. The risk premium drops 1.5% and corrects to 50.68 basic points.
In commodities, oil turns around, worried about excess production, witha future for the Brent barrel that presents cuts of 0.24% to $63.49 while West Texas places its price at $59.58, and gives up 0.28%. Gold gains 2.06% to $4,092 per ounce.
Already, Bitcoin is moving with gains of 1.26% to $105,180 per asset. Finally, in the Euro Dollar relationship, it gives way to the single currency with cuts of 0.16% to 1.1548 units.