The IBEX 35 has closed the session on Tuesday with a fall of 0.96% to 15,119.30 points. It is the second negative session for the main Spanish index, which is left 277 points in two days and moves away from the maximums of 15,396.80 last week. However, the index is still in areas that had not stepped on December 2007, with a revaluation in the year that continues to exceed 30%.
Today the greatest falls have been for Rovi Laboratories, which has closed with a setback of 1.89%, although the great injuries – by their weight in the index – are BBVA, which has been left 1.86%and Banco Santander, which has fallen 1.63%. On the side of the advances, Solaria has shone, with a rise of 2.46%. The company of renewables conquers new annual maximums after accumulating a spectacular rise of 113% in just four months, using its April minimum. More modest (0.71%) has been the rise in IAG, which could activate new bullish objectives.
Today, without too many national references, the selective has been infected by the news from France and the US. On the side of the neighboring country, new government crisis after the prime minister, François Bayrouhas summoned for September 8 the celebration in the National Assembly of a vote of trust. The Minister of Finance, Éric Lombard, has suggested that there is a risk that the International Monetary Fund (IMF) has to intervene in the economy if the government ends up falling.
He CAC 40 has been the worst European stock market index, with a 1.70% dropwhile the Euro Stoxx 50 has fallen 1.07% to 5,385.45 points, and the German Dax 0.35%. In London, the FTSE 100, which returned to the activity after yesterday’s holiday closure, has dropped 0.61%.
Also nerves in Wall Street, which fails to recover after the correction of yesterday Monday, with the Dow Jones registering slight falls. The reason for the uneasiness, the decision of the president of the United States, Donald Trump, of dismiss the governor of the Federal Reserve, Lisa Cook. This unprecedented measure reinforces the pressure that the president has been exerting on the independence of the Central Bank. By law, a president can only dismiss a governor of the Fed «with justified cause.» Therefore, the matter may be challenged in court.
“The main risk for markets is that this apparently arbitrary decision, question the future independence of an organism like Fed, subtracting credibility from its decisions“, The newspaper Juan J. Fernández-Figares, from Link Management.
This Tuesday’s macroeconomic agenda has been light in Europe, but relevant in the US. Investors have known in the early New York orders for lasting goods: as announced by the Department of Commerce, The evolution index of the requests for lasting goods in the US fell 2.8% in July compared to the previous month. Investors had expected a 4% drop after 9.4% drop in June.
Meanwhile, the price of housing in the US fell 0.2% in intermennsual terms in June, according to the data of the Federal Housing Financing Agency (FHFA). The May data was reviewed up, from -0.2% to -0.1%. The Conference Board consumer trusted index stood at a 97.4 reading in Augustabove the 96.1 that analysts had expected.
Business news in Spain
Returning to the Spanish parquet, business news is still scarce in this last week. However, today in the financial sector it has been known that delinquency in Spanish bank has reached its lowest level since 2008, closing below 3%, according to the Bank of Spain. The reduction is attributed to the decrease in doubtful credits, but also to the increase in the total credit volume granted.
Meanwhile, the commission National Competition Market (CNMC) He already works in the next phase of the BBVA OPA on Banco Sabadell, with the aim of being prepared to analyze compliance with the imposed commitments. One of the weapons with which Sabadell is defending this offensive is a generous dividend policy. Waiting for the macropagus of 2.5 billion approved at the beginning of the month, today it was the last day to buy shares with the right to payment of 370 million that the entity will carry out this Friday.
In other news, Ferrovial has been selected to develop a 250 MW solar plant in Texas with an investment of 300 million euros, which is expected to generate employment and contribute to the energy supply of the region.
On the other hand, Telefónica would be studying to present a public offer for acquisition on Vodafone Spain, acquired last year by Zegona, based in London, as the news website reported Tuesday El Confidencial, which bases your information on unidentified sources.
Oil, gold and other markets
In raw material markets, Oil prices fall on Tuesday with force after having reached three weeks yesterday. The president of the United States, Donald Trump, has warned of “very severe” sanctions against Russia if it does not reach an agreement with Ukraine, which increases fear to broader economic consequences and a lower energy demand. In addition, the US prepares to impose strong tariffs on India for its Russian oil purchases. The Trump administration initially announced a 25% tariff to Indian imports within the framework of reciprocal commercial measures, which subsequently increased to 50%. The regulation will enter into force tomorrow, August 27.
Brent reference oil in Europe drops 1.80% to $ 66.99 per barrel, while the futures of the American West Texas decrease by 1.90%, by $ 63.55.
Today the euro rises 0.34% against the US dollar until leaving the exchange rate at $ 1,1658 for each single currency in an environment in which The green ticket is affected by Trump’s attacks on the independence of the Fed. The dollar also falls against the pound the Yen or the Swiss Franco. The dollar index, which compares the green ticket with a basket of six outstanding currencies, yields 0.33%, in 98.15 units.
This situation is also reflected in the fixed income, with the profitability of the US bonus at ten years rising up to 4,289%. On this side of the Atlantic, the Spanish Bonus at ten years offers a profitability of 3,320% that leaves the risk premium against Germany in 59.84 points. Meanwhile, the risk premium of France against Germany is 77.54 points.