Spanish equities are once again penalized and ends the session on the verge of 11,800 points, in line with the widespread cuts in indicators on both sides of the Atlantic, with upward pressure on bonds in the global fixed income secondary, despite the fact that, at the last minute, the increases have moderated.
In this way, sectors such as energy, as well as the most indebted securities, have experienced a worse session this Wednesday in our country’s stock market due to the pressure of their financing, while banks have gained traction from the first hour, despite the final cuts of Banco Santander and to a lesser extent of BBVA, in the face of less pressure from the bears on Caixabank and Bankinter.
In this way, at the close of the session the IBEX 35 ends this third trading session of the week with cuts of 0.12% to 11,798 points with the falls experienced by values such as Cellnex 2.71%, Acciona Energías Renovables 2.33 % and Grifols A 1.98% and the increases of Banco Sabadell 2.35%, Caixabank 2.03% and Laboratorios Rovi 1.74%.
In terms of news, highlight the good tone of sum and continues for the tourism sector, with IAG (Iberia) and Aena at the head of the good recommendations. Morgan Stanley has decided to improve IAG’s target price to 4.50 euros per sharecompared to the previous 3.80 euros. The new valuation represents a upside potential of 22.8% compared to yesterday’s closing.
Besides, Bernstein Research has raised the target price for the London-listed shares from 270 to 330 pence and has left the rating at ‘overweight‘. The environment for airlines should remain strong in 2025, analyst Alexander Irving wrote in a study on the sector: Demand is acceptable, supply is fairly limited and lower fuel costs are providing a tailwind for profits.
Analysts from the American firm, Morgan Stanley, have also raised Aena’s target price to 236 euros per sharecompared to the previous 233 euros. The new valuation represents a 16.8% upside potential compared to yesterday’s closing.
Among the best of the day, some banks, once the biggest bear on the Spanish stock market, Marshall Wace, has reduced his presence in two entities. Specifically, on CaixaBank, with the only short position above half a point, last Kings Day Its bearish presence on the value was reduced to 0.58% from the previous 0.69%. 226 million is the current market price of that short position.
Already in the case of Bankinter, on the 3rd Marshall Wace also reduced its bearish presence to 0.89% from the previous 0.98% on December 27. Its current market value of the short position is 614 million euros.
Furthermore, this Wednesday we learned that Iberdrola will distribute 0.231 euros per share as an interim dividend against 2024 results. The amount is 14.4% higher than the 0.202 euros per share distributed against 2023. This amount is will add the complementary dividend, once approved at the General Shareholders’ Meeting.
Already in the rest of Europe, widespread cuts but not large amounts, with Novo Nordisk recovering positions and increases for banks such as Unicredit and HSBC and the falls of Mercedes Benz, L’Oreal and ASML Holding in the Euro Stoxx 50, the pan-European selective.
At the market close, the EURO STOXX 50 lost 0.33% to 4,995 points, the CAC 40 rose 0.49% to 7,452 points, the Dax drops 0.11% to 20,327 points, and the session in London ends for el FT 100 with advances of 0.05% to 8,249 points.
Already on Wall Street, widespread but small cuts in the middle of the session for its three main indicators.
today the labor market with the appetizer of the employment report that we will know on Friday, with the report ADP private sector job creation for December, showing a creation of 122,000 jobs, below the 146,000 in November and the 136,000 that the market had expected. Wages grew less than expected, with a rate of 4.6% compared to the previous year, the slowest pace since July 2021.
In analyst recommendations, Tapestry rises slightly in the New York morning after Barclays upgraded its ‘equal weight’ advice to ‘overweight’.
Worse news for AMD, which sees how HSBC cuts recommendation from ‘buy’ to ‘reduce’also cutting the target price to $110 per share, compared to the previous $200. The new valuation, below yesterday’s close, comes after the value has fallen by 24% in the last three months. Shares are down 1.8% at the open.
SolarEdge Technology drops 6% after Citi downgrades its advice from ‘neutral’ to ‘sell‘. The firm believes the company faces “stubbornly high” operating expenses despite its restructuring announcement. The stock is coming off two days of strong gains after SolarEdge said in a filing Monday that it would cut 400 jobs.
At the end of the day in the Spanish stock market, the DOW JONES Ind Average remains at opening levels of 42,523 points, with the S&P 500 down 0.06% to 5,905 points and the Nasdaq OMX down 0.14 % up to 19,463 points.
Already in fixed income, asset returns are rising, with advances of 0.89% for the 10-year Spanish bond up to 3.179% while, the German bund places its yield at 2.5060% and advances 0.84%. The risk premium also gained positions, 1.59% to 67.15 basis points.
In oil, falls for Brent is trading at $76.22 and loses 1.08% and for West Texas, which, in this case, drops 1.10% to $73.43. Meanwhile, Gold Futures gain positions of 0.64% and place their price at $2,682.46 per ounce.
The Euro Dollar is shown with falls of 0.35% for the single currency to 1.0305 units, still above the two-year lows that marked the relationship in the forex last week.
With Bitcoin that is losing positions again, with cuts of 2.61% and a price in global cryptocurrency markets of 2.62% $95,197 per asset.