Spanish equities are moving with minor declines in this second trading session of the week, supported by cuts in the renewable sector, punished by the first measures of the new Republican administration chaired by Donald Trump and by cuts in a good part of banking, led by Santander. Despite the cuts, the selective maintains the level of 11,900 points.
Along with the falls in Italy, Europe today moved in a mixed way in its indicators and the first day of the new Trump era, the so-called 2.0, is characterized by a determined recovery for the DOW JONES Ind Average, average for the S&P 500 and with opening levels for the Nasdaq OMX, with a new rise in Bitcoin, on the way to new highs, the dollar that remains weak but recovers slightly, and, again, a strong correction in the fixed income secondary.
In this way, at the close of the day, the IBEX 35 lost 0.14% to 11,927.40 points, with the cuts of Solaria 2.26%, Banco Santander 2.16%%, and ArcelorMittal 1.08% and the increases for values such as IAG (Iberia) 2.05%, Laboratorios Rovi 1.79% and ACS 1.28%.
Among the protagonists of the session, BBVA and Banco Sabadell on account of the Hostile Takeover Bid presented and the premium offered that is already moving negatively for the shareholders of the entity chaired by Josep Oliú.
According to the independent analyst, Manuel Pinto, this situation could be due to the anticipation of an improvement in BBVA’s offer or to a change in the perspectives of both entities.
The takeover premium, which represents the difference between the price offered by BBVA and the market value of Banco Sabadell, currently stands at -0.19%. This calculation considers Sabadell’s price at 2.139 euros per share and BBVA’s at 10.425 euros per share. Since the announcement of the takeover bid in May 2024, the premium has averaged 4.4%.
and today the big ones penalized are the chemically pure values that are listed on the Ibex 35 about renewable energySolaria and Acciona Energía due to the order signed by Trump, the first after his arrival in the Oval Office, to boost oil and gas extraction in the US. Hence these falls, which have led us to look at their potential and its stock market prospects.
Regarding the recommendations, Indra is in the news, since Santander has reiterated its ‘buy’ advice on Indra, with a valuation of 25.70 euros per share, which represents an upside potential of 40% over the current market price.
They also point out that Indra is “trading at an EV (enterprise value)/EBITDA ratio of 4.5 times, a PER (price/earnings ratio) of 10.8 times and a FCF (free cash flow) profitability of 9.5% by 2025.”
Regarding the appointment of Escribano and the possible sale of Minsait, they affirm that “Ángel Escribano’s professional career has been totally linked to the Defense business, which is in line with Indra’s specific focus on the Defense sector and Aerospace.”
But also the utilities, especially with the help of Jefferies, which places Iberdrola and Endesa as two of its three ‘top picks’.
Considers that they are the best public service companies in the sector at this time to invest in, like a bet, notes Jefferies”relatively defensive in a volatile macroeconomic and commodity environment.
And furthermore endorses its commitment to Iberdrola in front of Endesa. In the case of Iberdrola, raises its recommendation from hold to buy and its target price rises from the previous 12.80 euros up to the current 15 euros per sharewhich means giving the company chaired by Ignacio Galán a potential improvement of 13.5% since its closing yesterday.
Already in the case of Endesa, raises its target price to 22.50 euros from the previous 21with a potential improvement of up to 6.7% from its last price yesterday.
For its part, Morgan Stanley has decided to raise Ferrovial’s target price to 49 euros per share, compared to the previous 48 euros. The new valuation represents an upward potential of 20.8% compared to yesterday’s close, Monday.
And in the Continuous Market, two values stand out positively with advances greater than 4%: we are talking about Squirrel Media 4.35% and Grupo Insur 4.17%
Already in Europe, a mixed sign for the indicators and with the rise of the EURO STOXX 50 thanks to sectors such as cyclical consumption with the recovery of luxury again, with LVMH and Hermes again in the top positions, health care, the hand of the 4% rise Novo Nordisk, after the endorsement of its purchase recommendation by Bank of America, and from the British AstraZeneca.
On the negative side, energy with basic materials and technology and declining values such as ASML, Banco Santander and Glencore.
At the close of the session, the DAX gains 0.18%, up to 21,041 points, the FT-100 sube 0.32%, to 8,547 points, the CAC 40 gains 0.48% to 7,770 points, while the EURO STOXX 50 advances 0.02%, to 4,879 points. He FTSE MIB It fell 0.22% to 36,063 points.
Already on Wall Street, a positive sign for Donald Trump’s first effective day in the White House, with business results, with 3M, which has beaten market expectations, with earnings per share of $1.68 and sales of 6 billion dollars. Analysts had expected earnings of $1.66 and revenue of $5.8 billion. And great tone in the market, marking advances of 4.5% and its highest year-on-year level.
The industrial conglomerate expects 2025 adjusted earnings of between $7.60 and $7.90 per share, while analysts expected adjusted earnings of $7.77 per share. The shares rose 4.9% in the early stages of the session.
Netflix is scheduled to present its fourth quarter accounts today, although investors will have to wait until the close of business, as is usual in the case of technology companies.
In analyst recommendations, Jefferies has cut Apple’s recommendation to ‘infraponderar‘, quite unusual advice for Big Tech. The firm believes that Company earnings may disappoint investors when you present your accounts at the end of the month (January 30). The technology giant fell 3.8% in the New York morning.
At the close of the Spanish market, the DOW JONES rose 0.91% to 43,884 points, while the S&P 500 advanced 0.53%, to 6,028 points. For its part, NASDAQ advanced 0.16% to remain at 19,665 points.
Already in fixed income, asset returns are falling, with cuts of 0.60% in the 10-year Spanish bond to 3.138% while, the German bund places its yield at 2.4795% and gives up 0.52%. The risk premium gains positions, but only a slight 0.08% to 66.15 basis points.
In oil, falls due to Trump’s measures, to the future of the Brent barrel that is trading at $79.42 and for West Texas, which, in this case, predominantly cuts 1.64% to $76.11. Gold Futures gained positions, 0.14%, to $2,752 per ounce.
The Euro Dollar with slight cuts for the single currency, of 0.12%, but with a common currency that remains strong against the dollar at 1.0402 units. And Bitcoin is once again on its way to new highs, up 1.11% to $106,201 per asset.