The Ibex 'sticks out its chest' this week and cuts its annual gap with Europe

The Ibex 'sticks out its chest' this week and cuts its annual gap with Europe

About to finish the first season of results of this year, the Ibex 35 ends the week as the most bullish index among the main references of the Old Continent, with a rise of 0.95% that helps it to reduce the gap that it had opened with Europe, and that left him trading last week with the biggest discount since the outbreak of the health crisis against the EuroStoxx, with a reduction of 17% regarding the same. This weekly rise is also the highest for the Ibex since March.

Among the heavyweights of the Spanish index that have rendered accounts to the market this week, Ferrovial stands out, which says goodbye with its latest results as a company with tax headquarters in Spain -since it will move its headquarters to Amsterdam to later be listed in the United States- with a growth of its operating result of 39.4%. Some results that boosted the titles of the infrastructure company, which on Friday reached annual maximums and remained at 4% of the historical ceiling that it touched in February 2020.

Amadeus is also among the values ​​that presented optimistic results this week -it tripled its profits with 262.4 million euros, a figure 222.8% higher than the €81.3 million of the same period of the previous year- and is, after BBVA, the second largest contributor to the Ibex in the last five days.

In the weekly balance, Grifols, Fluidra and BBVA occupy the top 3, with increases of 17%, 7% and 5.5%. The pharmaceutical company turned positive again in the year after two months in losses with the impressive rise that it experienced after the presentation of results, where it reported the intention to increase target of cost savings. In contrast, Meliá, among the bulls of the year, closed with losses of almost 8%, followed by Colonial, with almost 4%, and Telefónica, which lost 3% after disappointing with its results.

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By indices, as anticipated, only the Ibex and the footsie British close the week in positive. Europe left 0.52%, and the French Cac and the German Dax, 0.24% and 0.3%. In the year, the French remains the most bullish.

In the United States, the good inflation data in April was of little use, since concerns about the US regional banks were once again in the spotlight this week. PacWest informed the US Securities and Exchange Commission that in April lost 9.5% of its funding, despite the fact that they continue to have high liquidity that allows them to cover 288% of the 5,200 million uninsured funds. After the news, the firm collapsed again above 20% this Thursday, although the rest of the regional banks managed to contain the new pressures. Thus, the S&P 500 closed the week with a decline of 0.5%, compared to the gains of 0.2% recorded by the Nasdaq 100, due to its zero exposure to the financial sector.

The possible ceiling set by the Fed on rate hikes has encouraged purchases on the T-Note, which in the weekly computation loses over eight basis points, placing its profitability at 3.4% at mid-session. The same trend was experienced on the main debts of the Old Continent: the sovereign papers of Italy and Spain presented the biggest cuts since Monday and their yields fell seven and six basic points to 4.17% and 3.34% interest respectively . He bund German manages to fall from 2.3% profitability after losing around five basis points in the week.

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Despite the fact that the market continues to buy up to two additional rate hikes for the ECB the euro has suffered in its cross against the dollar and lives its worst week of the year. After marking 2023 highs, the previous week at $1,106, it fell back to around 1.08 after losing over 1.5% of its value since Monday.

With this, Brent accumulates four consecutive weeks of falls, its longest negative streak since last September and the price of barrel corrects 1.2% in the week, standing at 74 dollars. The Dutch TTF, the reference gas price in Europe, has lost another 7% of its value in these five days and continues to deepen its annual lows. Its price is at the levels of July 2021 at 33 euros MW/h. Only gold has managed to resist this general debacle this week and despite falling slightly its value continues above $2,000 an ounce.


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