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The Ibex 35, the red lantern in Europe. Wall Street closes negative and China notes its slowdown

The Ibex 35, the red lantern in Europe. Wall Street closes negative and China notes its slowdown

The IBEX 35 opens with slight cuts that take it above 8,766 points at the opening of a session marked by the negative close on Wall Street and Asian markets.

technically, “the Spanish index remains above the 8,700 point level but within the corrective phase that began in September, once it ran into resistance at 9000 points. Therefore, as long as the Spanish index does not manage to enter again above 8,840 points, it could continue to make decreasing maximums, since one more day it returns to the confluence area between buyers and sellers, “says Diego Morín, an analyst at IG.

Among the values ​​that most promoted the Ibex 35 at the opening, Acerinox shares were sneaked, they rose 0.5% and were traded at 11.2450 euros. A few steps away, BBVA advances a little more than half a percentage point in the Ibex 35 – up to 5.6140 euros – and PharmaMar rises two tenths, to 83.26 euros.

In negative, although with slight losses, Inditex is listed. A company that shows that the recovery of its results continues to gain momentum. In the second fiscal quarter, both sales and EBITDA and net profit reached an all-time high. In the first semester, EBITDA grew 109% to 3,101 million euros and EBIT reached 1,685 million euros (-198 million euros in 1H2020). Net profit in the period reached 1,272 million euros (-195 million euros in 1H2020).

During the second quarter, Inditex’s sales growth at constant exchange rates has progressively accelerated to 7% compared to 2Q2019. In-store and online sales at constant exchange rates between August 1 and September 9, 2021 grew by 22% compared to the same period in 2020 and 9% compared to the same period in 2019.

The red numbers of the Ibex 35 are led by Fluidra shares, with losses of more than 4% that take them to 35.30 euros. IAG and Iberdrola yield more than 1% in the session. And a few steps away the rest of the electricity companies: Endesa leaves 0.88%, up to 19.24 euros; REE lost 0.12% and Naturgy (Gas Natural) lost 0.14% at the opening.

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And is that the daily average price of electricity in the wholesale market today again breaks another record in Spain and it runaways to € 172.78 / MWh, which represents an increase of + 12.6% compared to Tuesday. Thus, today’s price is the highest in the historical series and will exceed the 154.16 euros / MWh of last Monday by almost € 20, the second highest record. Yesterday, the Government approved a Royal Decree Law to lower the price of the electricity bill that will force the electricity companies to return part of the extraordinary benefits they obtain by passing on the gas costs that they do not bear on the electricity generation plants , an amount that the Executive estimates at 2,600 million euros.

In the continuous market, Renta 4 rises 4.49%, to 9.30 euros and Mediaset scores 2% at the opening. Increases that contrast with those of Service Point, which is left more than 2% in the first minutes of trading.

DAY It rises more than 1% after announcing that it signed the first quarter of 2021 with a loss of 104.8 million euros, a reduction of 44% on the 187.7 million it lost a year earlier. Adjusted EBITDA closed the quarter at 47.7 million, -20% lower than in 2020, with net sales that reached 3,193 million. The year-on-year comparison of sales is affected by the extraordinary purchases of supply by Covid-19 in the second quarter of 2020. Thanks to the capital increase and the refinancing of its debt, the company manages to reduce its debt to 1.37 billion.

The priorities in 2021 continue to be focused on the improvement of the commercial offer, the deployment of the updated franchise model, the update of the stores, the expansion of the online service and operational improvements.

The Ibex 35 opens with falls in line with the rest of European seats. The DAX opens with slight falls over 15,712 points, the FTSE 100 opens at 7,030 points, the CAC-40 is down 0.10%, to 6,648 points and the FTSE MIB opens with slight falls that take it to 26,012 points.

Wall Street closes in the red and China shows slowdown in its economy

In the US, the CPI turned out to be lower than expected. In fact, core US consumer prices rose in August at their slowest pace in six months, as used motor vehicle prices fell, suggesting that inflation has likely peaked, although it could remain high. for a time in the face of persistent supply constraints. This is how the data remained: + 0.3% per month and + 5.3% for the last twelve months. The underlying CPI rose to + 0.1% per month and up to + 4% per year.

The dollar weakened against the rest of the main currencies. All of this is the consequence of a first interpretation of the data by investors, in the sense that they would give a certain margin to the Federal Reserve (Fed) when initiating the process of withdrawing monetary stimuli -the market discounts now the announcement of the start of the process at the meeting of the Federal Open Market Committee of the Fed (FOMC) in November and the beginning of it before the end of the year or at the beginning of 2022- At this time, the euro remains flat against to the dollar, up to 1,1808 units.

At the close of the New York Stock Exchange, the Dow Jones subtracted 292.06 points, to 34,577.57, while the selective S&P 500 fell 0.57% or 25.68 integers, to 4,443.05.

On China’s economy continues to slowe: private consumption rose 2.5% annually in August (7.4% was expected; the previous month it had been + 8.5%). Investment in fixed capital goods (in China, too) rose 8.9% in the January-August period (9.1% was expected and the previous figure had been 10.3%). China’s industrial production increased 5.3% in August, down from 6.4% in July; retail sales increased 2.5% in August.
Data that confirms that the impact of the new wave of the pandemic, starring the Delta variant of Covid -19, is having more impact in the country than is officially admitted.

On the macro agenda of the day, the publication in France (final estimate) and in the United Kingdom of the August CPI, as well as the industrial production figures for July in the Eurozone, stands out in Europe. In the afternoon, and in the US, the industrial production figures for August and the New York manufacturing index, the Empire State Index, one of the leading indicators of regional activity most followed by investors, will be released.

The consumer price data in France stands at 1.9% in August in the interannual rate, above the previous 1.2% and in line with expectations. The price data is being closely monitored by the markets, as it could cause a change in trend in the measures taken by central banks.

All in a week that closes with quadruple maturity of equity and index derivative contracts in western markets at the end of the quarter. “We understand this fact that it will cause an increase in volatility in these exchanges in the coming days, distorting the behavior of the spot market, something that could already be happening, a factor that makes it difficult to draw conclusions about the real state from the that are going through the stock exchanges at the moment ”, acknowledge Link Securities experts.

In the commodities market, West Texas crude rose 0.79% to $ 71.02. Brent is trading at $ 74.15.

Bitcoin rises 2.8% to $ 46,934.

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