The Spanish stock market stalls on the verge of its one-year highs

Apr 7 (Reuters) – The main Spanish stock index opened Wednesday with little change, as the improvement in the economic outlook caused by the advance of the day before was offset by concerns about the evolution of the pandemic and the rise in yields in the debt market.

The market background, in any case, remained positive, in the hope that the new season of corporate results will bring more positive signals about the global economic recovery.

The International Monetary Fund (IMF) reinforced this horizon on Tuesday by revising upwards the GDP forecasts for 2021 and anticipating that developed economies will overcome the COVID-19 crisis without permanent damage, despite acknowledging the uncertainties about vaccination campaigns of COVID-19 and variants of the virus.

“His opinion that the strong fiscal stimulus will not translate into an upturn in inflation is also noteworthy, as global disinflationary forces persist, while he hopes that central banks and governments will keep the situation under control,” said analysts from the Spanish brokerage. Income 4 on your daily report.

On the macroeconomic front, the focus of the day will be on the PMI polls on business activity that will be released in the euro area, in addition to the minutes of the Federal Reserve meeting on March 17, where more clues on future developments will be sought. of US monetary policy.

At 07:05 GMT on Wednesday, the selective Spanish stock exchange Ibex-35 rose 0.70 points, or 0.01%, to 8,635.30 points, while the index of large European stocks FTSE Eurofirst 300 fell 0.15 %.

The Spanish index thus stands just below the 8,657.7 points reached on March 16, its highest level since the beginning of March 2020, just before the confinements due to the pandemic became widespread in Europe.

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In the banking sector, Santander lost 0.27%, BBVA showed no changes, Caixabank lost 0.12%, Sabadell fell 0.64%, and Bankinter dropped 0.41%.

Among the large non-financial securities, Telefónica registered 0.82%, Inditex showed no changes, Iberdrola appreciated 0.09%, Cellnex fell 0.83% and the oil company Repsol rose 0.58%.

Some stocks that were particularly punished in the previous session stood out on the rise, such as the renewable energy groups Acciona, which rose 1.17%, and Solaria, which scored 2.26%, the latter helped by an improvement in Solaria’s recommendation .

On the other hand, Siemens Gamesa was left 1.74% due to the threat of tariffs for “dumping” in the United States.

(Information from Tomás Cobos)