In this last week of business results, equities on both sides of the Atlantic close with their prices colored of red in the weekly calculation, given the difficult digestion of the avalanche of figures. Investors have been especially cautious given the proximity of the US presidential elections: there are only three days left until the meeting between Kamala Harris and Donald Trump at the polls, which will be followed by the next meeting of the Federal Reserve. But, despite the negative close of October for stock market references this Thursday, which has been the worst month so far this year for the European stock marketNovember begins in a completely opposite way, with increases of over 1% in the prices of the European and US indices, although at the close of the session in Europe the indicators fail to put the weekly balance positive, except for the Ibex 35. The Spanish selective is the only one of the Old Continent indices that manages to see its price colored green in the last five days; rises 0.26% in the stock market, up to 11,843 points, thanks to the increase of 1.46% in the last session.
However, the values of the Spanish stock market are painted bicolor on a weekly level. More than half of the firms see their prices decline in the last five days. Banking once again takes center stage in the Spanish stock market, thanks to the spectacular results of CaixaBank and BBVAwhich have boosted the price of the national reference. Within the top 10 most bullish, five are banks: Unicaja, which rose 10%, CaixaBank and Bankinter, 6.2%, while BBVA and Sabadell recorded a 4% rise.
The earnings season has been difficult to digest in the Old Continent, but this week the disappointments of technology companies took center stage. leadership on Wall Street and pushed the Nasdaq 100 down, ending the rally that Tesla started last week and that contagion to Europe. This was an important week at the corporate data level since five of the Seven Magnificent presented their results. Although in the middle of the week the disappointment of Microsoft and Meta, together with AMD, which did not convince the analysts, and the 30% correction of SuperMicro due to the abandonment of EY due to rumors related to irregularities in its accounts, dragged the two main references.
But, in the last day, investors have taken note of the good figures from Amazon, despite the disappointment of some data published by Apple, along with the surprising drop in job creation in the US in the month of October as a encouragement to be exposed to US equities, which has lightened the declines that accumulated in the week. At the European close, the Nasdaq ends the week negative, with a fall of 1.6%, while the S&P 500 fell 1%. On the other hand, the Dow Jones industrial average is flat in this period.
In Europe
In the weekly calculation of variable income on this side of the puddlethe European reference, the EuroStoxx 50, is the one that performs the worst by falling 1.3%. The fall has been alleviated by the latest results on the continent, such as BBVA, CaixaBank and Airbus, which have encouraged the index after the 3.5% decline it accumulated in the last month of the year, its worst fall to date. monthly level since August 2023. However, it ends the week negative, at 4877.75 points, after having faltered around its key support indicated by Ecotrader analyst and strategist, Joan Cabrero, between 4,900 and 4,870 points.
The expert suggests that “his transfer opens the door to a broader consolidation phase” in line with “the last consolidation phase prior to the August fall.” For the analyst, this would be “good news” in the event that “this broader consolidation finally forms, which could take the EuroStoxx 50 to the September minimum zone of 4,730 points, that I would see it as an opportunity to buy the European stock market again“. And as long as the index “does not lose the September lows of 4,730 points and especially 4,675/4,700 points” it is advisable to maintain exposure to European equities.
The rest of Europe ends the week negative, except for the Spanish stock market, while the Italian FTSE Mib falls 0.3%. For its part, the German Dax and the Cac 40 fall around 1%although the Paris Stock Exchange continues to lose its annual balance, around 2%. Meanwhile, the British index falls 0.9% in the last five days.
With respect to raw materials, in the middle of the week gold reached new all-time highs: $2,787 per ounce, but it fell as the week went by and at the European close it was trading around $2,740. For his part, the Brent it appreciated 3% to $73.6 in the middle of the week; However, it did not consolidate at that price and closed below. In terms of currencies, the euro exchange rate reached 1,088 dollars, levels it had not touched since mid-October, but ended the week at 1,084 green bills.
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