The selective weakened with the fall of BBVA and limited its rise to 0.5% at the close to 8,925 points
Session from less to more … and again to less. The Ibex-35 has dismissed the session with advances of 0.5% to 8,925 points, thanks to the pull of the Naturgy price, which shoots up 4.6% above 24 euros per share after knowing that IFM will enter in its capital with 10.8%, well below the 17% that it expected to achieve with its takeover bid.
Investors have also focused their purchases on the energy sector in a session in which the Government has brought to Congress the decree-law by which a cut in income was applied to electricity companies to cushion the rise in electricity. The Executive has opened the door to soften the cut and securities such as Endesa stand out with increases of more than 2%, while those of Iberdrola rise more than 1%.
ArcelorMittal has been another of the most bullish values with increases of 3%, the same as IAG (+ 3.16%). Some purchases also encouraged by a strong opening on Wall Street, where banking giants such as Wells Fargo, Bank of America or Morgan Stanley have left very positive surprises in the new round of quarterly results.
In spite of everything, the advances in the national stock market could have been higher, if it were not for the downward turn experienced by some large stocks, Telefónica, which lost 0.64%, or BBVA, which ended the session with falls of 0.9 % affected by the fall of the Turkish lira, a country in which the entity has exposure through its subsidiary Garanti, after Erdogan has dismissed three members of the country’s central bank.
However, Siemens Gamesa has been the value that leads the losses with a fall of more than 1.95% after analysts at Citigroup have cut the company’s target price from 26.5 euros to 22.5 euros per share .
Watch out for inflation
Despite the rebound, experts recommend caution given the evidence that inflationary tensions are still very present on the floor. In fact, the market already assumes that the US Federal Reserve (Fed) will begin to reduce its debt purchases (the process called ‘tapering’) in mid-November or, at most, December.
This was reflected on Wednesday in the minutes of their last meeting, in which the body led by Jerome Powell showed some concern about whether inflation would be more permanent than initially anticipated.
Precisely, on Wednesday it was known that the US CPI stood at 5.4% in September. And this Thursday it was published that the indicator rose 0.7% year-on-year in China. Although that figure is moderate, a little more concern has been noted after the publication of the producer price index, which exceeded 10% in September to its highest level in more than 25 years.
In the commodities market, the price of oil continues to rise, with a barrel of Brent already trading close to 84 dollars, while West Texas exceeds 81 dollars. Repsol stocks are also among the most bullish of the day, with advances of more than 1%, in the heat of this rise in crude oil.