The Spanish stock market retakes its prudence after the strong rises that yesterday allowed the Ibex 35 to attack the 8,700 points and to reach maximum levels of 13 months. Pending the next meeting of the European Central Bank (ECB), corporate results take the witness of the key benchmarks for investors who are looking in their listed new catalysts to continue rising.
ANDl Ibex 35 drops one tenth to 8,695 points. At the bottom of the table, Grifols, ACS or the banks, which were the ones that led the increases on Monday. On the contrary, the greatest advances are for Cellnex and Acerinox, of just half a percentage point.
Enagas has launched the results season in Spain, with a net profit of 92.9 million euros in the first quarter. The figure is 22% lower than that registered in the same period of the previous year. According to the company, the decline is due to the new regulatory framework on gas activity and transportation, which has also reduced its revenues by 15% to 240.6 million euros.
The wave of companies that will be accountable to the market today is picking up pace, with leading players in Europe such as Kering, Danone, ASM International, BHP Group and Rio Tinto. Also on Wall Street, with the important references of Abbott Laboratories, Johnson & Johnson, Procter & Gamble or Netflix at the close of the session.
In the business section, all attentive to the shareholders meeting of BBVA and cuts in the banking sector, with a new meeting between CaixaBank and the unions to address the workforce adjustment plans of the entity born from the merger with Bankia.
Without large macro references in the session, all eyes are already on the next meeting of the ECB. Investors are clear that this will be a quiet meeting, without great news from the monetary body.
But beware. The market will look closely at the messages between the lines of the statement and the subsequent press conference of Christine Lagarde, at a time when economic recovery and inflation may begin to separate the positions of ‘hawks’ and ‘doves’ within the ECB.
With the dollar falling to place the cross with the euro above 1.20 dollars, a barrel of oil advanced 1% with the Brent reference close to 68 dollars, while the Wets Texas (reference in the US), beats again the 64 dollars.
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