- As with BBVA, both lose strength at the end of the day
- Wall Street closed on Thursday for Thanksgiving
The Ibex 35 (+0.19% to 10,032.80 points) started the day with significant gains but in the end only saw a small movement upward. The session was atypical as it did not have to deal with Wall Street, which was closed for Thanksgiving. The New York Stock Exchange will only open for a half-day on Friday.
- 11.154,600
- 1,56%
Once again Siemens Gamesa was the wooden spoon, with losses of 2.73%. The wind turbine producer has fallen 55% since May. On Thursday it reduced the number of job losses to 272 from 341 previously.
As well as Siemens, the stocks which fell the most were IAG (-0,6%), Técnicas Reunidas (-0,5%), Mapfre (-0,4%), Meliá Hotels (-0,3%) and Viscofan (-0,2%). In the general stock exchange, abengoa fell 3% after Banco Santander reduced its stake to 3% from 5% in the company.
On the positive side, the most valuable stock for the second day in a row was Endesa (+1.6%), after the elctric firm guaranteed a “super dividend” in 2018 and 2019.
Other profitable stocks included Banco Sabadell (+1,6%), Bankia(+1,5%) y Mediaset España (+1,3%). Among the blue chips, Iberdrola was up 0.4%, followed by BBVA (+0.3%), Santander (+0.3%), Telefonica (+0.3%) and Inditex (+0.1%).
In a session with little news from other European markets, UK firm Centrica fell 15% after issuing a profit warning and confirming the loss of 800,000 clients since last June. In addition ThyssenKrupp rose 3.7% in the DAX 30 after reporting better than expected results.
ECONOMY AND OTHER MARKETS
In the economic realm, the news of the day was the fact that Congress approved on Thursday the update of the Economic Agreement despite the negativity from Ciudadanos. The agreement was extended to 2021 for 1.3bn euros, a fall of 265m euros compared with 2007.
In other markets, the euro rose 0.28% to $1.1847 while Brent was flat at $63.33. In addition, prime risk in Spain fell 1% to 111.60 points, while 10-year Spanish bond yields fell 0.4% to 1.446%. Gold rose 0.5% to $1.290.
In the minutes of its most recent meeting for monetary policy, the European Central Bank pointed out an “increase in members support” for reducing from January the debt buying programme to 30bn euros in the next nine months.
In macro data, European manufacturer and services PMIs for November were released and came out better than expected. In Germany, GDP in the third quarter rose 2.3%, below the 2.6% expected.
In the US, minutes of the last Federal Reserve meeting were published on Wednesday with European markets closed, as they confirmed what is no longer a secret: that there will be another raising of rates in December. “The FOMC forecasts solid growth in consumer spend in the short term, backed up by continued strength in the labour market,” the Fed pointed out.
TECHNICAL ANALYSIS
“Another day in which the Ibex closed far from the highs of the session leaving us with a bad taste in the mouth. The important thing is that it doesn’t lose enough ground to fall below the important zone of 9,900 points,” said Bolsamanía technical analyst José María Rodríguez.
“In theory the perforation of that level would leave the doors open to more punishment and towards the lower level of 9,760 points, the base of the lower channel in the last seven months. In reality we can’t say anything we haven’t said before, as we keep looking towards the 9,900 euros of the Ibex and the 7 euros for BBVA.”
