Ibex 35 reconquers 10,500 pushed on by Acerinox and Arcelor

Eurozone GDP showed 0.6% growth in the second quarter

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Bolsamania | 16 ago, 2017

The Ibex 35 rose 0.60% to 10,544.30 points and recovered most of the losses of last week, when it fell more than 3.5% affected by tension between the US and North Korea.

On Wednesday the best performers were Acerinox (+3.66%), ArcelorMittal (+2.48%) DIA (+2.32%) and ACS (+2.28%). Cellnex (-0,.8%), Abertis (-0.24%), Enagás (-0.2%), IAG(-0.1%) and Telefónica (-0.03%) were the main hampers for the index as Europeans tocks rose.

Among the blue chips, Endesa (+0.95%) was the biggest mover, followed by Repsol (+0.92%), Iberdrola (+0.68%), Santander (+0.59%), Inditex (+0.51%) and BBVA (+0.33%).

ACS was in the news after Berenberg analysts affirmed that Atlantia may offer 18 euros per share to buy Abertis if the group’s president Florentino Perez decides to launch a counteroffer.

The CAC 40 rose 0.7%, the DAX was up by 0.7% also and London’s FTSE hit the same rise.

One of the catalysts of the day was eurozone GDP figures, which showed an increase of 0.6% in the second quarter and is now at an interannual growth rate of 2.2%. The data has been well-received by analysts, reinforcing European growth.

Spain, with an expansion of 0.9% in the second quarter, returned to be seen as one of the fastest growing economies on the continent, only behind the Netherlands, Lithuania, and at the same level as Cyprus and Austria.

UK unemployment data was also released and is now at 4.4% in the second quarter, one point below the level registered in the three previous months. With the market closed, but before the end of the day on Wall Street, the Federal Reserve will publish the minutes of the most recent meeting.

Lastly, US President Donald Trump congratulated Kim Jong-un via Twitter for avoiding entering a catastrophic war. “Kim Jong Un of North Korea made a very wise and well reasoned decision. The alternative would have been both catastrophic and unacceptable!” Trump tweeted. Stock markets was boosted by Trump’s comments.

The euro fell slightly by 0.26% to $1.1705, while Brent dropped 0.3% to $50.65.

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