The Ibex fails to rebound this Thursday, after losing 1.47% yesterday and ending the day as the only negative European index due to the falls of Inditex after publishing results below expectations. Today, the selective ends with cuts of 0.21%, up to 11,764 points, while Inditex has fallen again (-2.8%). RBC and BofA have cut their price targets after their latest accounts. On the opposite side, Grifols has risen with enthusiasm (+8%) after announcing yesterday the issuance of bonds and the extension of its revolving credit line. In addition, S&P has improved its rating. The banks, Aena and Puig accompany the pharmaceutical company at the top of the Ibex. The rest of the European markets have also closed very flat after the rate decision of the European Central Bank (ECB). The organization has complied with what was planned and has cut rates by another 25 basis points. This is the fourth reduction of this magnitude this year, after those of June, September and October. The president Christine Lagardehas indicated that «some members have suggested a larger cut, of 50 basis points», and has stressed that «four rate cuts have covered a lot of ground.» «We are much closer to our price stability objective, although we have not reached it. At this stage, we need to be very careful and, therefore, we will continue to depend on the data,» he added. Likewise, the ECB predicts that inflation will not fall below the 2% target until 2026. In addition, it now expects a slower economic recovery than in September projections. It should be noted that, together with the ECB, today it announced its rate decision the Swiss National Bank (SNB), which has surprised with a cut of 50 basis points, to 0.5%.
USA AND ASIA
American indices fall 0.2% at this time. Yesterday, Wall Street ended the day with a mixed sign and with increases of 1.77% on the Nasdaq, which exceeded 20,000 points for the first time. The big technology companies continue to be the undisputed queens of the market and the architects of Wall Street closing a magnificent year. The actions of Alphabet, Google's parent companyrose 5.52% this Wednesday after gaining 5.59% on Tuesday after the company presented 'Willow', its latest quantum chip which has «state-of-the-art performance across a range of metrics,» the firm explained. For its part, the actions of Tesla advanced 5.93% yesterdaywhich has allowed the electric vehicle manufacturer renew its previous all-time highs while maintaining its rally intact after Trump's electoral victory, since which it has accumulated a revaluation of almost 65%. Today we talk about the software company Adobewhich plummets after presenting results yesterday that, despite exceeding estimates, disappointed due to weak forecasts. In addition to the technological ones, the fact that the November CPI which was published this Wednesday on the other side of the Atlantic met the forecastsreassures the market in order to hope that finally The Federal Reserve will cut rates next Wednesdaywhich also supported the advance of the indices. «Overall prices rose 2.7% year-on-year last month, the fastest pace since July, although in line with consensus expectations. Core inflation, meanwhile, increased 3.3% year-on-year for the third consecutive month Although these metrics remain moderate, and the disinflationary path towards the 2% target remains bumpy, These numbers are highly unlikely to deter the FOMC from further normalizing monetary policy next week.«, indicates Michael Brown, senior market strategist at Pepperstone. In Asia, the increases have also been imposed after the Nasdaq's all-time highs. The Nikkei has risen 1.2% and the Hang Seng, +1.2%. Today the employment data for Australia was released, with a unemployment rate that fell to an 8-month low of 3.8% in Novembercompared to 4.1% the previous month, and better than the increase expected by the consensus of 4.2%. In China, investors are still awaiting any type of news related to the Central Conference of Economic Work.
FROM INDITEX TO GRIFOLS, PASSING THROUGH DURO FELGUERA
As mentioned above, today investors have been paying attention to the behavior of Inditex, which continues to fall after yesterday lost 6.54% after fiscal third quarter results that were below expectations. This dragged down the Ibex, which was the only European index to end negative and also It closed with a steep decline.
«After exceeding the annual maximum of 12,037 points, we have seen four consecutive sessions of declines in the Ibex. The Spanish index is already trading in the vicinity of the support of 11,767 points«comments César Nuez, technical analyst at BitcoinDynamic and head of Trader Watch. «At these prices it is likely that we could see the return of shopping. If not, we do not rule out that you can test the support of the 11,295 points. In the medium and long term, its technical aspect is clearly bullish and the most normal thing is that we can see the return of purchases at any time. The increase target is 12,300 points,» he adds. As for other business protagonists, Grifols has led the Ibex then announce the issuance of bonds for an amount of 1,300 million and the extension of its revolving credit line for a period of 18 monthsas mentioned above. The agency S&P has raised its credit rating to 'B+' from 'B' due to the improvement in liquidity thanks to these measures. Furthermore, pay attention to Duro Felguerawhich has communicated its entry into pre-bankruptcy «with the purpose of starting a «negotiation with its creditors for the approval of a group restructuring plan» that allows future viability and the conversation of the greatest number of jobs. The CNMV has lifted the suspension of the listing, in force since last November 25, at the close of the market. Likewise, investors look at energy companies (among those that fall the most, although in a contained manner) after that. The Government has promised its partners a decree to extend the tax on these companies for another year.
OTHER MARKETS
The euro is exchanged at 1.0513 dollars (+0.18%). Oil fell 1%, with Brent at $72.85 and WTI at $69.59. Gold fell 1.83% ($2,706) and silver fell 3.83% ($31.7). He bitcoin returns above $100,000 and ethereum exceeds $3,900. The yield on the 10-year American bond rises to 4.306%.