The Ibex loses 3% in the week dragged down by banks and uncertainty in France

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European stock markets They retreat strongly again this Friday after falling hard yesterday, although The cuts have been more contained in the Ibex 35 (-0.67%, 10,992). Within the Spanish index, which today has lost 11,000 points after dropping 3.62% in the week, they stand out again bank cuts. In fact, The sector is the one that is dragging down the entire Old Continent, with notable declines.

On the positive side of the selective is Solariawhich has shot up 9.7% due to the 'Bloomberg' news that indicates that have received unsolicited purchase offers, citing sources familiar with the matter. This Thursday saw another day of steep falls for the European stock markets while The Americans remained calm and strong and continue to set highs day in and day out (like the S&P did yesterday). All Europe dropped around 2% this Thursday in a day that went from more to less and in which the Auto sector gave in with enthusiasm due to the tariffs that the European Commission has imposed on Chinese electric vehicle manufacturers, which They don't like them at all for fear of reprisals. by the Asian giant. In the case of the Ibex, where the Auto sector is not represented, the architects of the loss of supports this Thursday (it left 11,126 points behind and closed at 11,066 points) were mainly the bankswith especially large decreases in Santander, Sabadell and BBVA, and also Telefónica. In any case, it should be noted that only two titles in the index closed in green yesterday (Naturgy, which is trying to stabilize after a dark week due to the failure of the Taqa takeover bid) and Endesa. The week has been marked, as far as Europe is concerned, by the result of the elections to the European Parliamentwhich has not been liked due to the rise of the extreme right, and which has generated a lot of uncertainty, mainly represented in that electoral advance in France. This has dragged the stock markets on this side of the Atlantic throughout the week and, in the second part, the aforementioned tax on Chinese EV manufacturershas also had its negative impact since it is not liked because It can trigger a trade war that no one wants.
In the midst of all this they have been the Federal Reserve (Fed) rate decision and the US CPI for May. In the first case, curiously the market hasn't really taken it badly that he lowered expectations for rate cuts for 2024 to one from three, because he believes the Fed is being too conservative. The first reduction is still expected for September. In the second case, the CPI came out better than expected, and that was liked. However, as we said above, While Wall Street has continued to show its strength, European stock markets have clearly suffered this week. All of Europe continues to show signs of great weakness after Thursday's cuts in the Old Continent and the mixed and calm closing of the US. In Asia, mixed sign and also calm tone. The Nikkei has risen moderately after the Bank of Japan has left rates unchanged. However, he has indicated that is considering reducing its purchase of Japanese government bonds.
Apart from the Bank of Japan meeting, there are few references today. It is worth highlighting the publication of the final CPI in France for May and, in the US, University of Michigan consumer sentiment index. At the business level, Today the Meeting of Grifols, where it has been announced that the sale of 20% of Shanghai RAAS will be completed next week and Nacho Abia has been ratified as CEO. Also emphasize that the G7 countries have agreed to send $50 billion to help Ukraine.


Finally, Tesla shareholders voted yesterday in favor of reinstate the multi-billion dollar $56 billion pay package to Elon Musk after it was approved in 2018 and a Delaware judge overturned it earlier this year following a complaint from a Tesla shareholder. Voting in favor of the compensation plan does not annul the court ruling, but it provides a victory for Musk and could help him convince the court to award him the money in the future. Musk took the stage after the preliminary results were announced and showed his joy: «I just want to start by saying, Oh my God! I love you guys.»
In January, a Delaware court called the pay «unconscionable.» Judge Kathaleen McCormick ruled that Tesla board members They lacked independence from Musk, did not negotiate adequately with the CEO, and did not give shareholders a complete picture. before asking them to vote on their compensation plan. Tesla shares rose 2.92% yesterday, but are down 27% so far this year due to the decline in sales the company is facing.


As mentioned above, the Ibex lost the support of 11,126 points yesterday. «In the medium and long term its technical aspect is still goodand will continue to be so while remains trading above 10,800 points«, say BitcoinDynamic experts. «The first resistance level is at 11,469 points, annual highs. As soon as it manages to surpass these prices, it is very likely that we could end up seeing an extension of the increases to the level of 12,000 points.» BitcoinDynamic analysts add that good accumulation levels give consistency to its current upward trend.


The euro falls to 1.0697 dollars (-0.35%). Oil falls moderately, with Brent at $82.63 and WTI at $78.44. Gold rises 1.06% ($2,342) and silver rises 0.42% ($29.17). Bitcoin is trading at $66,500 and Ethereum is trading at $3,460. The yield of the 10-year American bond falls to 4.207%.