2024-10-25 16:00:00
Earnings season is not enough to prolong the stock market rally. With the US election around the corner and investors carefully analyzing central bank statements, markets are taking a breather. In the first week in which the members of the Ibex 35 have released the data for the first nine months of the year, the Spanish selective is stuck at 11,800 points. With a decline of 0.23% on Friday, the Spanish stock market lost 0.95% in the week and once again postponed the assault on 12,000 points, a barrier which was touched several times at intraday level but which did not manages to maintain closing.
With a decline of 1.82%, Indra led the cuts on Friday, followed closely by Ferrovial (-1.54%) and Redeia (-1%). After dropping 3% on Thursday, Bankinter failed in its comeback attempt on Friday and closed with a decline of 0.27%. Although the entity earned 7% more, the deterioration of the interest margin due to the increase in the cost of deposits serves as a pretext for the correction. However, analysts point out that in a lower rate environment, interest income is expected to moderate.
Although it failed to erase losses after excluding the sale of its contract manufacturing (CDMO) business, Rovi gained 2.68% on Friday, leading the selection. The analysis department recommends purchasing shares of the pharmaceutical company and setting an indicative price of 94 euros. That is, they grant him a revaluation potential of 25.8%. Grifols and ArcelorMittal round out the list of most bullish stocks with gains of 1.29% and 1.23% on Friday.
“The divergence between the United States and the Eurozone is also felt in company results. The results campaign in the United States is clearly more positive,” underline Macroyield analysts. The resilience of the economy and the positive surprises that the results campaign is holding have been reflected on Wall Street. On a day when U.S. consumer confidence was known to have risen in October to its highest level in six months, Wall Street’s three benchmark indexes posted gains of more than 0.5% mid-session. Leading these gains is the Nasdaq, which grew by 1%. Investors took advantage of Tesla’s good results to buy shares of large technology companies. While waiting for the other representatives of the magnificent seven to report to investors, the car manufacturer’s data helps to clarify the doubts that emerged after the presentation of the ASML. Despite the renewed appetite for risk, at the close of the European markets Wall Street recorded its first decline in a month and a half.
Stock Markets – Currencies – Debt – Interest Rates – Commodities
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