After last week's high, when the Ibex 35 crossed the 9,000 mark, investors are taking a breather, awaiting another avalanche of quarterly results and decisions from the central bank in the coming days.
In the middle of the session, the IBEX 35 index fell by 0.22% up to 9040 points. The biggest victims have been Fluidra (3,46%), IAG (2,05%) and Grifols (1,78%).
In green, there are nine stocks at this point, rising without much strength. The best currently is Enagás, with a 1.03% more, closely followed by Cellnex. Among the greats, Telefónica rose 0.69%, Banco Santander 0.41% and BBVA 0.25%.
Investors should be attentive to the prices of the financial sector, which was one of the sectors that started the year best and is immersed in the middle of the earnings season.
After the bank accounts of Bankinter and Sabadell from last week, this week it will be the turn of BBVA, Banco Santander and Caixabank.
In addition, the entities made headlines after Cinco Días and the Financial Times announced that they were preparing to challenge the extraordinary rate announced by the government as unconstitutional.
In the construction sector, according to El Economista, the State will confiscate more than 1,300 km of roads to the private sector. The concessions include Abertis, ACS, Ferrovial, FCC, Acciona, Sacyr, DIF and Roadis, the newspaper writes.
Regarding analyst recommendations, Citi lowered the price target for Telefónica up to 3.6 euros from the previous 3.8 euros. On the other hand, another excellent value from the beginning of the year, IAG (Iberia), is in the news after a computer failure that affected dozens of Iberia flights, although it has now been resolved.
The price of the airline holding company could be greatly influenced today by the results presented by Ryanair, which came out of losses with a profit of 211 million euros in the third fiscal quarter.
For the permanent market, Urbas has signed an agreement with the Ministry of Housing and Investment of Saudi Arabia to participate in real estate projects classified under Vision 2030, a government program that aims develop 75,000 additional homes by 2030 then with the goal of 70% home ownership.
The signing of this agreement occurs after the Saudi Arabia National Housing Company (NHC, National Housing Company) will qualify Urbas to develop capital packages of between 500 and 1,500 housing units, evaluating your skills and experience in real estate development and the application of “innovative and sustainable solutions” and efficient in residential construction, according to the company.
In the macro section, investors have breakfast with the Price Index of Purchase (IPC) Spanish, which registers an annual rate of 5.8% in January, core inflation is of 7.5%.
The gross domestic product (GDP) of Germany contracted 0.2 % in the lecture preliminary of the fourth quarter of 2022 compared to the previous three months, worsening the estimation of 0 % and 0.5 % seen in the third quarter, according to the Federal Department of Statistics (Destatis).
However, investors' attention is focused on this week's central bank meeting. Tomorrow begins the two-day meeting of the Federal Committee ofe Open Market (FOMC), where the main US monetary authority must “show its cards” regarding its policy from now on.
Markets are pricing in a probability close to 100 % of the Fed delaying another rate hike until just 25 basis points to maintain reference interest rates in the range from 4.50 % to 4.75 %.
JuanJ said: , director of analysis at Link Securities. “If the Fed is satisfied with the recent behavior of this variable and is confident that it can achieve a soft landing for the US economy, the markets, which anticipated this scenario, will celebrate with new increases.” On the other hand, if the Fed indicates that there is still a lot of work to be done to contain high inflation, we could see a correction in Western stock markets.
Equally important will be the fifth fair meetings between the Monetary Policy Committee of the Bank of England and the Council of European Central Bank (ECB).
“In principle, I hope that both organizations will return to increasing their sworn official positions by 50 base points, but the dynamism of the economies of the United Kingdom and the euro zone will be very different, with the first likely only in the recess and the second to show more resistance than initially expected.” explains Fdez-Figares.
While waiting for these benchmarks in the rest of the European market, the red numbers dominated this month's session, the DAX fell 0.755 to close at 15,035.85, the CAC 40 closed up 0.63% to 7,052.40 and the FTSE MIB closed at 0.24%.
Outside the euro, the FTSE 100 rose by 0.08%. In its segment, the EURO STOXX 50 fell by 1.05% to 4,134.15 points.
In Wall Street, futures also opened lower this month, with most Asian stocks also in the red with the Tokyo's Nikkei 225 up 0.19% to 27,433.
Oil prices eased, giving up earlier gains, as speculation grows that global producers will maintain output at a meeting this week between the OPEC (Organization of Petroleum Producing Countries) and his allies, the well-known group OPEC+.
Investors are cautious ahead of a central bank meeting that could trigger market volatility.
Additionally, Russia's war in Ukraine is expected to affect long-term energy demand and accelerate the global transition to low-carbon renewable energy as countries increase their domestic supply, BP said in a report.
Brent crude futures, the European benchmark, rose one 0.12% up to $86.50, and the futures of the west Texas rose 0.04% to $79.69.
For bonds, the Spanish risk margin is 100.9 points and the profitability of 10-year Spanish bonds is 3.331% in the secondary market.