The bank leads the red in the selection, which, however, reduces its initial losses with the support of German GDP
The Spanish stock market is putting the entire green at risk after four consecutive sessions of gains that have seen the Ibex-35 revalue nearly 5%. The selective will be overwhelmed this Friday by another avalanche of corporate results and key macroeconomic references that investors will digest during the session.
While we’ll have to wait for Wall Street to open for a more defined trend, the selective index started the day with losses close to 1%, now moderating to 0.6% after the release of German GDP, which the price accelerated from expansion in the third quarter to 0.3%, compared to 0.1% recorded between April and June, a better-than-expected figure.
The selective remains above 7,800 points. But going green will be complicated, despite the fact that inflation and growth data in Spain has also given investors a break. And is that the market has been overwhelmed by the number of references in recent days.
Adding to the hangover from the European Central Bank (ECB), which yesterday raised interest rates by a further 75 basis points, comes a new wave of significant results in the banking sector, which led to the declines on Friday after the release of the accounts of BBVA and CaixaBank, despite the fact that both entities registered a notable improvement in earnings.
Exactly, the two are at the bottom of the table with declines of more than 4% for CaixaBank and 3% for BBVA, with red numbers also for Bankinter, Sabadell and Banco Santander.
Don’t just weigh the results in Spain. The other side of the Atlantic doesn’t like the bills of the tech giants either. Not so much because of the quarterly evolution, but because of the outlook for the last part of the year, when these companies usually increase their sales before the Christmas season.
In fact, the only major tech company that has been able to keep up with the pace is Apple, which released results that exceeded what analysts had expected in terms of both sales and profits.
Amazon has once again been in charge of lowering optimism on Wall Street. The Jeff Bezos-founded company has plunged 19% in the market after hours due to the slowdown in its earnings and a downward revision to its outlook for the last quarter of the year. Specifically, the turnover will be between 140,000 and 1,480,000 euros, compared to the 155,000 expected at the company’s last public presentation.
Meanwhile, on the commodities market, the price of a barrel of Brent, a benchmark in Europe, fell by more than 1% to $93, while that of West Texas in the United States is around $87. In currencies, the euro remains below par with the dollar despite the ECB’s rate hike, with the two currencies crossing at $0.9973.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
