The Ibex-35 Holds 8,300 Points Despite Weak Activity Data in the Eurozone and Collapse of Credit Suisse
Waiting compass on the Spanish stock market after Tuesday’s sharp rises. The Ibex-35, which had started the session with moderate gains, is now trading flat, holding 8,300 points in a session marked by the release of the minutes of the last Federal Reserve (Fed) meeting.
Investors are also citing the latest data on eurozone activity, which continues to show signs of slowing despite improved forecasts. Specifically, the PMI indicator stood at 47.3 points in November, compared to 46.4 points last month and the market consensus estimate of 46. However, the data is still below the 50 point mark that marks the difference between expansion and contraction of activity.
The market is also facing this Wednesday’s collapse in the price of Credit Suisse, which has been under intense tension for weeks due to uncertainty about the entity’s financial future. This Wednesday, it acknowledged that it expects a loss of 1,500 million euros during the last quarter of the year due to the massive withdrawal of funds by its clients, which they estimate at 6% of their total assets under management.
For now, Repsol and the banking sector are continuing their bullish streak and leading the top of the table, with gains of more than 1% for the oil company and for either Bankinter or Banco Sabadell.
Indra is also a key player after learning that Goldman Sachs acquired another 2.4% in the company’s capital, bringing the total stake to 3.7%.
At the bottom of the table is the collapse of more than 7% experienced by Rovi’s shares after announcing that it will increase its operating income by 5% to 10% next year compared to that of 2021. Endesa also records notable decreases after presentation of the company’s new strategic plan.
Meanwhile, the price of a barrel of Brent, a reference in Europe, continues to recover in the commodities market after Monday’s sudden collapse and is already trading close to $89. For its part, the US West Texas is around $81.50.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
