The Spanish selective went from more to less in a day marked by business results on Wall Street. The publication of the results of two of the main investment banks stopped the recent optimism of the investors, at a scarce 1% of historical maximums in the North American indices. With the stalled trade war and Brexit negotiations, business results and macro data will be the main catalysts during the next sessions.
The Ibex 35, which came to quote above the 9,500 points at some point in the session, It is very near its annual highs. This Wednesday will begin the season of presentation of business results in Spain, but it will not be until the next two weeks when we know the evolution of this first quarter of the year of the main companies of the Spanish selective.
Although this variable is key to take the pulse of investors, our main concern continues to be the progressive economic weakening that the European economy is suffering. In most of the main variables, the eurozone is at the lowest levels since 2012, and should it continue to worsen, it will soon become the biggest source of tension for European stock markets.
At the business level, Siemens Gamesa led the increases driven by the improvement in the recommendation of one of the main European investment banks. This move has meant that Acciona has been overtaken as the company with the best performance so far this year, with a revaluation of over 40%.
Joaquín Robles, analyst at XTB