June 21, 2021

The Ibex cannot with the annual maximums


The shares most exposed to the United Kingdom, such as IAG, Sabadell and Santander, suffered cuts following the decline of the pound

The selective Spanish moved away from the annual maximums in a day marked by the absence of references. The verbal agreement between China and the United States, and the absolute majority of Boris Johnson have raised most of the global indexes to highs, however, that does not mean that both catalysts have disappeared.

Now it remains that the first two world powers express in writing the terms of the agreement of the first phase, so that discrepancies could still appear. In addition, there are many doubts about what control mechanisms the US will use to verify that China is fulfilling its part of the agreement.

Regarding the United Kingdom, even if it definitely leaves the European Union, it will still need a minimum of twelve months of negotiation to deal with the most conflicting items such as trade agreements, agricultural sector regulation, or commitments in the area of ​​legal competence, environmental and fiscal social rights .

The actions most exposed to the United Kingdom, such as IAG, Sabadell and Santander, suffered cuts after the decline in the pound, which after knowing the election result soared to highs in mid-2018. Rumors continue about the possibility of Siemens buying Iberdrola its participation in Gamesa with the objective of ending the disagreements in the way of managing the company.

Enagás, one of the energy companies with the worst performance this year, announced an investment of 750 million euros in an American gas pipeline management company. With this operation, it intends to strengthen its positioning in the US, and diversify its business so that regulatory risks in Spain do not weigh so much on its price.

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