After starting the day with moderate optimism, the main index of the Spanish stock market, the Ibex, changed its trend a few minutes after the opening and began trading in the red. The announcement by the President of the Government, Pedro Sánchez, to remain in office after five days of reflection has practically not dispelled investors’ doubts.
In the early stages of the session, the Spanish selective was trading above 11,100 points, the highest since August 2015, after registering a slight rise of 0.24% in the early hours, although it later turned around and ended up falling. Red. The encouraging data from the banking sector has not been enough to reverse the trend. Among the results announced today, those of Unicaja stand out, which tripled its profit in the first quarter compared to the previous year by earning 111 million, and those of BBVA, which increased its profits by 19.1%, to 2,200 million.
However, the advance data of the Consumer Price Index (CPI), which increased one tenth year-on-year in April, up to 3.3%, clouds investors’ expectations and encourages fear that the European Central Bank (ECB) change its plans to slow down its rate policy, thus hindering the long-awaited economic comeback. Specifically, the rise in gas and food prices are behind the slight increase in prices, although core inflation is below the general inflation rate for the first time in two years, standing at 2.9%.
Likewise, the uncertainty generated during the five days of reflection that the President of the Government took to decide on his future in office has had a moderate effect on the selective, which recorded losses of 0.30% after 11 a.m. tomorrow. Coinciding with the beginning of Sánchez’s appearance, the selective has risen slightly, although without abandoning the color red. And after the president’s continued announcement, it fell again until it was below 11,100 points shortly before 12 noon.
At mid-session, the biggest gains were recorded by Unicaja (4.35%), Naturgy (2.31%), Acciona (1.56%), Corporación Acciona Energía (1.4%), Grifols (1.05% ) and Acerinox (0.89%), while on the opposite side were Rovi (-2.88%), Inditex (-2.05%), Santander (-1.99%) and BBVA (-2. 05%).
For its part, the National Securities Market Commission (CNMV) has provisionally suspended the listing of Applus due to, as reported in a relevant fact, “circumstances that could disrupt the normal development of operations.” It is the second consecutive day that trading in the vehicle technical inspection company has been suspended after the I Squared and TDR funds, through the company Amber, presented the highest offer, of 12.78 euros per share, in the fight for control of the company it maintains with the American investment fund Apollo.
