Ibex rebounded more than 1% after avoiding default in the US | financial markets

What does Ibex 35 do?

The Ibex 35, which ended May with losses of more than 2%, starts June up more than 1% after bailing out the US from the debt ceiling and comfortably recovering 9,100 points. Cumulative gains for the year are about 11%.

What are the most up or down values?

Banks are placed on top of earnings:

Sabadell: 5.3%

CaixaBank: 3.7%

Milia: 3.5%

Rovi slows first hour gains, advancing 0.4%. The company, which yesterday was the most punished by investors, confirms that it is “not part” of any legal procedures related to public assistance, nor has it received any notification in this regard, and it “completely” denies receiving these amounts. of money “in 2009 or any other period”.

Only two values ​​decrease:

Colony: -0.4%

Phone: -0.3%

Selnex: -0.08%. Reducing debt and increasing shareholder bonuses will be a priority for Cellex in the new phase the company opens this month with the departure of Tobias Martinez after eight years as CEO and his replacement by Marto Patuano.

What do the rest of the bags do?

European stock markets are trading up 1.8% in the case of Italy’s Mib. The German DAX rose 1%.

Wall Street is posting moderate increases in the pre-opening. Yesterday, the Dow Jones returned 0.41% ahead of the debt ceiling vote in the US House of Representatives. Finally, by 314 votes in favor and 117 against, the House of Representatives approved the agreement that seeks to avert a major financial crisis in the North American country that was so difficult for US President Joe Biden to negotiate, which he reached out to cancel. Various international commitments in order to address this issue.

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That was already known Activity in China’s manufacturing industry has returned to the expansion area in May after a slowdown in March and April, according to Caixin’s private digital newspaper Purchasing Manager Index (PMI). The index, compiled by British economic information company IHS Markit and considered by many international investors as a reference for analyzing China’s manufacturing sector, rose from 49.5 points in April to 50.9 in May.

Manufacturing activity deteriorated in Spain in May due to global weakness, according to the PMI. The PMI fell to 48.4 points from April 49, which is the largest contraction so far this year.

The expected macro data for this week has arrived: the preliminary CPI for May for the Eurozone came in at 6.1%. One-tenth less than economists’ forecasts and almost one point lower than in April, when the overall rate was at 7%. In parallel, the unemployment rate in the Eurozone for the month of April is known.

in The US Manufacturing PMI has been published May, which, after five months of recording progress, could decline again, and ISM manufacturing, which has been on an upward path since the beginning of 2023.

The public treasury put 6,534.34 million euros this Thursday in an auction of state bonds and liabilities, in the expected medium range, and it did so by increasing the rewards offered to investors in three of the four references issued, in line with the increase in interest rates by the European Central Bank.

What do the analysts say?

Michele Morganti, Chief Equity Strategist at Generali Investments: “Looking ahead, we see a slowdown in earnings per share growth. Macroeconomic surprises in deflationary territory, inflation is falling, lending standards are tightening, confidence indicators are weakening. We remain cautious about equities, particularly equities Cyclical and value. While valuations are overvalued in the short term, over the 12-month period we see total returns in the mid-single digits, in favor of non-US indices. We underweight EMU versus US very slightly.”

Link Securities: “Nonfarm employment figures for May, which will be published by the Department of Labor tomorrow, will be the real reference for knowing the real situation of the labor market in the United States, and therefore, how the Fed’s actions can be adapted from now on. Numbers above expectations may support the hypothesis A fresh 25 basis point hike at the FOMC mid-June meeting is a hypothesis we’re not betting on, although that doesn’t mean we’re done with the rate hike if inflation doesn’t ease as expected in the coming months. There will be new increases in official prices.

What is the evolution of debt, currencies and raw materials?

In the raw materials market, Brent Oil, a benchmark in Europe, fell 0.10% to settle at $72.53 a barrel.

In the currency market, the euro is turning bullish and is up 0.20% against the dollar, at 1.0707 USD.

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