The Ibex extends losses due to reflationary bets awaiting PMIs

Screens at the Madrid Stock Exchange, April 23, 2012

© Reuters / Andrea Comas
Screens at the Madrid Stock Exchange, April 23, 2012

Feb 19 (Reuters) – The Ibex-35 extended losses on Friday, heading into its second week in the red amid a global backdrop of falling stocks on rising long-term sovereign bond yields and the release of disappointing data from The US that eroded investor confidence in a faster economic recovery.

Following the unexpected surge in claims for unemployment benefits in the United States in the past week and the recent surge in sovereign debt around the world amid betting on a rebound in growth and inflation, markets will remain vigilant on PMI data February of the eurozone and the US to be published during the day, in search of new signals about the possibility of a broad global economic recovery.

“Although no major changes are expected compared to January, we hope to confirm the better evolution of the US compared to the rest of the economies, as well as the negative tone of the services sector, especially in Europe compared to more solid manufacturing,” said the Income analysts. 4 in an information note.

For its part, the advance of coronavirus vaccines around the world and the hopes of a massive stimulus package in the US stimulated bets for an economic reflation.

In this context, at 08:17 GMT on Friday, the selective Spanish stock exchange Ibex-35 fell 23.80 points, or 0.30 percent, to 8,034.30 points, while the index of large European securities FTSE Eurofirst 300 advanced 0.03%.

Acciona gained 1.5% prolonging the benefits of a more pronounced rise in the previous day after announcing results and its plan to take its renewable energy unit public.

At the opposite extreme, the oil company Repsol fell 1.19% today, correcting after the gains of the previous day, while Siemens Gamesa extended losses after closing negatively yesterday.

In the banking sector, Santander rose 0.07%, BBVA registered 0.11%, Caixabank increased 0.56%, Bankia rose 0.19%, Sabadell fell 0.57%, and Bankinter fell 0.06%.

Among the large non-financial securities, Telefónica fell 0.24%, Inditex advanced 0.42%, Iberdrola fell 0.33% and Cellnex gained 0.32%.

(Information from Flora Gómez; edited by Darío Fernández)

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