Mixed sign between the main European indices at the beginning of the day. While IBEX 35 starts upwards with a rise close to 0.30% Thanks to Bankinter’s performance and utilitiesin the case of German Dax or the French CAC we see approximate falls of 0.5%.
European actions in general correct after the Secretary of the Treasury, Scott Besent, questioned a resolution in the short term of the commercial war between the United States and China. In any case, it seems that despite the change of rhetoric of the Trump administration, the market is losing credibility in the president.
Companies with higher increases in Ibex 35
Within the national selective, Bankinter is leading the session with increases close to 3% despite the fact that little by little it is losing strength, after having presented its quarterly results. Despite a greater deterioration of the interest margin of what we expected, due to the fall in the intermediation margin from 2.1% to 1.84%, Bankinter results have been solid. In this quarter the good performance of the commissions (+13%) has managed to alleviate the fall of interestbut we think it will be complicated to replicate in future quarters. Specifically, the commissions have grown mainly by a +15% increase in commissions for asset and broken management, thanks to a growth of +17% in assets under management and +15% in guarded values. Another reasons for the growth of its benefits is also due to the considerable reduction of 15%provisions. In short, Bankinter’s results have been solid, but we think that uncertainty for the next quarters increases for the entire sector.
-Among other companies that go up in the session we also find Repsol that takes advantage of the increases in the price of oilwhile the utilities headed by Actiona, are also among the first positions of the day due to the fall in the bonds and their defensive character.
Companies with greater falls in the Ibex 35
Among the companies with the worst behavior of the day in Ibex 35, we find values of discretionary consumption as is the case of Inditex, or the IAG airline, which suffers the appreciation of the barrel, although they also suffer cyclic behavior values as is the case with raw materials or banks. In this group especially the attention that Santander or BBVA quote negative despite the good results obtained by Bankinter. The market may expect that in its case the appreciation of the euro in the first quarter of the year can subtract them attractive to entities as greater dependence on their results in Spain as can be the case of Bankinter, CaixaBank, Sabadell or Unicaja that are positively quoting. In addition, the weakness of the dollar is ballasting companies with higher interests in the US, which is generating losses in the day in companies such as fluidra or taps.
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