Read more from Author Ben Oakley here: https://globelivemedia.com/author/ben-oakley/
MADRID, Jan 18 (Reuters) – The main Spanish selective closed on Monday in positive, although the rise was limited by pessimism due to a global increase in COVID-19 cases and by the restrictions associated with that increase, even after figures of a growth of the Chinese economy that exceeded expectations.
* China reported more than 100 new COVID-19 cases for the sixth consecutive day. Rising infections in the northeast of the country have fueled concerns of another nationwide wave fueled by hundreds of millions of people traveling for the Chinese Lunar New Year celebrations.
* At the same time, the Asian giant’s quarterly GDP data accelerated in the fourth quarter, exceeding expectations and facing 2021 at a good pace.
* The rebound in China contrasts with the United States and Europe, where the virus continues to depress economies and where more restrictions are expected. The German Health Minister said that, although the measures started to take effect, more needed to be done to permanently bring the coronavirus under control.
* The selective Spanish stock market Ibex-35 closed with a rise of 23.80 points on Monday, 0.29%, to 8,254.50 points, while the index of large European stocks FTSE Eurofirst 300 rose 0.13%.
* Banks pulled the selective, with Banco Sabadell and Bankinter gaining 2.3% and 1.69% respectively.
* At the bottom of the table, firms from the tourism and travel sectors such as Aena and IAG ended with a fall of 2.33% and 0.71% respectively, together with electricity companies such as Naturgy, which fell by 0.82 %, and Endesa, which lost 0.76%.
* Among the large non-financial stocks, Telefónica fell 0.40%, Inditex advanced 0.54%, Iberdrola fell 0.21%, Cellnex gained 0.60% and the oil company Repsol rose 0.23% . (Information by Andrea Ariet; edited by Emma Pinedo)