The Spanish stock market focuses on the recovery of the US ignoring the problems of Archegos

The Spanish stock market focuses on the recovery of the US ignoring the problems of Archegos

A nurse with a vial of Johnson & Johnson’s coronavirus disease (COVID-19) vaccine in Los Angeles, California, United States, on March 25, 2021. REUTERS / Lucy Nicholson

Mar 29 (Reuters) -The Ibex-35 opened the week with a slight decrease, mainly due to the dragging effect of the fall of some of its main values, in a global context of renewed optimism regarding the prospects for economic growth on the day when the Suez Canal traffic jam ended.

The same day that traffic on the Egyptian channel was resumed after the container ship was refloated, investors were awaiting damage due to the “default” situation of a hedge fund, identified by sources such as Archegos Capital, after Nomura and Credit Suisse warned of heavy losses and bloc trading hit some US and Chinese stocks on Friday.

“I don’t think Archegos poses a systemic threat at the moment and I don’t think its ‘default’ situation represents a turning point between a bull market and a bear market,” said Giuseppe Sersale, fund manager at Anthilia in Milan.

 

As they await the release of several US macroeconomic data to be released during the week, markets await their president Joe Biden outlining his infrastructure spending plan this week, which could fuel a US recovery in full swing.

“There are many fiscal stimuli in the United States and, therefore, growth in the coming quarters is going to be very good,” Sersale said.

Christian Keller, an economist at Barclays in London, said he expects the big US fiscal stimulus to expand “solidly” to 6.4%, with positive effects for the rest of the world.

 

“The rise in inflation in the coming months should be temporary, and the main central banks appear to be committed to finding a balance,” he said.

The prospect of faster economic growth in the United States has spurred speculation about rising inflation and weighed on Treasury prices, with the 10-year bond yield easing to 1,646% on Monday but still near the recent high. of 13 months of 1,754%.

 

This being the case, and despite the upward dominance in European stock markets, the Ibex-35 closed with a fall of 6.10 points on Monday, 0.07 percent, to 8,492.10 points, while the index of large stocks Europeans FTSE Eurofirst 300 was up 0.27%.

Although positive values ​​predominated at the close of the session, the index suffered from the falls of several heavy weights, with Telefónica at the bottom with a 3.72% decline, while it was 1.49%, Santander lost 1 , 10% and Inditex yielded 0.53%.

 

At the top stood out Almirall, which gained 12.71% after Goldman Sachs raised the recommendation to “buy”, and Cellnex, which gained 4.69% after the Benetton family announced a sale contract on Monday. for practically all the subscription rights that correspond to it in the capital increase of 7,000 million euros of the group of telecommunications towers, which subsequently received the approval of the shareholders.

Among the other large non-financial securities, Iberdrola rose by 0.55% and the oil company Repsol rose 0.90%, while in the remaining bank securities Caixabank lost 0.80%, Sabadell gained 0.42% and Bankinter appreciated 0.37%.

 

The manufacturer of swimming pools Fluidra made its debut on the Ibex-35 with a rise of 0.43%.

(Information from Darío Fernández; Edited by Janisse Huambachano)

Melissa Galbraith
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