The Ibex closes flat, weighed down again by tourism values ​​| Stock Market Chronicle

The European stock markets have closed with advances after the falls on Monday. The Ibex, the most punished yesterday, has once again lagged behind, with tourist stocks once again in a block at the tail of the index. The selective has added a minimum 0.02% to 8,915.10 points.

The European stock markets have managed to recover from the falls on Monday thanks to some good macro data and despite the fact that in the last sessions of a favorable semester for the markets the temptation to collect profits is high, as was verified yesterday. These portfolio adjustments due to the change in the semester were aggravated by the spread of the Delta variant of Covid in Asia and Europe.

With an eye on the official US employment report for next Friday, fears of a slowdown in the recovery due to new restrictions hang over the financial markets. The outbreak of the Covid has caused the falls that did not unleash the inflationary tensions. The US employment data will determine in the coming days whether the improvement in the labor market once again revives the fear of an imminent change in the cycle in the Federal Reserve's monetary policies. Analysts anticipate an acceleration in the rate of job creation, a variable that together with the much higher-than-expected rise in inflation would test the patience of the Fed.

The Spanish stock market has managed to parry the blow received yesterday, but it has not managed to rebound. The 1.99% correction from the previous session erased the 9,000 points and left the index at 8,913 points. The Ibex, waiting for new references, has added a minimum of 0.02% and will start tomorrow from 8,915.10 points.

All the spotlights have focused on tourism. The sector monopolized yesterday the four biggest falls of the Ibex, with losses that oscillated between 4.1% and 6.4%. At the start of the summer season, the spread of the Delta variant calls into question the reactivation of international tourism, and especially of a market as important as the British one. Amadeus (-3.72%), IAG (-1.51%), Aena (-2.22%) and Meliá (-1.76%) have once again exerted a ballast on the Ibex.

The key role of tourism in the Spanish economy could cause broader consequences, which is why investors opted yesterday to take capital gains in the most bullish sector of the year, banking, in turn one of the most linked to the economic cycle . Today they closed with a mixed sign, with increases for CaixaBank (+0.85%), Santander (+0.35%) and BBVA (+0.28%) and cuts in the case of Sabadell (-0.49%) and Bankinter (-0.16%).

The containment of interest on the debt has enabled the comeback of renewable energy companies. Pending the debut of Acciona Energía, values ​​such as Solaria (+3.29%) and Siemens Gamesa (+3.45%) have stood out among the most bullish of the day on the Ibex. JPMorgan analysts are blowing in favor of the wind turbine manufacturer's rises. The steel companies ArcelorMittal (+3.67%) and Acerinox (+2.52%) also rose strongly.

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The rest of the European stock markets have recovered better than the Ibex from yesterday's cuts, despite the uncertainty generated in Europe by the spread of the Delta variant of Covid. The German Dax has recorded a rise of 0.88%; the French Cac, 0.14%; the Italian Mib, 0.52% and the British Ftse, 0.21%.

The end of the semester brings the start of the new earnings season closer, and meanwhile investors are faced with new corporate movements that are shaking up the day in Europe. One of the beneficiaries has been the British IWG. The office rental company has added 2.5% amid rumors of a takeover bid by venture capital firm CC Capital. The IWG increases contrast with the setback of 4.9% received by the tour operator TUI. In the midst of a stock market storm in the sector due to the Delta variant, TUI has announced the issuance of bonds convertible into shares to strengthen its balance sheets. Vestas stands out in the uploads chapter. A contract in the US and the improvement of JPMorgan's recommendation have boosted its shares by 5.8%.

In Asia, the red numbers have prevailed. The Tokyo Stock Exchange has lost 0.81% in the Nikkei, a setback similar to that registered in China in the CSI 300 index. Malaysia, Indonesia and Thailand stand out among the countries that are having to return to the confinements to stop the spread of the Delta variant.

The interest rate on the 10-year US bond is once again close to +1.50%. In Europe, the German bund lowers its negative rates to -0.15%, and in Spain the ten-year bond rebounds above +0.45%.

The more defensive profile with which the week began in the markets translates into a stronger dollar in currencies. While waiting for the employment data series to be released in the US between tomorrow and Friday, the euro loses the level of 1.19 dollars at times and the pound loses ground at 1.38 dollars.

Bitcoin continues the gains made in yesterday's session, above $36,000. The blockade continues in the price of gold, which is further removed from the threshold of 1,800 dollars an ounce lost as a result of the last meeting of the Federal Reserve.

Oil is recovering after its recent correction. The Brent barrel strengthens at 74 dollars and the West Texas barrel, a reference in the US, recovers 73 dollars.