The Ibex resists profit taking at the opening

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The Ibex resists profit taking at the opening

MADRID (Reuters) – The Ibex-35 of the Spanish stock market began the day slightly higher Wednesday, although some investors chose to cash in certain securities after four consecutive sessions of gains.

The return of confidence to markets after several positive news in the US and Japan, and less uncertainty for the brexit have benefited in the last week to international equities.

This morning, also served as catalysts commitments China’s market reforms, which encouraged purchases in steel values, and the first corporate purchasing operations in the UK after the referendum brexit.

At 0917, the Spanish index was up 0.10 percent to 8,514 points, in line with European FTSEurofirst.

In the bond market, the risk premium was fixed on the 127 basis points, its lowest level since March. This morning the European economic commissioner Pierre Moscovici pointed to the excessive deficit in Spain and Portugal could end without penalty if the two countries provide sufficient guarantees to correct the fiscal imbalance.

Moreover, the June inflation data confirmed that the downward trend in prices continues to moderate.

The ArcelorMitall and Acerinox (MC: ACX) steel rose more than 2 percent, while IAG (MC: ICAG) stood out with a rise of 2.5 percent in a recovery of the ground lost since the British referendum.

Instead, the banks themselves gave way to profit taking, with a minimum cut of 0.2 percent for Santander (MC: SAN), 0.7 percent for BBVA (MC: BBVA) and 0.5 Popular percent.

On Wednesday, the sector expects the non-binding assessment of the Advocate General of the European Court about the possible retroactivity of the floor clauses.

Renta 4 (MC: RTA4) said that the most affected would be Liberbank (MC: LBK), CaixaBank (MC: CABK), Popular and BBVA, while sees no impact on Santander and Bankinter (MC: BKT).

Among other blue chips, Telefonica (MC: TEF) was down 0.7 percent and Inditex (MC: ITX) by 0.2 percent.

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