IBEX 35 Falls 0.39% on Friday Due to Weakness in European Markets and Doubts on Wall Street
The Spanish stock market fell 0.39% on Friday, as European markets declined and Wall Street’s employment data for June raised doubts about the US economy’s prospects. The IBEX 35 lost 42.8 points, closing at 11,023.5 points.
European Markets
In Europe, the euro rose 0.15% to 1.083 dollars, while Frankfurt gained 0.14%, London fell 0.45%, Milan dropped 0.35%, and Paris declined 0.26%.
Wall Street
Wall Street was closed on Thursday due to a holiday, but futures markets indicated a weak opening on Friday. The employment data for June showed 206,000 new jobs were created, 12,000 fewer than in May, but more than expected. The unemployment rate rose by 0.1 percent to 4.1 percent, and average hourly earnings rose by 3.9 percent year-on-year, 0.2 percent lower than the previous month.
Spanish Stock Market
The Spanish stock market began trading with small fluctuations, which either brought it closer to 11,100 points or left it at the level it had closed the previous day. The stock market continued to follow the opening trend, but then declined, influenced by the weakness of futures on US indices.
Banks and Major Stocks
Banks and major stocks pushed the domestic market down, as did the decline in European markets. The fall in European markets was attributed to uncertainty over the result of the second round of elections in France on Sunday. Despite the timid recovery of the euro and debt, the domestic market was able to reduce its losses at the end of the session and recover the 11,000 points mark.
Sectoral Performance
Among the major stocks, Repsol fell by 1.78%, while Banco Santander lost 1.38%, Inditex by 0.59%, and Telefónica by 0.15%. BBVA rose by 0.08% after receiving support from the shareholders’ meeting in the takeover bid for Banco Sabadell, and Iberdrola by 0.34%.
Grifols Leads the Rise in Stocks
Grifols led the rise in stocks and the IBEX, with a gain of 4.17%. Solaria gained 3.51%, Inmobiliaria Colonial 1.88%, Naturgy 1.53%, and Endesa 1.24%.
Commodities
The troy ounce of gold rose 1.2% to $2,385. Bitcoin lost 3.27% to $56,420.
Market Data
The yield on long-term Spanish debt has fallen by six hundredths and closed at 3.337%, with the risk premium with Germany at 78.6 basis points. The barrel of Brent crude oil was trading at 87.9 dollars, with an increase of 0.54% due to the reduction in American reserves and the impact that Hurricane Beryl may cause.