The Ibex 35 has closed down on a day marked by inflation in Spain, which remains well above the ECB's target. Fluidra plummets over 2% and BBVA loses Bank of America's buy recommendation.
The Ibex 35 closed the session with a general decline, despite most European stock markets showing a mixed tone and Wall Street trading in positive territory. The Spanish selective index has been split in half, with no major leaders or significant punishments, but with two notable names on the negative side: Fluidra and BBVA.
The inflation data for Spain in June, published today, was in line with consensus expectations but remains at levels well above the European Central Bank's 2% target. This context keeps pressure on banks and companies more sensitive to interest rates.
Fluidra plummets due to Pentair effect
The worst part of the day was taken by Fluidra, which saw a drop of over 2%. The reason lies with its American competitor Pentair, which reported quarterly figures far below expectations. This news has spread negativity throughout the pool equipment and water treatment sector, weighing down the Spanish company.
On the opposite side, Grifols led the gains with an increase of over 1%, followed by Merlin Properties and Puig. Tensions in the Middle East, with traffic blocked in the Strait of Hormuz, have not had a significant impact on the Spanish selective index, at least for now.
BBVA loses favour with Bank of America
Another burden of the day was BBVA, which suffered a decline after Bank of America removed its buy recommendation. Banking in general is starting to lose appeal in the current context of high interest rates and uncertain cutback prospects. Investors who came in after the historic rises of recent years may begin to exit if the sector enters a sideways movement.
Overall, the Ibex 35 has given up positions, but without major shocks. The session was marked by the wait for more macro references and corporate results both in Europe and the United States.
Europe and Wall Street: mixed results and bid for PayPal
The earnings season has also begun in Europe with good news. Both ASML and Richemont have published quarterly figures well above expectations. ASML also expects to increase its production of EUV machines, demonstrating that demand throughout the entire supply chain of artificial intelligence continues to grow strongly.
On Wall Street, the standout news has been the bid launched for PayPal by Advent and Stripe for around $53 billion. The offered premium is around 28% and the operation has financial backing, which increases the chances of success. However, the stock's gains today have not been strong, suggesting that the market is still not entirely convinced. The Nasdaq 100 falls by half a percentage point, while the S&P 500 holds in the green.
Commodities and crypto: gold holds, silver falls
In the commodities market, gold has held its ground, but silver has fallen by more than 1%. Brent oil has slightly corrected despite traffic in the Strait of Hormuz remaining blocked. Meanwhile, bitcoin has recorded a slight increase, with no major movements.
For the individual investor, the day leaves several key points: Spanish inflation remains a problem that the ECB will monitor closely; banking could lose momentum if rates stabilise; and sectors like pools (Fluidra) are very sensitive to news from their competitors. It is advisable to stay alert to upcoming corporate results and decisions from central banks.
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