European stock markets come out of torpor with Wall Street rises

European stock markets come out of torpor with Wall Street rises

Madrid Stock Exchange (Efe)

The European stock markets began with rises, not very marked, following in the wake of the Asian session in which China’s exports in April stood out, and despite the delay of the Eurogroup meeting where you should have released some version of the rebuild program. In fact, they have been starring in a nondescript session until the upward opening of Wall Street, with increases of 1%, has somewhat encouraged the parquet floors.

Thus, the IBEX 35 which has moved quite flat all morning, rose 0.7% and returned to position above 6,700 points, the German dax grew 1% and the Cac 40 1.1%, while the Eurostoxx 50 progress of 1% was noted.

Among the values, the leading role of Telefónica, which not only coincides with the results presentation that show a reduction of 56.2% of the profit, but after sealing the O2 merger with Virgin Media in the UK which will report 6.300 million euros to the Spanish operator. The shares of the company that were the most bullish of the opening, at 15:30 corrected 0.8%.

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The confidentialThe amount will be used mainly to reduce the almost 38,000 million euros of debt with which the company chaired by José María Álvarez-Pallete closed the 2019 financial year.

In the debt market, the Spanish risk premium it rose to 144 basis points, with the yield on the 10-year bond at 0.95% after the Treasury debt auction in which has raised 7,115 million euros with the placement of five different references.

“The IRR of the Spanish bond it has expanded to 0.92% (Italian 2.00%), which is a not insignificant blow due to both the publication yesterday of the severe downward revision of the EC estimates, and the disclosure of that the approval of a European reconstruction program that includes non-refundable transfers without conditionality, as claimed by Italians and Europeans, is unlikely, “explained Bankinter.” The postponement of the Eurogroup meeting until tomorrow indicates that an agreement in these terms is highly unlikely”.


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