Market's evolution 11 of May to 15 of May 2015

Market's evolution 11 of May to 15 of May 2015


Week marked by the consequences of the strong downward movement started in early May in European bonds and the lack of progress in negotiations between Greece and the Eurogroup. The main European equity indices ending the week with widespread declines, despite the improvement in growth forecasts for the eurozone.

In the week the IBEX-35 fell -0.94% and Eurostoxx-50 -2.09%. Instead, both the Americans and the Japanese selective indexes ended the week with gains of 0.31% and 1.83% respectively.

The euro has lived a week of gains against the US dollar in, approaching levels of 1.15, boosted on Friday by poor macroeconomic data in the United States, which increased doubts about the much anticipated rate hike by the Fed. Specifically, it disappointed the market falling consumer confidence measured by the sentiment index from the University of Michigan, along with the drop in industrial production and production capacity used.

As for the bond market, the European bond TIR continaron picking up, although with less virulence than last week. The IRR of the German bund goes from 0.55% to 0.65% and the Spanish 10-year bond goes from 1.70% to 1.73%, bringing the risk premium relaxes 115-108 bps . For its part, the IRR of the American treasury, as well as bonds of core European countries, rose from 2.15% to 2.17% for the week, reaching to touch 2.30%.

Meanwhile, oil came to 70 USD per barrel we mentioned weeks ago, and consolidates its rise staying above $ 66 / barrel.

As for corporate earnings, they had better data that consensus Intesa SanPaolo, Melia Hotels, Unicredit, Vivendi, AP Moller, DIA, Almirall, Sacyr, Abengoa, SABMiller, Tecnicas Reunidas, TUI and Telefonica while Indra, ACS, Allianz, Cisco , Symantec, Deutsche Post, easyJet, Aegon and Deutsche Telekom published results below the consensus forecast.