El Ibex 35 was trading at mid-session with a 0.69% drop, standing at 13,436.2 points, despite opening virtually flat, awaiting the decision of the Federal Reserve of the United States (Fed) on interest rates.
Additionally, the People’s Bank of China (PBC) announced a 10 basis points cut in the interest rate applied to reverse repurchase operations in the market with a seven-day term, as communicated by the institution, which also reduced the cash reserve ratio of Chinese entities by 50 basis points.
In the business sector, Endesa, Fluidra, and Atrys presented their results on Wednesday before the market opened.
Endesa reported a net profit of 583 million euros in the first quarter of the year, almost doubling its earnings from 293 million euros in the same period of 2024, while Ibercaja boosted its profit by 47% in the first quarter, reaching 84 million euros.
Atrys, which announced its succession plan for the CEO position, reported a revenue increase of 11.2% to 57.2 million euros, while Fluidra announced a 29% profit growth between January and March.
In this context, IAG was the top gainer (+1.09%) at mid-session, followed by Bankinter (+1.04%), Solaria (+0.82%), Mapfre (+0.67%), Acerinox (+0.59%), and Logista (+0.52%).
On the other hand, Inditex (-3.04%), Fluidra (-2.12%), Cellnex (-2.10%), Colonial (-1.70%), Rovi (-1.54%), and Acciona Energía (-1.49%) were the top losers.
The drops in the Spanish stock market were in line with the other major European markets. London was down 0.28%; Paris, 0.57%; Frankfurt, 0.13%; and Milan, 0.21%.
The Brent barrel was trading at 62.44 dollars in the European mid-session, up 0.43%, while the West Texas Intermediate (WTI) stood at 59.42 dollars, up 0.58%.
In the bond market, the yield on the Spanish 10-year bond was at 3.160%, down from 3.192% at the close on Tuesday. Thus, the risk premium against German debt was 64.8 basis points.
Regarding currencies, the euro was trading virtually flat against the dollar, crossing at an exchange rate of 1.1363 dollars per euro.
