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    CABK   ES0140609019

CAIXABANK, S.A.

(CABK)
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European shares mark record-high close ahead of Fed

06/16/2021 | 12:18pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European shares closed at a record high on Wednesday, despite caution ahead of a U.S. Federal Reserve meeting that could see it outline plans to start stimulus unwinding.

The pan-European STOXX 600 was up 0.2% to a record high of 459.86 points, marking its longest gaining streak in three-and-a-half years with a ninth straight positive session.

Travel and leisure, utilities and chemical stocks were the best performers, as investors bet on a jump in consumer demand and industrial production.

But banks fell 0.9% on stock price losses in Banco Sabadell, Santander and Caixabank, after Spain's competition watchdog opened an investigation into possible anti-competitive practices in the marketing of state-backed coronavirus loans.

The Spanish bourse lagged its regional peers for the day, falling 0.3%.

The benchmark STOXX 600 index has now risen for five straight weeks, with a steady vaccination programme expected to jumpstart regional economic growth. But a recent rise in inflation has sparked concerns of a sooner-than-expected tightening in global monetary policy.

After dovish signals from the European Central Bank last week, the Fed is expected to at least flag the pending start of talks about when and how to exit from policies put in place at the onset of the COVID-19 pandemic.

"The Fed is expected to leave policy unchanged and again play down taper talk. Nonetheless, markets will be looking for hints on whether the Fed is starting to acknowledge that inflation may not be as transitory as thought," analysts at ING wrote in a note.

In Europe, travel and leisure stocks rose 1.3% after steep losses on Tuesday, while utilities added 1%.

London's FTSE 100 rose 0.2% even as data showed British inflation unexpectedly jumped above the Bank of England's 2.0% target in May and looked set to rise further as the country re-opens its economy from lockdowns. [.L]

Shares of German software giant SAP fell 1.2%, weighing on the DAX after a disappointing profit forecast from U.S. software rival Oracle Corp.

Spanish solar power developer Solarpack surged 43% as it disclosed a takeover bid from Swedish fund EQT valued at a maximum of 881.2 million euros ($1.07 billion).

EQT shares fell 1.2%.

(Reporting by Sagarika Jaisinghani and Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta, Uttaresh.V and Alexander Smith)

By Sagarika Jaisinghani and Ambar Warrick


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANCO DE SABADELL, S.A. 1.49% 0.5864 Delayed Quote.65.65%
BANCO SANTANDER, S.A. -1.61% 3.0875 Delayed Quote.21.65%
CAIXABANK, S.A. -4.13% 2.505 Delayed Quote.19.23%
SAP SE -0.35% 120.84 Delayed Quote.12.70%
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More news
Financials
Sales 2021 10 409 M 12 354 M 12 354 M
Net income 2021 4 484 M 5 322 M 5 322 M
Net Debt 2021 - - -
P/E ratio 2021 4,42x
Yield 2021 3,56%
Capitalization 20 182 M 23 940 M 23 953 M
Capi. / Sales 2021 1,94x
Capi. / Sales 2022 1,79x
Nbr of Employees 51 227
Free-Float 53,3%
Chart CAIXABANK, S.A.
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Technical analysis trends CAIXABANK, S.A.
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 2,51 €
Average target price 2,99 €
Spread / Average Target 19,3%
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Managers and Directors
Gonzalo Gortázar Rotaeche Chief Executive Officer & Executive Director
Javier Pano Riera Chief Financial Officer
José Ignacio Goirigolzarri Tellaeche Executive Chairman
Manuel Galarza Pont Director-Compliance & Control
John Shepard Reed Independent Director
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