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The Ibex is trading flat, with Sabadell and BBVA as the absolute protagonists

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Capital surprise to close the trading week. BBVA and Sabadell have communicated that Negotiations for their merger have been broken due to not having reached an agreement on the exchange ratio. When it seemed that things in the Spanish banking sector were beginning to get back on track, with the corporate operations between CaixaBank and Bankia and BBVA and Sabadell, now this negotiation is broken and it becomes clear that the sectoral concentration in Spain, so desired by many, is not at all a 'bed of roses'.

Sabadell has said in the note sent to the CNMV that its Board of Directors "has decided to end the talks not having reached (…) an agreement on the eventual exchange ratio. "BBVA, for its part, has limited itself to reporting that "the conversations in relation to a potential merger operation with Banco de Sabadell have concluded without an agreement having been reached".

The Ibex is trading flat at this time (+ 0.15%. 8,116 points). Sabadell sinks 13% after hearing the news (it has fallen by 18%) while BBVA rises 2%. On the negative side of the Ibex, Mapfre, IAG or Bankinter also stand out, while on the positive side are Solaria or REE.

In another vein, Asia has lived a day with mixed and very moderate movements. We remember that Wall Street only opens half a session this Friday. Americans will take advantage of Black Friday to go shopping for Christmas after the Thanksgiving holiday this Thursday.

Today there are few macro references of interest, while Covid and vaccines remain in the spotlight. The latest news indicates that AstraZeneca will undergo additional study to clear up doubts about the effectiveness of your vaccine. Additionally, the developers of the Russian Sputnik vaccine have suggested combining their vaccine with AstraZeneca's.

In another vein, Hungary and Poland have enlisted in the blockade of the European Recovery Fund. This is the hottest issue this Friday in Europe. The summit of next December 10 and 11 will be key to see what finally happens with this matter. In Spain, the political news is that Citizens have announced that they will vote no to the PGE. "All Spaniards see that Sánchez has preferred to take the hand of Otegi and Junqueras than that of a moderate party like Cs," Inés Arrimadas announced at a press conference at the Congress on Thursday.

In other markets, oil has also been the protagonist this week. On Wednesday Brent reached its highest level since the beginning of March thanks to the hopes placed in vaccines and to the OPEC + meeting next week.

Finally, with regard to the technical aspect of the Ibex, keeps short-term uptrend intact. "The selective Spanish does not give any sign of weakness so for the next few days we continue to think about an extension of the increases to the level of 8,375 points, highs of the bearish gap in March. We will not appreciate a sign of weakness as long as it remains trading above 7,835 points, "indicates César Nuez, analyst at Bolsamanía and head of Trader Watch.

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