The Ibex 35 has started the week in the red (-0.60%; 8,357 points) marked by the serious economic damage that the storm Filomena is causing in Spain. The Spanish selective collects earnings after increasing in value 4.13% in the last five sessions and improving its technical aspect.
- 11.152,000
- 0,42%
On Filomena, the historic snowfall in Madrid and the center of the Peninsula blocked the country and the capital for the weekend. The City Council is considering asking for the declaration of a catastrophic zone, awaiting in the coming days a wave of polar cold that is set to arrive.
Added to the economic damage caused by the coronavirus pandemic, which continues to cause new restrictions in Spain and other European countries, are now added the losses caused by the historic snowfall.
On the business scene, BBVA will be the first Spanish bank to charge its unrelated retail clients for deposits of more than 100,000 euros.
On the other hand, renewable energy companies such as Solaria, Soltec, Grenergy and Solarpack, which had started the year very bullish, have sunk again for the second day in a row.
On the positive side, Audax Renovables (+ 3.28%) has risen sharply after the entry into its capital of the Mayoral owners, who have bought 5.8% of the firm for 56 million euros.
On the economic agenda, Spanish industrial production fell 2% in November, although the annual decline in October moderated (-6.2%).
For their part, the Asian stock markets have closed with a mixed sign and Wall Street also collects benefits, after closing on Friday at record highs.
On the political level, chaos continues in Washington, as Democrats want to activate a new impeachment against Trump if Vice President Pence does not invoke the 25th Amendment to remove him after the assault on the Capitol, although his presidency ends on January 20.
At a strategic level, Morgan Stanley continues to believe that Spanish shares are trading at "the highest discount in the market" compared to the rest of the major European stock exchanges, but at the same time it points out that the Ibex "no longer seems oversold", after appreciating 22 % in the last three months.
"Spain trades at the highest discount in the market" when analyzing ratios such as Price / Earnings (PE) or Book Value (PBV), "says Morgan Stanley," but it is actually in the middle of its 10-year range. in all metrics ", add their experts.
By technical analysis, the Spanish selective overcame the key short-term resistance of 8,322 integers in the weekly closing and the weekly bearish gap of mid-March, in 8,375 points, therefore offering very good sensations.
Although "now we find another potential resistance zone at 8,460-8,500 points (61.8% adjustment of the entire fall that occurred during the months of February and March 2020)," says José María Rodríguez, analyst of Bolsamanía.
"And above the next control zone is in the weekly bearish gap of 9,890 points. In short, the Ibex has activated an important signal of short-term strength, but everything is still part of a rebound (reaction phase) within of a clear bearish fund holding ", he concludes.
In other markets, Brent oil falls 0.6% to $ 55.65, while the euro depreciates 0.46% and changes to $ 1.2162. In addition, the profitability of the 10-year Spanish bond is trading at 0.04%.
