The Ibex closes at annual highs above 8,500 points driven by Telefónica

Regarding Inditex's results, analysts value that its figures have not met forecasts, affected by the closure of its physical stores in many markets, but at the same time they show that its business is resistant to the crisis.

Zara's parent company closed 169 stores in Spain in 2020, as published by Bolsamanía (640 worldwide) within its plan to optimize its network of physical stores with its online sales platform.

POLITICAL EARTHQUAKE IN SPAIN

And although it has not affected the Ibex, this Wednesday there was a political earthquake in Spain that made headline news. The vote of no confidence filed by PSOE and Ciudadanos to bring down PP from the Government of Murcia has caused Isabel Díaz Ayuso to have called early elections in Madrid.

At the same time, PSOE and Más Madrid have registered votes of no confidence against the president of the PP, so there is a great political mess that has put the future of the Community of Madrid in doubt.

CONTROLLED INFLATION IN THE UNITED STATES

On the other hand, investors have also been very aware, on the other side of the Atlantic, of the publication of the February CPI and the vote in the House of Representatives of Joe Biden's stimulus plan.

US inflation was kept under control in February, giving investors some breathing space, at least for the moment, and allowing the Dow Jones to hit a new all-time high.

This morning, China's February producer price index and inflation data were down from January figures, but were higher than expected. Food inflation continued to decline, but healthcare costs rose.

OIL CONSOLIDATION CONTINUES

Oil prices fell overnight (now rising moderately) impacted by an accumulation of crude inventories in the US much higher than expected.

"Oil appears to be temporarily losing its bullish momentum, and a deeper correction cannot be ruled out as speculative longs shed positions. Market sentiment appears to be leaning towards reducing production cuts by the US. OPEC + next month, "they explain from Oanda.

As for the rest, the computer attacks have also made the news, with the focus on the SEPE in Spain. This Wednesday, its activity was still suspended due to this circumstance. "For reasons beyond the control of SEPE, the website and the electronic office are not available. We will notify you when they are operational again. We regret the inconvenience caused," the agency has warned.

HOW IS THE IBEX?

After setting new annual highs in closing prices on Monday (8,444 points) and continuing to advance this Tuesday, everything indicates that the Ibex will continue to climb until its next resistance, at 8,683 points.

"Its technical aspect for the next few days is very good and it seems very likely that we could end up seeing an extension of the gains to the maximum of the bearish gap that was left a year ago at 8,683 points, and without ruling out an attack at the level of the 9,000 points ", anticipates César Nuez, analyst at Bolsamanía and head of Trader Watch.

In other markets, the euro falls in value 0.1% and trades at $ 1.1890. Brent oil rose 0.4% to $ 67.79. In addition, the ounce of gold now yields slightly, to 1,715 dollars, and bitcoin rises 3.4%, to 56,255 dollars, while the yield of the Spanish 10-year bond falls slightly to 0.35%.