The Ibex falls 0.8% and loses the 9,800 points, burdened by Iberdrola and Inditex

Within the Ibex, the most bearish value has returned to DIA. The supermarket chain has yielded 3.23% and fails to lift its head, harassed by bearish investors and by Argentina's economic problems.

Bad day also for Iberdrola, which has fallen by 2.15%, and for the electricity sector in general: Endesa (-1.13%), Red Eléctrica (-0.84%) and Gas Natural Fenosa (-0.78%). %). And negative behavior for most blue chips: Inditex has lost 1.14%, followed by BBVA (-0.97%), Santander (-0.64%) and Telefónica (-0.63%). In the main board, Prisa has dropped 6% after canceling the sale of its Portuguese subsidiary Media Capital.

On a positive note, Técnicas Reunidas (+ 1.25%), Acerinox (+ 1.23%), Bankinter (+ 0.73%) and Mapfre (+ 0.71%) were the most profitable. The rest of the stocks of the Old Continent have yielded an average of 1%. The main focus today has been Volkswagen, which has lost 3% after the arrest of Audi's president for the 'Dieselgate' scandal.

In the currency market, the euro increased in value slightly by 0.05% to $ 1.1611. On the other hand, Spain's risk premium relaxes once again and falls by close to 5%, to 86 points.

THE ECB AND THE OPEC

The week will be focused on two important events. On the one hand, there is the annual forum of the European Central Bank (ECB) in Sintra (Portugal), which this year deals with prices and wage fixing in advanced economies. The intervention of Mario Draghi, president of the ECB was the highlight of today. On Wednesday will speak Jerome Powell, president of the Fed, in an intervention entitled 'Monetary policy in times of uncertainty and rigidity of labor markets'.

The other important element of this week will be the meeting of OPEC (Organization of Petroleum Exporting Countries) next Friday, June 22. In the market, there is speculation that the cartel could end the agreement to cut production.

"There seems to be some resistance to increasing production by some smaller OPEC nations, as well as by Iran, although Saudi Arabia and Russia could find a way to release production a little, if only to prevent a rebound in oil prices triggers a burst of demand destruction, "said Michael Hewson, chief strategist at CMC Markets in London. Brent oil is trading at 74.66 dollars (+ 1.6%) and West Texas is up 0.2% (65.18 dollars).

Meanwhile, this Monday there is also talk of the problems of Angela Merkel, the German chancellor, and the growing tension within her party over immigration policy. So far, the chancellor has denied the call for a summit of the European Union (EU) on refugees. "There are no plans for an extraordinary summit of the European Union (EU) on refugee policy," Steffen Seibert, spokeswoman for the president, has posted on her official Twitter account.

In Spain, it is news that the Government wants to undertake a fiscal reform to finance pensions, but it is not yet clear on which business sector to charge it.

TECHNICAL ANALYSIS OF THE IBEX 35

"Despite the falls of last Friday and today the truth is that they fit (for the moment) within the normal parameters, it would seem that they are correcting / adjusting the previous highs since the end of May. In fact, we can say that to the extent that we do not have a close below the support of the 9,630 points (bullish gap of the session on June 4) we will not have any sign of weakness within the current structure of prices " , says José María Rodríguez, analyst of 'Bolsamanía'.

"But we must also know that as long as we do not jump above the resistance at 9,985 points, the highs of last week, the rallies are over, so that in the end we have the Ibex between the support of 9,630 points and the resistance 9,985 points, and until it breaks down on either side we will not have any clue as to what the next trending section may be in. We remain vigilant with Telefónica, since it is key that yes or yes it respects the support of the 7.25 euros, the annual minimums ", concludes this expert.