The Ibex 35 managed to maintain the 8,900 points after closing this Friday with a slight rise of 0.12%, but accumulated losses of 1.5% in a week that was marked by the decision of the European Commission to reject the Budgets of Italy and the final stretch of the Brexit negotiations.
- 11.105,500
- 0,50%
The most bullish value of the Spanish selective this Friday was Cellnex Telecom (1.7%), followed by DIA (1.8%), despite S & P repeating yesterday's decision from Moody's and cutting the 'rating' of the company due to liquidity problems. Merlin Properties (1.4%) was the third worst value at closing. Arcelormittal (-3.1%) was the red lantern of the session, followed by Repsol, which lost 2.6%, weighed down by the drop in oil prices to annual minimums.
Amadeus did not have a good day either, closing at -1.5%, being the third most bearish value of the day after the European Commission announced the opening of a formal file to the Spanish company to clarify whether the agreements they established with different airlines and travel agents served to restrict competition in the EU market.
NO-MAN'S LAND
The Ibex continues in this way "in no-man's zone, but always within a bearish rather than a bullish fund trend", according to Bolsamanía analyst José María Rodríguez. The control zones above and below are at 8,630 points and 9,230 points respectively, according to Rodríguez. "Until the index does not jump (in closing prices and with ease) by one side or the other, we will not have any idea about what the next short-term trend movement may be like."
On the other hand, as can be seen in the daily chart, Rodríguez points out that there are seven consecutive decreases in the Ibex. "Which means that to be able to think that something may be changing in our selective, it has to do something different than what it has been doing for seven months: building a first growing maximum, which means jumping over the maximum reached earlier this month(9,232). "
For Rodríguez, for any change to occur it is necessary to overcome the last decreasing maximum. "Otherwise everything will remain exactly the same and although we may have certain rebounds nothing would change significantly," said the analyst.
EU CRUNCH SUMMIT ON SUNDAY
The European stock exchanges listed practically flat this Friday after closing yesterday with losses. Brexit will monopolize the news of this weekend, with the summit of Brussels as a grand finale all with no agreement that solves the Gibraltar issue. Spain refuses to support the existing agreement if the decision regarding the region is not changed.
The analysts, nevertheless, think that finally a pact between the European Union and the United Kingdom on Brexit will be reached despite this stumbling block. In the opinion of experts, this will be "relatively easy despite some concerns among some member states, especially Spain over Gribraltar." A strong qualified majority is needed (that is, 20 of the 27 Member States, representing 65% of the population) to approve the pact.
All in all, remember that today is 'Black Friday', a day in which Americans traditionally 'take to the streets' to spend money on Christmas shopping taking advantage of sales. Over the next few days sales figures will be known that will serve to test the economic strength, numbers that are always followed with attention.
Finally, for next week, the markets will be waiting for the meeting that Xi Jinping and Donald Trump will foreseeably hold during the G-20 summit. The analysts, however, are not overly optimistic about this meeting. "The events leading up to this meeting have not been promising, Realistically, the best thing we're going to see in the G-20 is an agreement between the United States and China to continue talking," says Jasper Lawler of the London Capital Group.