The Ibex loses the 9,200 points in a week of transition

The Ibex has closed this Friday a week of transition in which it has lost 0.45% and remained below the 9,200 points (9,194). Today, the selective was up 0.57% with only four values in green. Investors are already looking at the Federal Reserve (Fed) meeting next week, for which rates are not expected to change. Even so, what Jerome Powell has to say, especially in the face of the expected cut in September or December, will be followed with great attention.

IBEX 35

11.154,600
1,56%

Another open front is the crisis unleashed after the attack on two tankers in the Sea of Oman. The United States has directly accused Iran and the United Kingdom supports these accusations. The tension is increasing and is having a direct impact on crude oil, which accumulates increases of 4% in the last two sessions. At this time, it rises around 1% after the decision of the IEA to lower its forecast of world oil demand.

In Europe, the race to lead the Conservative Party and the country continues. Boris Johnson won the first round of voting yesterday, which marks him as favorite to succeed Theresa May. Johnson insists that he will deliver Brexit before October 31 with or without agreement. Economists warn that a hard Brexit would imply a fall in Spanish GDP between 5 and 9 tenths.

TÉCNICAS REUNIDAS AND MASMOVIL

At the end of yesterday it was revealed that MásMóvil was going to enter the Ibex to replace Técnicas Reunidas. At the beginning of the session, the investors of the infrastructure company have decided to sell and their shares have fallen around 1%, but have closed flat. The titles of MásMóvil have ended in red, with a decline of 1.92%.

Also in the business sector, Unicaja has risen 2.17% after reporting that it has sold its 20% stake in the Ausol concessionaire for 137.6m euros. For its part, Ferrovial (+ 0.41%) has sold 65% of Ausol also to the same fund for 447m.

In the debt market, the interest of the Spanish bond has marked new lows and below 0.50% in the heat of the geopolitical tensions that push to take refuge in historically safer assets such as fixed income, especially regarding the Old Continent .

TECHNICAL ANALYSIS

"The slow downward drip of our selective, as well as our neighbors as a whole, fits within the normal parameters, in theory we are only correcting proportionally the important increases of the last week and little more, but as we have been saying in the latest sessions we are in no-man's land, halfway between the support of 8,900 and the resistance of 9,410 points, and meanwhile we need to be patient and keep waiting, "says José María Rodríguez, analyst at Bolsamanía.

"This Friday the punishment is being generalized, boosted by the steel companies and companies in the automotive / automotive sector (the most sensitive to commercial war.) And then there is the banks, as usual, " he adds.

"In fact, all the European banks are very close again to the lows of last week and, therefore, also close to the support of the December lows, and below that they don't have anything important until Brexit minimums ", concludes the analyst.