A very tense week ends in the markets, in which the commercial war and Brexit have clearly been protagonists. The Ibex has risen 0.6%, to 9,329 points, after falling on Friday 0.11%. Within the selective we highlight the fall of 4.53% in Cie Automotive, dragged by the crash of Renault after announcing a 'profit warning', and also the cut of 4.11% of Meliá Hotels, amid the bad news about Catalonia.
- 10.872,000
- 0,16%
Investors are still very aware of what will happens with Brexit and this Saturday they will not lose from their sight of what happens in the British Parliament, which must ratify the agreement reached between Boris Johnson and Brussels. If it does not go ahead, a likely option, there will be foreseeable falls in the stocks on Monday. On the contrary, analysts foresee strong increases in European positions if the agreement is approved.
The week began with the trade war as the protagonist and ends with the tradel war as the protagonist. On Monday, the euphoria regarding the the partial agreement between China and the US evaporated and on Friday, US tariffs on European products worth 7.5m came into force.
And, in the midst of all this, the tense political situation in Spain, with the incidents in Catalonia, having also been the protagonists. This whole situation is beginning to have economic consequences in Catalonia, and the impact on tourism is already being talked about. The embassies of the United States, United Kingdom and France have recommended that their citizens avoid traveling to Barcelona.
Next week, important results in Spain will be known, with Sabadell announcing results on Friday, for example. Another focus will be the European Central Bank (ECB). Mario Draghi's last meeting in front of the organization, which leaves with accommodative politics at its peak after having activated a new QE.
MACRO AND OTHER MARKETS
As for the macro data of the session, China's GDP has been published today, adding 'more wood to the fire'. In the third quarter it rose 6%, lower than expected, and has marked its lowest level in 27 years.
Regarding the commodities market, the barrel of Brent yields around 0.45% at the close of the market in Europe and is paid at 59 dollars. In the currency market, the euro increases in value by 0.22% and trades at $ 1,1148. In addition, in the debt market, the Spanish risk premium is around 62 basis points.
TECHNICAL ANALYSIS
"As you can see in the daily chart of our selective, yesterday we could not overcome the 'famous' resistance of 9,410 points. In intraday we touched almost 9,500 points but we closed clearly below 9,400 points," says José María Rodríguez, analyst of Bolsamanía.
"If it were not because, probably, we will open up or down strongly, depending on whether the British Parliament approves the Brexit agreement on Saturday, I would say that the conditions are in place to initiate a corrective phase that can perfectly lead to the base of the bullish channel through which the price is moving from the lows of August: now in the vicinity of 9,000 points, "he adds.
"We are still waiting for some time to be able to close above 9,410 points in weekly candles. And as for our European neighbors, all of them this week (Cac, Dax, FTSEMIB and Euro Stoxx) have marked new annual highs. Corrections apart, it can be said that the European stock exchanges are strong and except for last-minute surprises, it would be said that they want to continue climbing towards the final stretch of the year ", concludes the expert.
