The Ibex was trading positively at the start of this Thursday's session, until it turned around after Wall Street also started trading in red. The US stock exchanges were negative after knowing that the United States Congress will formally accuse Trump in the impeachment process, thus bringing down European exchanges. At the close, the Ibex has fallen 0.3%, down to 9,243 points, the minimum of the session.The Spanish selective failed to reach 9,300 points, a level that it has exceeded during part of the day .
- 11.154,600
- 1,56%
The profits that were collected in the Old Continent were due to commercial optimism. This Wednesday there was talk of the existence of reports that suggest that China and the US would have reached a consensus in order to sign this preliminary pact, and the exchanges rose on both sides of the Atlantic. Asia has also done well this morning, with increases of 0.6% on average.
"We continue to believe that a 'phase one' agreement will come in December as Trump urgently needs China to buy US agricultural products soon. US elections are approaching and US farmers, whose votes are critical in three major undecided states, have been the main victims of the commercial war, "explain Danske Bank analysts.
COMPANIES AND OTHER MARKETS
In business, the most bullish value of the session has been ArcelorMittal (+ 1.77%), followed by Melia Hotels (+ 1.47%). In negative, Mediaset (-1.5%) has been the most punished company after report came out that Francesca Mariotti and Borja Prado will be out of the board and Alessandra Piccinino and Javier Díez de Polanco will enter instead to try to approach positions with Vivendi.
Investors have also remained focused on macro data. The Euro Zone GDP increased 0.2% in the third quarter, the same figure as the preliminary estimate and which has not changed since the second quarter. Retail sales, on the other hand, fell 0.6% in October, double what was expected. In addition, factory orders from Germany in October have registered a monthly decrease of 0.4% compared to the expected -0.3%.
They have also been attentive to oil, which rises about 0.5% at the close of the market in Europe. The OPEC meeting starts today and it will be necessary to see if this greater cut in the production of crude oil with which it is being speculated is confirmed.In addition, in the currency market, it should be noted that the pound registered maximums of seven months this Wednesday in in the midst of expectations that the next general elections will finally avoid a blocked Parliament.
TECHNICAL ANALYSIS
"The candle that the Ibex draws us this Thursday has implications of exhaustion of the climbs, at least as far as the short term is concerned. But otherwise everything remains the same: the control zone below is at 900-9,130 points and above (resistance) we have the range of 9,400-9-600 points, "says José María Rodríguez, analyst at Bolsamanía.
"Moreover, it would be said that in 200 points we have numerous resistance zones, too many. But it is true that if by a chance the Ibex close clearly above 9,400 points, then a small figure back in double would be confirmed soil with a theoretical minimum objective of approximately 9,600 points, "he adds.
"But let's not fool ourselves, this Friday's candle invites more to bet on a new movement towards supports, than to overcome resistance. And it should be very careful with drilling the 9,100 points as a round figure, since there is nothing below until 8,850 points, "concludes this expert.
