After rising 1% in November, a month that has been calm and in which the positive tone of the news has prevailed, the Ibex has kicks off December with a bad start. The selective has fallen 2.09% on Monday, its biggest drop in the last two months, to stand at 9,156 points. Strong falls also in the rest of European stocks.
- 10.854,400
- -2,22%
The main factor that has burdened the markets has been, once again, the trade war. US President Donald Trump has announced that he will reestablish tariffs on steel and aluminum on Argentina and Brazil and there have been reports that negotiations between China and the US have stalled.
These developments have left the manufacturing PMIs in November in the background, which have gone above expectations in the different countries of Europe and in most cases have exceeded October levels.
Within the selective, all values have closed in negative. The most prominent cuts have been observed in energy companies (Iberdrola: -3.74%; Endesa: -3.04%; Naturgy: -3.01%) coinciding with the start of the Climate Summit. Even so, there have been values that have made it worse, such as MásMóvil (-4.35%) or Indra (-3.95%).
Within the business field, there is also talk about Mediaset Spain (-2.9%) The media company has announced its total divorce with Vivendi and, now, both are at the expense of the Milan Court setting a new hearing after being unable to reach an agreement, which keeps the merger between Mediaset Italia and Mediaset España blocked.
Among the least punished securities is CaixaBank (-0.56%), thanks to a favorable report by Morgan Stanley, which has improved its target price to 3.30 euros from the previous 3.20 euros. At closing, the entity's titles were trading at 2,664 euros.
MONETARY POLICY AND OTHER MARKETS
Investors are pending this Monday on Christine Lagarde, president of the European Central Bank (ECB), which will address the European Parliament. Although it is not expected to offer many clues about monetary policy, it will also be interesting to check what you have to say.
Finally, oil rebounds strongly at the close of the market in Europe (Brent: + 1.4%; West Texas: + 1.6%) after falling around 5% on Friday. The increases are motivated by the possibility of greater production cuts by OPEC (it holds a meeting this week) and also by good Chinese data.
TECHNICAL ANALYSIS
"Recently, we have commented that our Ibex wasclimbing positions abut that it was exhausted. Knowing, in addition, the numerous resistances that it presented in the range between 9,450 and 9,600 points, "says José María Rodríguez, analyst at Bolsamanía.
"What has happened is that we have fallen hard, in line with the rest of the European exchanges. But with a very important difference: with the fall of this Monday the Ibex rises 7% in the year vs. +22 % of our neighbors on average. A huge difference. We have around the corner the support we have referred to several times in recent days, 9,130 points, "he adds.
"Below we have the base of a potential small bearish channel that passes through the area of 9,070-9,080 points and the October lows at 8,850-8,900 points. If we look at the two major European futures (Dax and Euro Stoxx) what we have, to close like this, are small formations of bearish implications on double roofs, which still leaves margin for falls to the whole of the European stock exchanges", he remarks.
"Another thing is our Ibex, which is still much weaker and that we can say continues to move within a wide lateral movement, with support in round numbers at 8,400 and resistance at 9,600 points. What is clear is that if there is investments in Europe where they shouldn't be done is in our selective ", concludes the expert.
