It may be a false alarm but it is a rebound regardless. The Ibex has taken advantage of the rises in Europe and those registered by the banks on Tuesday, with Santander leading the way after presenting its results, to advance positions. The selective has risen 1.29% and closed at 9,281 points, which has been its best session since last May 16. Ence (+5.4), ArcelorMittal (+ 4.4%) and Cie Automotive (+ 2.9%) bubbled eagerly.
- 11.027,800
- -0,43%
Today, it has been a good day for two key sectors, the automobile (+ 3.5%) and the banking (+ 2%) sectors. Despite the increases in this session, we must not forget that the banks are wounded and are the architects of the Ibex going down this year. In addition, this week they are doubly nervous about what the ECB can do on Thursday.
Accompanying the Spanish stock market, also the French (+ 0.9%), the Italian (+ 1%) and the German (+ 1.6%) has risen eagerly. And the most moderate on Tuesday, the London stock exchange (+ 0.5%).
In Ibex 35, Bankia (+ 3.9%) has been the bank that has risen most after closing on Monday at levels not seen since Brexit (1.90 euros); Santander has followed it (+ 3.6%), which has presented semester and quarterly results which were negatively impacted by restructuring costs, especially those related to Popular. The market already expected this and has chosen to reward it.
As for Cie, it gained 14% more in the first half and has added 2.9% boosted by the good day the sector is having. Endesa, on the other hand, fallen 1% after increasing its profit by 3% until June. Its CEO has said that the impact of the cuts of the CNMC is "almost neutral".
In the Frankfurt Stock Exchange, Hochtief, the German subsidiary of ACS, has risen 2.4% after announcing that it obtained a net profit of 279m, 21.3% more, thanks to the contribution of its participation in Abertis.
While in the United States, Coca-Cola presented its results (+ 5.3%) before the opening of the US market. The company has surpassed the estimates with its quarterly results on Tuesday and has raised its forecasts of organic income for the whole year thanks to the demand for sugar-free soft drinks and new products. The company’s hikes have encouraged Wall Street, which is experiencing another hike session.
The increases are also being propitiated by other positive news related to the trade war (it seems that US representatives will travel to Beijing shortly) and by Donald Trump's agreement with Congress to set a new debt limit and spending ceiling.
The day has had other appointments of great relevance. Borish Johnson, former mayor of London, has become the new British prime minister. His more than predictable appointment continues to cause resignations. His controversial figure is going to give a lot to talk regarding the October exit date. It wants the United Kingdom outside the European Union by then regardless of there being a deal. We will have to see if he succeeds. It is complicated.
Back to Spain, today the first vote was held in the debate to invest Pedro Sánchez as President of the Government, but he failed in his first attempt to be President. He has only won the support of the PSOE and PRC deputies , as Podemos have announced at the last moment their abstention as a "gesture" before the negotiations that are coming. They have 48 hours to achieve it.
In this regard, Barclays experts have been unmarked with a report in which they believe Sanchez will pass the vote on Thursday (simple majority) and will form a minority government, without coalition with Podemos. However, this idea of coalition is getting likelier and likelier, with Irene Montero as vice president.
TECHNICAL ANALYSIS
"For the minimum we have not been able to close the bearish gap on Thursday of last week, at 9,285 points. If we are strict, it has not done so," explained the technical analyst of Bolsamanía, José María Rodríguez.
"He has filled it in, but he has not closed it." Then, in theory, it is a simple bounce. "But we are going to give him the margin of doubt and we will also look at the bullish gap of this Tuesday's session" at 9,163 points. That is, to the extent that we respect the bullish 'gap' of today's opening "we will leave the door open to the possibility that from here we try to attack, once again, the important resistance of 9,410 points."
The famous weekly bearish hollow of the beginning of May "that we have filled in twice", but that we have not been able to close yet. "I want to stay on Tuesday's session with the Santander increases (+ 3.65%) that has been able to clearly close the bearish gap of 4.12 euros."
Somehow today's session "has come to fix much of the mess of recent days in many of the titles," especially the banks, has concluded.
