The Ibex (-0.3%) moderates its initial fall and saves the 9,200 points

Ence shows a particularly bad performance, which yields 6% after the credit rating agency S&P lowered its credit outlook from 'stable' to 'negative' on Tuesday due to the fall in the price of cellulose, the main raw material of the paper group.

Bad day also for Inmobiliaria Colonial and Merlin Properties (-2%), which continue to accuse political uncertainty in Spain. In addition, Inditex (-0.8%) continues its bad run after the collapse on Tuesday of Wall Street's retail chains.

In positive, the telecommunications tower operator Cellnex Telecom (+ 2.8%) has been the most bullish value and is confirmed as the most profitable share of the Ibex so far this year.

BRUSSELS ADVICE FOR SPAIN

In the international sphere, Brussels has published its opinion on the budget plan sent by the acting Spanish Government, which extends this year's accounts to 2020. The Community Executive thinks that this draft "can result in a significant deviation" regarding the fiscal consolidation path agreed with the EU.

It has also rebuked Spain for the "insufficient" rate of reduction of public debt. In particular, it accuses our country of not taking into account "enough" the "high historical level" of this indicator and of not "taking advantage" of the lower interest costs of the debt to reduce the gap between revenues and public expenditures. The euro falls in value 0.14%, down to $ 1.1063, while the profitability of the 10-year Spanish bond remains at 0.42% and the risk premium at 77 points.

HONG KONG, EU, UNITED KINGDOM...

In addition, the tension between the US and China has increased after the US Senate passed a bill requiring certification of Hong Kong's autonomy and warned China that it should not violently repress protesters.

US support for protesters in Hong Kong fueled Chinese anger and its officials called on the American Administration to stop interfering with the country's internal affairs. In this context, the People's Bank of China has again slightly lowered rates.

As for Wednesday’s agenda, the ECB’s latest Financial Stability report has warned of the problem that low rates are encouraging “excessive risk taking” by non-bank entities and non-financial corporations. In addition, the minutes of the last Federal Reserve (Fed) meeting are published in the US, in which the central bank reduced its rates by 25 basis points.

"It seems that the Fed now wants to keep waiting to control how things develop. Since there is a clear division within it, it will be interesting to see if the minutes give us some information about the different positions within the Fed. We believe that it will make a further cut in the next three to six months as we think the US economy is fragile, "say Danske Bank experts.

IBEX TECHNICAL ANALYSIS 35

"We closed the session on Wednesday with a new resistance in the bearish hole of today's opening: 9,260 points. On the other hand, at least we can say that we close away from the minimum of the day. But little else can be said" , comments José María Rodríguez, analyst at Bolsamanía.

"And this is because the most important control areas in the short term are at 9,130 ​​points, the minimums of last week. And above the bearish gap of a week ago at 9,307 points and above 9,500 points And there we continue, more or less in nobody's area, "adds this expert.

"The danger would come with the perforation of the support of the 9,130 ​​points in closures, because in theory from that moment we would have the confirmation of a second bearish impulse that could close to the support area of ​​8,850-9,000 points. But for the moment , we neither attack resistances nor pierce supports ", concludes Rodríguez.