The Ibex (-0.47%) moves away from the 9,300 due trade war concerns

The Ibex has lost 0.47% this Wednesday and has moved away from the 9,300 points (9,238), in line with the rest of European stock exchanges. Doubts persist about the United States and China and that puts pressure on the market. Investors will remain in suspense to see what happens at the end of the month, when the meeting between Donald Trump and Xi Jinping is scheduled during the G20.

IBEX 35

11.154,600
1,56%

"A few tweets from Trump and an interview with the Washington Post are again fueling concerns over political pressure on the Fed and trade issues, and the battle line is clearly outlined at the G20 meeting to be held in Osaka at the end of the month "say experts from Danske Bank.

Also in the United States, the IPC has been published today. Inflation for the month of May was set at 1.8%, below the 2% of the previous month. The figures are disappointing, since analysts' forecasts expected it to reach 1.9%. Wall Street has reacted with slight drops, which are maintain at the closure of the Spanish market.

INVESTORS, INDITEX PENDING

In the business field, the main focus has been on the Inditex results. The galician textile company announced an increase of 10% in the first fiscal quarter and 5% in sales (against the 8% expected). It is common for Inditex to react with volatility to its fresults and today it has done so again. At the close, its shares have lost 1.03%.

On the side of the falls we must also highlight Técnicas Reunidas, which has been the most punished value with a drop of 4.66%. The company has been pressured by the sharp drops in the price of oil. At the close of the Spanish market, the barrel of Brent crude, a reference in Europe, has lost 2.04%, to 61.03 dollars; while the West Texas, a reference in the US, has lost 2.59% to 51.89 dollars.

The red Ibex numbers could have been higher had it not been for Cellnex and Cie Automotive, which added 2.31% and 1.36%, respectively. The energy sector has also had a good session, with increases that have hovered around 1% in Red Eléctrica, Iberdrola and Endesa.

TECHNICAL ANALYSIS

"Despite the corrections of this Wednesday in our index it can be said it falls within the normal, and it its the least you can correct after a rally close to 5% in just over a week," said José María Rodríguez, Bolsamanía analyst.

"In fact, it would be nice if we finally tried to attack the resistance of 9,410 points (weekly bearish hollow at the beginning of May) if the consolidation / correction of the last section would deepen, or at least, assist a short-term side", Add.

"Otherwise, everything is the same, we have the weak banks, still affected, and among the little that is excluded from this and compensating the bank's losses, we have Telefónica and the utilities (power and energy). We expected more volatility in today's session from them, the candle left today despite the falls do not mean anything. The support to look out for regarding the textile giant is at 23.77 euros, "the analyst concludes.