The Ibex is in 'holiday mode' but this Wednesday, for now, it has risen. In fact, the Spanish selective has risen 0.55% and reached new highs in the year (9,555 points). The Ibex found its support in the steel companies, in particular Arcelormittal that has shot 4% and already accumulates in April an increase in value of 11%. It has also been a good session for banks (especially Sabadell) which has posted a 3% rise, but has been accompanied by other entities such as BBVA or Santander that has risen over 1%. On the opposite side, we can highlight the fall of 2% in Acciona.
- 11.154,600
- 1,56%
The results are still the most relevant references. Pepsi or Morgan Stanley are important today, rising more than 2% after profits and income that have fallen less than expected. At the close, Alcoa will be published on the other side of the Atlantic. In Europe, Ericsson's figures stand out (+ 4.7%), which have exceeded forecasts and led the company to rise in value with enthusiasm and set four-year maximums.
Netflix, on the other hand, published at the end of this Tuesday some results that made their shares fall moderately in the after-hours market. Following the trend, they were down in the opening of Wall Street on Wednesday. The profit per share (EPS) of 76 cents has exceeded the consensus forecast, set at 58 cents. Net profit stood at 344 million dollars, compared to 290 million in the first quarter of 2018. The company has advanced a BPA of 55 cents and a profit of 249 million, below the anticipated EPS of 99 cents.
Also in the business world, on Wednesday, the agreement between Santander and Crédit Agricole to merge its depository and custody businesses was news in Spain. The bank has announced that the agreement will imply capital gains of approximately 700 million euros.
SURPRISE IN CHINA
The good news today has come from China. Its economy performed better than expected in the first quarter, with GDP growth of 6.4% year-on-year, surpassing consensus expectations of 6.3%. In addition, industrial production expanded by 8.5% year-on-year in March, which was significantly higher than the generalized expectation of 5.9%. In contrast to the data from China, data from the rest of the region has been disappointing. Japanese and Singapore exports contracted and inflation fell in New Zealand. All in all, the Asian stock markets closed, in general, with moderate increases.
And at the macro level, this Wednesday it was known that inflation in the Euro Zone moderated to 1.4% in March. And in the United Kingdom, inflation has risen 0.2% in March, below expectations. In the US, the deficit of the trade balance has dropped to 49.4bn, below the 53.5bn anticipated by consensus. The wholesale inventories of February and the Beige book of the Fed (Federal Reserve) are yet to be published.
TECHNICAL ANALYSIS
"In the intraday we marked this Wednesday a new maximum of the year at 9,580 points, and from the point of view of the graph we will see whether or not they are confirmed in closing prices, mainly because we have a new growing maximum "explained José María Rodríguez, technical analyst at Bolsamania.
"And therefore we continue to give continuity to the impeccable succession of minimum and maximum increases from the lows of the end of December. We are going to see what the closing of the weekly candle will bring us this Thursday, especially because Inditex has broken upwards with clarity and it would be good if in the end this movement is confirmed, it should be done clearly and with strength, and for that there is nothing like the weekly chart ".
"In the very short term now the next resistance is found in the area of 9,720-9,750 points, the upper part of the short-term bullish channel, and the support at the 9,360 points", he added.
