The Ibex has fallen 0.29% this Monday, to 9,246 points. The declines have also been imposed in the rest of Europe, after China has discarded the partial trade agreement with the United States. A delay from the Asian country as more tariffs are due to come into effect this week. On Friday it's expected that levies on European imports to the US will be enforced.
- 10.854,400
- -2,22%
In addition to this issue, investors face a crucial new week for Brexit, which faces the last opportunity for the EU (there is a European Council at the end of the week) and the United Kingdom to reach an agreement. To all this we add the unrest in Spain due to the sentence of 'procés', which contributes to increase the political instability of the country.
"Today, Monday, the focus is mainly on the Brexit negotiations, as tomorrow a deadline to reach an agreement before the summit expires. There has been no progress during the weekend and the rest of the EU seems less optimistic about what Ireland has shown, analysts at Danske Bank point out.
COMPANIES AND OTHER MARKETS
Within the Ibex, the sharp falls in ArcelorMittal (-2.52%) and BBVA (-1.73%) stand out. On the positive side, Cellnex (+ 3.52%) has returned, followed by Acciona (+ 1.37%). Outside of our country, Aston Martin has fallen 3.47% after a Kepler council cut, while British Sophos Group has skyrocketed 35% after the Thoma Bravo fund purchase offer.
It should also be noted that this week the results season starts in the United States. Starting next Monday and, especially in the last week of October, many of the main business figures in Spain will be published. This Tuesday, JP Morgan, Goldman, Citi and Wells Fargo release their figures on the other side of the Atlantic are announced.
In the raw materials market, the price of the barrel of Brent falls 2.5% and trades at $ 59 at the close of the market in Europe. Meanwhile, in the currency market the euro falls in price 0.13% and trades at $ 1.1023.
TECHNICAL ANALYSIS
A classic rising session on Monday that actually serves to somehow drain / adjust part of the important increases last week. And that, in addition, serves to place us near the resistance of 9,300 points (the intraday highs of the first session of October), "highlights José María Rodríguez, analyst at Bolsamanía.
"However, the truth is that there are conditions to bet on a new movement towards the resistance of 9,410 points (weekly bearish gap at the beginning of May). And only above 9,600 points, comfortably and weekly candles , we will have a back figure of bullish implications in our index, "he adds.
"Meanwhile, we already have the two big European futures (Dax and Euro Stoxx 50) at the gates of the important resistances that they present in the annual highs: the highs of July. Above, new and important signs of bullish continuity would be activated in terms of the medium term. Below, on the support side, the most important is still at 8,850 points. Price levels far removed from the current levels, which makes them little or not operational at all at this time ", The expert concludes.
