The Ibex has added 0.33% on Monday, up to 9,323 points. The selective manages to get away from the support of the 9,200 points he had dangerously approached last week. The day began today with increases and then the prices deflated, although finally the green numbers came back.
The president of the National Securities Market Commission (CNMC), José María Marín Quemada, has opened the door to softening of the proposal to cut the remuneration of the gas sector. After these words, the energetics have shot up in the Ibex. In fact, Enagás, which has fallen more than 1%, has been the most bullish value with a rise of 2.77%.
Within the business sector, financial institutions have suffered a new setback. Moody's has cut the outlook for its rating on the sector to 'stable' from 'positive', since it doubts the rate of reduction of unproductive assets by banks. Bankia (-0.7%) was the most affected bank in the day today, while BBVA (+ 0.57%) has barely suffered this cut.
In addition, the business results season in the United States has already begun. Today Citigroup published theirs, with the adjusted profit per share of $ 1.94 compared to the consensus estimate of $ 1.81. Tomorrow will be known Morgan Stanley, JP Morgan, Goldman Sachs or Wells Fargo. On Wednesday, the Bank of America Merrill Lynch.
In the macroeconomic area, this Monday the news was China's GDP, which expanded in the second quarter at its weakest pace in the last 27 years. This shows that the country's trade war with the United States is taking a heavy toll on the Chinese economy. From April to June, the Chinese economy grew by 6.2% compared to the previous year. This figure was in line with analysts' expectations and was lower than the year-on-year growth of 6.4% in the first quarter.
PENDING TENSIONS BETWEEN USA AND IRAN
This week we will also have to be aware of the tensions between the US and Iran. Iranian leader Hassan Rouhani said on Sunday that the country is ready to hold talks, on the condition that Washington suspend sanctions and return to the nuclear agreement of 2015. The US Secretary of State, Mike Pompeo, poured cold water on the proposal.
In the absence of further developments on this issue, oil prices fall slightly at the close of the Spanish market. Specifically, the Brent barrel leaves 0.12%, up to 66.64 dollars; while West Texas is down 0.17%, but maintains 60 dollars. For its part, the euro fell in value 0.12% to $ 1.1257.
TECHNICAL ANALYSIS
"Little by little and without making much noise it seems that the Ibex begins to pick up the pace, or at least it moves away from the danger zone." The support of the 9,200 points already seems a little bit farther and in the end we can say that the bullish gap of the 9,200 points is acting as support, "said José María Rodríguez, an analyst at Bolsamanía.
"Now the most difficult thing is still missing, closing the gap of 9,410 points, and if it can be in weekly candles better than better." Canceling this gap would be the sign of strength that we have been waiting for so long, a prelude to a move towards annual highs as the most immediate objective (9,588 points), "he adds.
"Note also, as our selective is drawing a straight support, now bullish short-term guidance (it has at least three points of tangency), which joins the successive lows increasing since early June. Let's see what happens ... but has to be said that everything suggests that now things are looking up ", concludes the analyst.