The Ibex 35 has lost 9,500 points (-0.2%, 9,493.60 points) burdened by the new financial turbulence that comes from Argentina. The concern over the South American country has reappeared after the resignation of the governor of the Central Bank of Argentina, which has caused a new collapse of the peso.
- 11.154,600
- 1,56%
Luis Caputo has resigned from his position for personal reasons, as reported by the entity itself. Caputo, former finance minister, had been in office only since June and is the second governor to resign this year. A bad scenario for the Government of Mauricio Macri, which fails to straighten the course of the battered Argentine economy.
In Spain the most important news on Tuesday is that the Bank of Spain has cut its forecasts for the economy until 2020. The agency now expects GDP to grow 2.6% this year, one tenth less, and decelerates to 2.2% in 2019 (two tenths less) and to 2% in 2020 (one tenth less).
Also, the Bank of Spain estimates that this year the public deficit could be at 2.8%, one tenth above the Government's target and June projections, given that it foresees that the deceleration of the activity in the final stretch of the year has a certain impact on tax collection. In 2019 the deficit would decrease to 2.5% and to 2.2% in 2020, in both cases above the scenarios managed by the Government.
BUSINESS
In the business panorama, Amadeus (+ 2.67%) led the increases in the Ibex, although the real support for the index remains Repsol (+ 1.49%). Brent oil advanced 1.1% to 82.14 dollars, and marks maximums of the last four years.
Oil continues to bounce, driven by the latest decisions of OPEC (Organization of Petroleum Exporting Countries) not to increase its production and the imminent entry into force of US sanctions on Iran, which will affect its production.
"By ruling out any increase in production, the leader of OPEC - Saudi Arabia - and its largest oil producing partner outside of OPEC - Russia - are providing strong support for the price of oil, which could help its tendency to rise in the coming weeks ", indicate from London Capital Group.
In addition to Amadeus and Repsol, ArcelorMittal (+ 1.5%), Bankinter (+ 1.44%) and CaixaBank (+ 1.05%) were the most profitable securities of the Ibex.
Although red has predominated in the index. Siemens Gamesa (-4.78%) led sales, followed by IAG (-3.68%) and DIA (-3.1%). Among the large stocks, Inditex fell by 1.27%, followed by Iberdrola (-0.88%) and Telefónica (-0.73%).
OTHER FEATURED FACTORS
In addition, investors remain very aware of the commercial tensions between the United States and China or the start of the Federal Reserve meeting (the central bank will announce tomorrow, predictably, a new rate hike).
"Markets are struggling to ignore the implications of a global trade escalation and its impact on growth, but this is getting harder every day with each new round of tariffs and, slowly but surely, it will affect the investor confidence, "said Jasper Lawler, analysts at London Capital Group.
"Equity is also pending for the Fed rate increase scheduled for Wednesday, 92% of the consensus is committed to a movement in this direction", added this expert. In the currency market, the euro increased in value.18% against the dollar, up to $ 1.1770. Finally, in the debt market, the yield on the 10-year Spanish bond is relaxed to 1.54%.
