The Ibex 35 has risen 0.11% and has set a new annual maximum in closing prices at 9,191.20 points, although it has not been able to overcome the psychological level of 9,200 points, despite Telefonica's push (+ 1.21% ) after its results and Iberdrola's positive streak (+ 1.07%), which is in record highs. The index has reached an intraday maximum of 9,225 integers, but again banks have been the main burden, although the ECB minutes have confirmed that the central bank is considering new short-term liquidity auctions.
- 11.154,600
- 1,56%
Although investors rule out the reopening of the liquidity tap for banking occurs because the highest monetary authority has been concerned by an increase in uncertainty and downside risks to growth, at a particularly difficult moment in the short term , with the threat of a hard Brexit on the horizon.
In the chapter on corporate earnings, Telefónica reported an improvement in net profit in 2018 of 6.4% this morning. The company last year earned 3,3bn while in the fourth quarter, net profit reached 610 million, down 11.9%.
Telefónica has indicated that it has reduced debt for the sixth consecutive quarter, has confirmed that it maintains the dividend of 0.4 euros per share for 2019 and has updated its objectives for this year, after announcing last night the sale of its businesses in Panama, Costa Rica and Nicaragua for 1,4bn euros.
The most bullish value of the Ibex was Enagás (+ 1.7%), followed by Telefónica, Mediaset España (+ 1.2%) and Iberdrola (+ 1.2%). In negative, the most bearish values were Indra (-1.6%), Grifols (-1.5%) and Viscofan (-1.3%), although the main burdens were BBVA (-0.5%) , Inditex (-0.3%) and Repsol (-0.2%).
In the Continuous Market, Ercros has fallen by 6% and Vocento has rebounded by 4%. Outside of our country, Barclays makes the news, which returned to profits in 2018, with earnings in the year of 1,4bn pounds. In addition, Juventus have plummeted 10% in Italy after losing 2-0 against Atlético de Madrid.
On the international scene, favorable news about the United States and China has been published, which seems to be progressing in their talks. According to the latest information, both countries have begun to shape a start in accordance with clear commitments on the most difficult issues of the trade dispute. The market is especially hoping that an agreement will be reached before March 1, date from which tariffs on Chinese products will be raised from the current 10% to 25%.
In addition, this Wednesday, with the European markets already closed, the minutes of the Federal Reserve (Fed) were published. According to the experts of Link Securities, they did nothing but confirm that the Fed has decided to adopt a 'wait and see' position regarding the rate hike, and that it is willing to finish ahead of schedule with the reduction of its balance.
At an economic level, important indicators have been published. The CPI of Germany has remained at 1.4% in January in the interannual rate, in line with expectations. For its part, the economy of the Euro Zone remains weak due to the decline of the manufacturing sector. According to the PMI index, produced by the Markit consultancy and published on Thursday, the manufacturing PMI dropped to 49.2 in February from 50.5 and below the 50.3 expected. Data below 50 indicate contraction of the activity. On a positive note, the services PMI has picked up to 52.3 from 51.2, above the 51.4 expected.
TECHNICAL ANALYSIS OF THE IBEX 35
"This Thursday's session has been a carbon copy of the previous ones, in the sense that the price range in which it has been moving has been very narrow, but the important thing is that it puts it right on the threshold of the resistance of the 9,260 points ", explains José María Rodríguez, analyst at Bolsamanía.
"Although, we insist, or break with force over the 9,300 (because of leaving a small filter) or we will not trust it at all, especially because we have the MM200 daily around the corner, by definition zone of resistance. And if it is finally confirmed, we will consider the resistance to be over ", adds this expert.
"Another thing is whether the potential figure in inverted 'head and shoulders' ends up being fulfilled or not, but the figure would be there and the rise projection (theoretical minimum) would point towards the area of 10,000 points. Banco Santander would be able to follow the Ibex, jumping above the significant resistance of 4.39 euros, "Rodríguez concludes.
