The Ibex 35 has risen 0.19% and has only just recovered the 9,100 points (9,102.70). The Spanish index has led a day of moderate losses in the European stock markets. The selective was supported once more by the two pillars that have been rising strongly these past days: Inditex (+ 1.71%) and Telefonica (+ 1.04%). Although today this support was backed by the two major banks: BBVA (+ 1.21%) and Santander (+ 0.62%).
- 11.154,600
- 1,56%
On the negative side, CaixaBank (-2.06%) continued to fall after presenting its Strategic Plan on Tuesday for 2021. Deutsche Bank experts consider it realistic and have reiterated their buy rating, but the market analysis reckons it lacks ambition.
Although the lowest value of the Ibex has been the airline IAG (-3.83%), affected by the uncertainty regarding Brexit. Enagás has also had a weak day (-1.47%) after receiving negative advice from JPMorgan. Another drag of the Ibex was Iberdrola (-1.09%).
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In the commodity market, Brent oil fell 1.7% to $ 59.19, after weekly crude inventories in the US rose 3.57m, above the 0.7m expected . Repsol (-0.84%) has been affected by this fall of 'black gold'.
In the currency market, the euro falls in value by 0.07%, to $ 1,1285. And in the debt market, the yield on the Spanish 10-year bond picks up slightly by 0.06% to 1.552%.
COMMERCIAL STRESS
The stocks of the Old Continent rise thanks to the expectancy of positive results coming from the meeting scheduled for this Saturday between the American president, Donald Trump, and the Chinese leader, Xi Jinping.
"Global equities continue to dance at the pace of the headlines on the trade tension." Despite starting the day in the red, the Dow ended positive on Tuesday after White House adviser Larry Kudlow was optimistic. in the face of the possibility of reducing commercial tensions. His comments come after Trump shared, at the beginning of the week, a more pessimistic outcome" says Jasper Lawler, analyst at the London Capital Group.
According to Lawler, contradictory comments on the meeting between the two leaders, which will take place in the framework of the G-20, are injecting volatility into the market. "Markets are pinning their hopes on the summit and on the parallel meetings between President Xi and Trump as the last opportunity of the year to move forward in the trade negotiations," adds this expert.
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All in all, the European indices rise supported by these optimistic statements by Kudlow. In addition, news from Italy is that Matteo Salvini has said he would like to avoid any disciplinary action by the European Union (EU) in relation to the country's budgets for next year, reports Reuters.
The latest criticism of Donald Trump to Federal Reserve Chairman Jerome Powell is also news. The president of the Fed is scheduled to speak on Wednesday about financial stability at the Economic Club of New York.
Finally, the concerns surrounding Brexit remain latent. After the leaders of the European Union (EU) approved the agreement, investors are now turning their attention to the political situation within the United Kingdom. The British Parliament will vote on the agreement on December 11.
TECHNICAL ANALYSIS OF THE IBEX 35
"New session that ends without pain or glory, but at least keeps us relatively close to the resistance we have in the 9,230 points, the last decreasing maximum. We know that since May we have seven impeccable decreasing maximums and that to be able to say that something might be changing, we need (at least) to build a first growing maximum ", explains José María Rodríguez, an analyst at Bolsamanía.
"Without losing sight of the resistance we have in the 9,350 points, which is where the downside guidance is at the moment, the rest remains unchanged: clear strength of Telefónica and Inditex, especially the latter, which accumulates an increase of 11% compared to a week and a half ago, "adds this expert.
"Then, let's not deceive ourselves, if it were not for Telefónica and for the textile giant we would not be in this position of improvement. Regarding the rest of Europe we are satisfied with this listing, 3% above the important support we have at the October minimums. The ideal would be to put more space in between if possible, "Rodríguez concludes.
