The pressure of elections in Catalonia affects the Ibex, which loses 10,200
The Spanish market falls considerably more than the rest of Europe
- The tax reform of Donald Trump is 'a sigh' to be approved
The pressure for what happens this Thursday already begins to be noticed clearly in the Ibex. The selective Spanish stands out from the rest of Europe and loses much more. At this time it is left at 0.6% and trades below 10,200 points (10,176 points). A Catalan value, Sabadell, is among those who are doing worse and only three titles listed in green at this time (among which Técnicas Reunidas stands out, which rises thanks to a contract of 800 million dollars).
The news of the day is that the US Senate has approved the tax reform of Donald Trump and this Wednesday he has to go through the filter of Congress. If everything goes as planned, the president of the United States would stamp his signature on the law between now and tomorrow. What seems clear is that this week Trump will sign his first legislative victory and what remains to be seen is to what extent this will encourage the markets - is already discounted? - and, above all, to what extent will compensate a result in the Catalan elections that is predicted to be difficult to guarantee the governability of the region and whose impact on the Ibex remains uncertain.
As for that result of the Catalan elections, the polls give a tie between Ciudadanos and ERC, which leaves a 'strange' scenario that shows that the situation will not be solved in the short term. On Tuesday, the DBRS rating agency spoke of an electoral result that would leave a Catalan parliament very fragmented and that would extend the uncertainty over time. He even foresees new elections in Catalonia in 2018.
In this context, the European markets are now trading with a clear predominance of the red numbers. As for the data on the day's agenda, the German production price index for November has risen by 2.5% (below the forecast 2.6%). This Wednesday will speak Mark Carney, president of the Bank of England, and will also give a speech Jens Weidmann, president of the German central bank. For the rest, in other markets, oil continues to rise. The Brent barrel quotes at this time at $ 63.96 and the West Texas at $ 57.73.