The Ibex returns from Easter with a fall of 0.5% and below the 9,600 points

Few companies of the Spanish index have managed to end on a positive note this Tuesday’s session. The most bullish company has been Técnicas Reunidas, which has been revalued by 2.50%, to 24.59 euros per share. They were followed by Inmobiliaria Colonial (+ 2.50%) and Siemens Gamesa (+ 1.38%) at the top of the table.

On the other hand, the values ​​that fell the most on this day were Grifols (-3.48%), Indra (-2.49%), Meliá Hotels (-2.18%) and Dia (-2.15%). The latter continues to be the value with the largest short positions in its shareholding, according to the records published this Monday by the National Securities Market Commission (CNMV).

'BLUE CHIPS' AND OTHER COMPANIES

Except the textile giant Inditex (+ 0.90%) and Repsol (-0.66%), the rest of 'blue chips' or 'large values' of the Spanish selective have ended the session in red, with falls between 0,49% (in the case of Telefónica) and more than 1% (in the case of Banco Santander).

The conglomerate Mediaset has also suffered moderate losses (-0.68%), despite the improvement of its media audience. Its main competitor, Atresmedia, has experienced a similar drop (-0.58%) in the Continuous Market after losing ground.

For its part, Ferrovial has fallen 0.68% on Tuesday, to 16.84 euros per share, despite the fact that analysts at the Canadian bank RBC see an "attractive risk" in the company. In fact, they have kept their target price at 20 euros and have raised their recommendation to 'overweight'.

However, Duro Felguera has shot up more than 18.5% in the Continuo after convincing its lenders to extend its financial truce. It ended on April 15.

OTHER STOCKS

Outside Spain, the main European stock markets have ended this Wednesday also with falls. Specifically, the French Cac 40 has lost 0.20%, while the German Dax 30 has fallen by 0.61% and the FTSE 100 of the London Stock Exchange, by 0.20%.

On the other side of the pond, profits are imposed on Wall Street at the close of the Spanish stock market. The New York Stock Exchange fell sharply on Monday. David Madden, an analyst at CMC Markets in the United Kingdom, points out that what President Donald Trump gave the markets, he now takes away. "At the beginning of the year, the US stock markets reached records thanks to Trump's fiscal initiative, but now their commercial war and attacks on Amazon are frightening investors," adds Madden.

Amazon fell more than 5% on Monday after the US president openly criticized the company's fiscal framework, which harms the national postal system and destroys retail, he said.

"Only fools, or worse, say that our deficient mail service makes money with Amazon, they are losing a fortune and this must be changed, and our retailers who pay their taxes are closing stores all over the country ... equality of conditions! ", affirmed the American president, as usual, in his personal account on Twitter.

But the protagonist of this Tuesday is, however, Spotify, since the company of 'streaming' music premieres in the Dow Jones index.

'COMMERCIAL WAR' AND MACROECONOMIC REFERENCES

It is worth remembering that on Monday, China's tariffs on some specific products of the United States came into force and this, experts say, also shook the confidence of investors. Beijing has decided to impose liens on US products worth approximately 3bn.

Analysts rate this response as lukewarm given that the US president's tariffs amount to 60 billion dollars. "The ball is now on Trump’s roof and operators are waiting for the president of the United States to make the next move," says David Madden.

For the rest, this Tuesday the calendar has brought the unemployment data for March in Spain (fell to nine-year lows). In addition, the manufacturing PMIs for Europe in March were known (the PMI of the Euro Zone was at 56.6, in line with expectations and the same as the previous month).

TECHNICAL ANALYSIS

"We started the week after the Easter holidays with the same weakness as before," said José María Rodríguez, technical analyst at Bolsamanía. "Technically, it is true that the falls fit within what may be a small adjustment / correction proportional to the increases that last week led our index from 9,327 points (annual minimum) to 9,657 points, 3% ", he adds.

However, in his opinion, "what is more important is that even when we bounce back in the short term everything will remain the same, prices continue to build decreasing highs and lows and thus do not go up". Therefore, "only above the 9,810 points we would consider if, perhaps, we have seen the minimums of the correction, and until now there is a lot of fabric to be cut, and below, on the support side, we have the annual minimums ( 9,327) and below the 9,200-9,250 points. "

"If we look at Europe we want to grab on" like a burning nail "to the fact that the large indexes (Futures Dax and Euro Stoxx50) have respected the important supports that they present (at the moment) in the February lows", explains the expert . "At least we have a 'double support' that, perhaps, ends up becoming something else with the passing of time," he concludes.