The Ibex 35 has fallen 0.21% to 9,136.40 points. The selective has taken a break and has postponed its attack on annual highs (9,185 integers) and the significant technical resistance that it presents in the 9,260 - 9,300 points. This Tuesday, the big banks have weighed the index down after the bad results of HSBC.
Cie Automotive (-3%) has been the most bearish value of the Ibex, although the main burdens have been Santander (-0.87%) and BBVA (-0.73%) after the bad results of HSBC (-4%) , the largest bank in Europe.
For its part, Endesa has yielded 0.23% after it has confirmed the departure of its president, Borja Prado, with a compensation of €13m.
In addition, Jefferies experts have reiterated their commitment to Inditex (+ 0.51%) by valuing its shares at 32 euros, with a potential upside of 25% for the next twelve months.
In positive, few values. The most bullish were Bankia (+ 1.05%), Mapfre (+ 0.74%) and Sabadell (+ 0.68%). In the Continuous Market, Atresmedia (+ 3%) and Vocento (+ 2%) have risen after Prensa Ibérica has agreed to purchase Grupo Zeta for 40m euros.
In the economic scene, the agency S & P Global Ratings has indicated that the solvency note of Spain, currently located in 'A-' with a positive outlook, will probably not be affected by the call for early elections for next April 28. The S & P has underlined the good performance of the Spanish economy despite the political division.
In addition, the Board of Supervisors of the European Banking Authority (EBA) nominated the Spanish José Manuel Campa as the new president of the body, vacant since the departure of the Italian Andrea Enria. His appointment implies the reinforcement of Spain in the European decision-making bodies.
On a global level, on Tuesday, the US-China trade negotiations will resume on American soil, which ended positively last week in Beijing. Throughout the week, high-level contacts between members of both governments will be happening. Although this morning, the Asian giant has accused Washington of feeding the fears of other countries to consider the Chinese Government a cyber threat.
In other markets, Brent oil falls 0.8% to $ 65.95. For its part, the euro increased in value 0.2% to $ 1.1334. In addition, the yield on the Spanish 10-year bond is relaxed to 1.21%, while the Spanish risk premium drops 2% to 111 points. This Tuesday, the Treasury has placed 1,3bneuros in letters and has charged less interest.
TECHNICAL ANALYSIS OF THE IBEX 35
"The Ibex is moving in a very narrow range of prices since the beginning of the week, it does not dare to attack the important resistance of 9,260 points, but it does not want to get too far away from it either. It wants to wait to not find itself exhausted halfway there "explains José María Rodríguez, analyst at Bolsamanía.
"That's why we say that if it has to be, it should be done weekly and with forcefulness, with clarity, that's why we are talking about 9,300 points for the inclusion of a rupture filter. If it can be with a Santander Bank above the resistance of 4.39 euros even better, " concludes this expert.
