• The euro scales above 1.20 against the dollar
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European stocks have suffered on Tuesday after North Korea has launched a new missile over Japanese territory. European markets have fallen by 1% on average. In the case of the Ibex, it has lost first support of 10,250 points, although it has finally resisted above 10,180 points. The Spanish selective has closed with a decline of 0.91% to 10,192 points.

IBEX 35

  • 11.154,600
  • 1,56%

The biggest drop this Tuesday was for Mediaset, which has left a 7.01%, after the announcement of the fall of advertising revenue in the German communication group ProSiebenSat of 5% in the next three months. After the audiovisual company, Banco Sabadell, with a fall of 2.92%, and ArcelorMittal also have left 2.30%.

Among the few increases of the day, highlights Meliá Hotels with a revaluation of 1.28%, Colonial with a climb of 0.92 and Inditex at 0.67%. Telefonica has again lost 9 euros with a fall of 0.64%, after Morgan Stanley has cut its target price from 11 euros to 10.5 euros, reiterating its advice to maintain. Among the 'heavyweights' of the selective has only finished in green Inditex, while Telefónica, BBVA (-1.49%), Santander (-1.4%) and Iberdrola (-0.59%) have concluded in' numbers Red '.

The refuge assets are reacting clearly after this action. Rises in the Japanese yen or the Swiss franc and also rises in gold, which continues with the climb of the last session to a high of 9 months. In the middle of all this, the euro continues with the promotions that started after the words of Mario Draghi and Janet Yellen from Jackson Hole and exceeds on Tuesday the 1.20 against a dollar frightened by what Donald Trump can end up deciding on a Possible response to North Korea.

In another vein, there is also talk of Hurricane Harvey, who continues to push oil. Prices have turned around and fell by more than 0.5% even though they were climbing amid speculation about Saudi Arabia and Russia this morning. It is said that both would support the three-month extension of the reduction of production agreement reached between OPEC and some of the main non-OPEC producers. Brent is now trading at $ 51.7 and West Texas at $ 46.

As for the day's data, Germany's GfK confidence index for September has been above expectations (10.9 vs 10.8). The GDP of France in the second quarter was 0.5% (in line with the estimate and the previous quarter).

Another aspect to take into account is the low volume of business of these sessions, which reduces force to falls (but also contributes to increase their abruptness). August is about to end and the foreseeable thing is that stock (and non-stock market) activity will start with full force starting next Monday, when it will enter a month of September loaded with references, including the elections in Germany. "Trading volume is the lowest of the year," says José María Rodríguez, technical analyst at Bolsamanía.

Rodríguez said that "despite Tuesday's declines, the Ibex 35 closes far from the lows of the day (-1.45% at the worst moment) and recovers the support zone that gives it the basis of the bearish channel of the last Four months, but even if I corrected the area of ​​9,980 points (bullish hole) - 10,080 points (MM200), nothing would happen, too, there are many supports that converge in the price range between 9,980-10,100 points. The minimum of the session has been marked in the 10.134 points ".

"In the shortest term, we have as the most immediate resistance the bearishness of this Tuesday at 10,285 points and above we have 10,444 and 10,650 points (upper part of the bearish channel). It would still be able to correct something more, even the support it presents in the environment of 7.15-7.2 euros, but at the same time should be indicating that (in theory) the risk of further heavy falls seems rather limited " , Explains the analyst.

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