- United Nations calmed markets after affirming its intention not to change North Korean regime
- Apple across the front pages after release of iPhone X
The Ibex 35 finished higher for the fourth consecutive day with a rise of 0.34% at 10,379 points, thanks to a major push from the banking sector. The stocks which rose the most on Wednesday were Amadeus (1.67%), Bankinter (+1.62%), CaixaBank (1.45%) and Banco Sabadell (1.44%), while those which fell the most were Siemens Gamesa (-2.49%), Acerinox (-1.75%) and Mediaset España (-1.65%).
- 10.854,400
- -2,22%
With the geopolitical tensions more or less ‘under control’ - the UN has calmed the nerves by saying the international community has no desire for regime control in North Korea - stocks continue to look to move higher with possible catalysts coming later in the week with a Bank of England meeting and the quadruple witching on Friday.
“Basically there are no changes expected in monetary policy and it remains to be seen whether there will be any surprises,” Link Securities analysts said.
One of the big stories over the last 24 hours has been the iPhone X, which was released by Apple with a price of $1,000. “There are doubts about the capability of the company to sell the new iPhone X in Asian markets owing to elevated price,” analysts at Link Securities said.
In other markets, oil rose 0.8% on average. Brent was up 0.57% to $54.55, while West Texas was up 1.04% to $48.73. The pressure of Hurricane Irma lowered its price but it is now balancing. The euro is down 0.41% against the dollar to $1.1914, while Spanish 10-year bond profitability fell 1.584%.
Regarding today’s agenda, Spanish CPI for August rose one decimal point to 1.6%. In addition, industrial production in the Eurozone in July rose 3.2% in comparison with the previous year and against the forecast increase of 3.4%. In the US production prices were released on Wednesday where they recovered 0.2% in August against the 0.3% expected, pushed on by an increase in the price of petrol and inflation.
From a technical point of view ‘the Ibex 35 is trying to push on towards the resistance which is currently at 10,600 points, the higher part of the lower base from the last four months. This behaviour is almost exclusively down to Inditex, Santander and BBVA. From the lows of last week the Basque bank has risen 4.5%, Santander 5% and Inditex almost 6%. If we focus on our European neighbours we can see they are far away from resistances every day,” said Bolsmanía technical analyst José María Rodríguez.
