• Almirall tanks close to 25% after cutting its estimates for 2017 after US problems
  • Telefonica remains above 9 euros after falling 15% since March
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Absolute tranquility in the markets this Monday. The Ibex 35 recovered 10,500 points at the last minute, after having opposed the behaviour of other European markets for much of the session. The Spanish index closed 0.20% higher at 10,509.5 points, with other markets having better days (Dax 30: +0.44%, Cac 40: +0.45% and FTSE 100: +0.29%).

IBEX 35

  • 11.154,600
  • 1,56%

ArcelorMittal led the gains in the Ibex 35 with a rise of 2.62%, followed by DIA at 1.72%, Enagas on 0.92%, while Ferrovial picked up the wooden spoon for the day with a loss of 0.93%, accompanied by Tecnicas Reunidas (-0-56%) and Melia Hotels (-0.54%).

Telefonica was 0.41% lower at 9.014 euros, although it fell 15% in March. Outside the Ibex, Almirall and Pescanova were the main talking points in the general stock exchange, with the former tanking 24.7% and the latter boosted 19.3%.

Among the heavyweights, BBVA fell 0.12%, while Santander closed flat. Iberdrola gained 0.73% and Inditex 0.33%.

JPMorgan recommended a potential upside for Gamesa of 19%. The analysts gave it a target price of 21.40 euros. The stock finds itself at 17.9 euros after suffering losses of 0.2% on Monday. The experts reiterated their ‘neutral’ recommendation, while Jefferies analysts saw a potential downside of 20%.

The week, which will be scarce with data, began with Japan’s balance details, machine orders and economic forecasts. The surveys came out better than expectec. In China, CPI stayed at -0.2% in June against a forecast of 0.1%.

In other news, on Monday markets are also reacting to the weekend’s G20 summit in Hamburg. During the meeting several global issues were discussed, such as trade, climate change and defence. US President Donald Trump met with Russian Vladimir Putin for the first time and the two discussed the possibility of cooperation on cybersecurity. Meanwhile, Donald Trump Jr is the subject of reports that he met with a Kremlin-linked lawyer in last year’s presidential election campaign.

Economy minister Luis de Guindos defended the reduction of a fiscal agreement between the government and Ciudadanos, saying it will not alter the deficit of 2.2%.

TECHNICAL ANALYSIS

“The Ibex closed in a no-man’s land between the support of 10,377 and the resistance of 10,600 points. It’s true that if we look at our European neighbours they are moving away from the danger zone. However, it’s still too soon to be making any assumptions. If we look at the Ibex 35 and to the significant ‘overselling’ it makes sense that we would see a rebound in the upcoming sessions,” said Bolsamanía technical analyst José María Rodríguez.

“Looking towards the futures of the DAX and the Euro Stoxx 50 the possibility exists that the rebound will be prolonged even more, but we will not be able to say that the corrective phase has hit its end.”

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