Ibex prolongs its rally thanks to Inditex and Santander

The Securities Commission (CNMV) prolonged its veto on short-selling of Liberbank for another two and a half months, which shot up 5.77%.

Gestamp was in the news after announcing a profit warning, falling 10% in the general stock exchange. Societe Generale and Deutsche Bank lowered their valuations for the company, which closed at 5.25 euros. Siemens Gamesa fell 4.3% after a report from JPMorgan which commented on the Indian energy market.

In Spain the major political news continues to be the ‘Diada’ in Catalonia, while experts emphasise the effect the crisis could have on the Spanish economy. Fitch, Moody’s, ING, Goldman, HSBC are just some of the analysts which have commented on the situation and spoke of the risks of the movement.

Away from Spain, Hurricane Irma is on the way out, with Goldman Sachs and Bank of America cutting its forecasts for the growth of the US economy. There are whispers that this could be a key factor in finally not raising rates from the Federal Reserve this year.

Regarding the ongoing tension in North Korea, the latest is that the new UN sanctions have been approved unanimously against Pyongyang. It’s the hardest package of sanctions against the country to date, including limits on its exports of oil and textiles.

Regarding today’s scheduled events, UK inflation figures were announced, rising three points in August to 2.9%.

TECHNICAL ANALYSIS

“A day with little technical implications for the Ibex 35. What was really important was a rebound from the lower base for the last four months. In reality what makes little sense id the upward gap of Monday, at 10,219 points,” explained José María Rodríguez, Bolsamania technical analyst said.

“As we like to remind about the stock market, we always know how things began but not how they end. It could be that the rebound ends up being more than a simple rebound. Only time will tell.”