Ibex strings together its third week of losses, its worst streak since November

The best performers on the day were Melia Hotels with a gain of 1.32%, followed by Gamesa (+1.25% and ArcelorMittal (+1.17%). The companies which fell the most were Banco Santander with a loss of 1.98%, Endesa on 1.92% and Caixabank at 1.90%.

Among the biggest stocks, BBVA also fell 1.84%, Inditex by 0.91%. Meanwhile, Telefonica dropped 0.68% and Iberdrola 0.40%.

Unicaja made its stock market debut on Friday with a rise of 6.36%. Abengoa’s shareholder meeting produced a rejection for its split due to a lack of agreement. In the general stock exchange, the best performers were Adolfo Dominguez and Unicaja, while the worst were Service Point (-6.67%), Urbas (-6.25%) and Bayer (+5.82%).

The question is what direction the indices will now take, and it remains to be seen which way they will go. What is clear however, is the summer tends to see less volume and as a result more volatility.

Wall Street closed lower on Thursday after a US GDP growth forecast revision to 1.4%. Once again, the Nasdaq felt the brunt of the losses (Dow Jones: -0.78%; Nasdaq: -1.44%; S&P: -0.86%).

In the middle of all this, the euro appears to be relaxing after a big rise following Mario Draghi’s talk of a potential rate increase. The euro is now at $1.14, 0.37% lower.

From a macro point of view, the interannual inflation rate in the eurozone was at 1.3% in June, one point below the May reading and above the 1.2% previously seen.

“It appears that after two months resistances in Europe are starting to be tested. Until a few days ago the indices were quoting laterally, but have headed downwards this week,” said Bolsamanía technical analyst José María Rodriguez.

“Betting on the market tendency, it would make sense to back the gaps being filled totally or partially in order to build towards new highs in the coming weeks and months.”