The Ibex chains a póker of losses and has lost the 10,200 points

The European Central Bank (BCE) has maintained the interests at 0% those for marginal ease of credit at 0.25% and the ease of deposit in -0.4%. It has also insisted that it waits on the official rates to be on the levels they are at now during a long period of time that will surpass the horizon of their net buys of assets.

Also, the purchases of debt will surpass 60,000m monthly to 30,000m of euros from January. Mario Dragui has revised his forecasts for growth until 2020, while he has only increased the forecast of inflation to 2018 up to 1.4% from the previous 1.2%.

“The pressures over the domestic prices remain silenced in general and there still hasn’t been any convincing signs of a tendency sustained in the rise”, the italian central banker has said. Although he has added that “the strong impulse of the cicle and the significative reduction of economic ample- difference between the real growth of the GDP and the potential- gives way to a larger trust that the inflation will converge towards our objective of inflation”. After their words, the euro falls down a 0.4% down to 1.177 dollars.

BRITISH, SWISS, CHINESE AND US CENTRAL BANKS

In the central bank session, the main surprise has come from China, after China’s National Bank has raised the interest rates unexpectedly of the interbank market from 0.05% to 2.5%. Also the central bank has announced a similar rise of the interest rates that it charges for the half period financing of the entities that will go from a an annual 3.20 to 2.35.

Aside from the BCE, this Thursday there has also been a meeting of sorts of the Bank of England, a meeting that happens at a crucial moment after last Friday’s agreement between Jean-Claude Juncker, president of the European Commission and Theresa May, the British Prime Minister to move Brexit forward. In fact, this Thursday the European Council kicks off in which the agreement must be approved.

The BoE has left the interest rates without changes, in 0.5% as it was expected. The decision has been taken by unanimity (9 votes in favour). Likewise, the program of asset purchasing remains without changes in 435,000 pounds. also the Swiss National Bank (SNB) has maintained no changes in their monetary policy and has signaled that the Swiss franc will remain “highly valued”

In the US thee Fed raised this Wednesday the rates just as it was expected and proposed three more raises in the money price for next year, three raises that Jerome Powell will lead once Yellen abandons the organisation in February. Wall street contributes with a mixed buy in a zone of historical maximums.

COMPANIES

In a session where the companies’ latest has been relegated to minor position, Siemens Gamesa has risen 3.5% thanks to the forecast that the tax reform in US doesn’t affect the activity in its country. Also Viscofan has swung to a 3.33% to annual maximums. The third highest value has been Cellnex Telecom (+0.77%), followed by Mapfre (+0.6%) after a positive advice from AlphaValue

On the other hand DIA (-1.9%), Acerinox (-1.8%) and Inditex (-1.84%) have led the falls followed by great values like Iberdrola (-1.66%), Telefónica (-1.29%), BBVA (-0.82%) and Santander (-0.69%) that has bought the subsidiary of Deutsche Bank in Poland for 305m euros.

In Spain the IPC of november raised the interanual rate to 1.7% a decimal more than expected. Also manufacturers PMI and the French, German and euro zone services in December have turned out in general better than expected. In the UK, the minority sales arose 1.6%, more than expected. In the US, the minority sales of November and the unemployment data of the week have also been better than expected. In Spain, the Treasure has placed 3080m of bonuses at higher rates in the last auction of the year.

TECHNICAL ANALYSIS

“Fourth session of consecutive cuts in the Ibex that distance us from the objective of getting closer to the important resistance of the 10,600 points, the november maximums. The problem of this dripping downwards is that it distances us from the resistances and pulls us closer to the supports”, explains José María Rodríguez, Bolsamanías analyst.

“So, there exists a small support in the 10,100 points but the most important one we can find it the november minimus of 9,900 points. The main culprits of the weakness of our index nowadays are Inditex (that lost everything it earned yesterday) and Telefónica that is still immersed in a continuous and slow downwards dripping that leads it to fall close to the 20% from last years maximums (10.17)” adds the expert.

“Seen the renewed weakness of most of the values directing the Ibex it looks probable right now that there will be a return to supports than an attack on resistances. The good feeling that we had until Tuesday has has been lost. In any case and how we have been commenting again and again, we don’t care what happens inside the range of prices between 9,900 and 10,600 points. The only thing that interest us really is closing over the 10,600 points. It doesn’t matter when”, concludes Rodríguez.