- The Spanish Index has moved downwards this session, placing itself close to the 10,300 points
- The markets are keeping an eye out for the Catalan elections and Trump’s tax reform bill
- Siemens Gamesa still marks its annual falls
The Ibex 35 started the week on a good foot but it has deflated this Tuesday. The selective has fallen a 0.1% down to 10,234 points. Nevertheless, the session has gone downwards and the Ibex got close to the 10,300 points only to swing downwards. This week, the investors await the results of Thursday’s elections and the approval of Trump’s tax reform bill.
- 10.902,900
- 0,44%
Siemens Gamesa has been the red lantern of the session with a fall of 2.31% down to 11.64 euros. A regression that makes the company bury itself in the accumulated annual falls and it’s the second worst figure of 2017 (-27%). This Tuesday the unions and the representatives of Siemens Gamesa have agreed upon the non traumatic voluntary exits, with the aim of reducing the workforce of the multinational in the country. It gathers, preretirement from 55 years of age with 70% of the salary, from 56 years with 75% and workers from 57 to 60 with 80% of the salary.
Iberdrola hasn’t had a good day either and has closed with a fall of 1.66%, followed by Inmobiliaria Colonial (-1.19%). It must be highlighted this session that Inditex has dropped a 0.68%.
On the other hand, Acerinox has been the value that has led the rises with an increase of 1.93%. In the higher part of the table it has been followed by Banco Sabadell and Melia Hotels, that have risen a 1.31% and a 0.88% respectively. Gas Natural has risen a 0.42% after Credit Suisse gave a better review on the company.
Among the big fishes, BBVA has been the one that has registered the highest rise with a 0.4%. The other heaviest entity, Banco Santander, has also closed on a positive note, with an minor increase of 0.04%. On the other hand, Telefónica has gone up a 0.36% in spite of Berenberg cutting its estimations of Ebitda.
OTHER MARKETS
The rest of the stocks of the Old Continent have followed the same rhythm as the Spanish one and have gone from a rise to a downfall, to finally close with moderate earnings. Therefore, the only one who has maintained a green light is the FTSE100 in London with a rise of 0.3%. This Tuesday, in an interview with The Guardian, the chief EU negotiator for Brexit, Michel Barnier, has warned that the UK City will not have a special treatment in the exit process of the country from the European block.
On the other hand the German DAX30 has fallen a 0.68% and the French CAC40 a 0.74%. On the other side of the Atlantic, Wall Street has listed falls, although the Dow Jones and the S&P 500 have marked a new historical maximum.. The European stocks have been pulled by the New York stocks.
The tax bill reform is passes a new process this Tuesday, it must be passed by the US Congress. If it’s finally approved throughout the next sessions, as it is expected, it’s very possible that this event compensates the negative effect that the local politics will have over the Ibex with the Catalan elections on December 21.
“The data calendar this Tuesday is very reduced with the maximum attention placed in the US tax reform law, in a time where the Chamber of Representatives and the Senate is about to approve the bill”, point out the Danske Bank analysts in their daily reports.
In the data front, the most highlighted is Germany’s December IFO. The German business trust fell unexpectedly to 117.2 in December after reaching a historical maximum the previous month. The consensus expected 117.5.
As for everything else, the investors are still paying attention to petrol that has become unstoppable and is tightly holding on to prices like 63 dollars in the case of Brent. Also on bitcoin, that likewise is shooting upwards amidst news that the EU have given 18 months so that the new comunitary directive created in the summit of December 15 about cryptocurrency trading platforms is included in the legislation of every member state.
TECHNICAL ANALYSIS
José María Rodríguez, the technical analyst of Bolsamanía has assured that this Tuesday has been a session to forget. He points out that “we have closed far away from the day’s maximums but again with no technical implications of any kind”. In round numbers the short term references are 10,100 bellow (support) and 10,400 above (resistance). “As we know, the key is in 10,600 points and only over that level will we have a before and after in our selective,” he adds.
In any case, he continues saying “we are still thinking that what is truly important, the movement of truth we will know on Friday after listing on the market the results of the Catalan elections”. Depending on how the market interprets these results we can get closer once and for all to the key resistance of 10,600 points or my we will go back to the support zone of 9,900 points. “We can only wait”, he concludes.