- Inditex has been a red lantern carrying the burden of the bad sales results of H&M
- Telefónica, has risen today but is in this years minimums and has fallen a 20% since annual highs.
- The stocks of the Old Continent hace closed with positives and negatives
It’s a bad run for the Ibex 35. The selective has linked five consecutive sessions in red, which means it has accumulated a fall of 1.8%. This Friday the Spanish index has dropped a 0.26% down to 10,139 points. This Friday there is the cuadruple witch hour. The falls in this session has been provoked by Inditex.
- 10.945,800
- -1,40%
The textile company has been the red lantern of the Ibex 35 after registering a fall of 2.49%. Inditex has been pulled down by H&M that has fallen 15%, after presenting its annual sales that have been worse than expected. The fall in Inditex is produced in a week where it’s had to present the accounts of the first nine fiscal months, with a rise in its earnings.
In the bottom part of the table we can also find Bankia with a fall of 2.35% and ArcelorMittal that has dropped a 2%. On the other hand, Ferrovial has been the value that has registered the rise thanks to a rise of 1.58%. Siemens Gamesa has followed (1.3%) and ACS (1%). On the side of the rises Telefónica must be mentioned that has risen 0.15% that is in annual lows and has fallen a 20% from this years maximums.
This Friday Banco Santander needs to be mentioned, that has risen a 0.14% after it has gotten an acceptance of 78% for the compensation bonus from the shareholders of Banco Popular. The acceptance go over the 7.6m loyalty bonuses for the amount of 763m euros.
In the Continuous Market this session the investors have been aware of PharmaMar. The company has dropped a 3.1% down to 2.36 euros after confirming the negative of the European Medication Agency of a request of authorization for commercialization of Aplidin for multiple myeloma.
“The variable rental markets have had a good run (...). It’s tempting to swing downwards given the great movement, given the great event that the US cycle is lasting for 9 years because their national banks monetary policy will change. Nonetheless, we believe it is too soon to sell and maintain the variable rent in overweight for 2018).
Thus start the JPMorgan experts on a report about global strategy in variable rent in which they include a list of 24 favourite European values that don’t have any Spanish title.
OTHER MARKETS
In the rest of the stocks of the Old continent there have been positive closes and negative closes. The French CAC 40 has fallen a 0.32%. On the other hand the German DAX30 has gone up a 0.05% and the FTSE100 in London has risen a 0.36%.
On the other side of the Atlantic, Wall Street contributes with rises of more than 0.5% while investors are still aware of everything happening with the tax reform, after finding out that two Republican senators resist voting in favour of the tax bill as it's written. This adds uncertainty over the final approval. The US Vice President, Mike Pence, has delayed his travels to the Middle east because of the situation.
In the macroeconomics plane, the Catalonia crisis is a spotlight of uncertainty for the economy. And that is how the Spanish Bank has shown it in its forecasts of GDP growth. It is not enough to break the labour market tendency.
As for the data of the day calendar, there is a lack of references after a week bursting with the. In the Euro Zone, October’s trade scale has stayed in 18,900m euros versus the 24, 600 that were expected. In the US the industrial production of November will be published.
TECHNICAL ANALYSIS
José María Rodríguez, the technical analyst of Bolsamania, points out that this is the fifth session of consecutive falls in our Ibex, this leaves an open door to revisit the important support of the minimums of November at 9,900 points. “The problem of the week is that we have just closed is that we have distanced ourselves greatly of the resistance key zone (10,600 points). Remember that we have been referencing this level in the past weeks and it all pointed towards the ability to get closer to the resistance to aboard it with success”, comments the analyst.
Despite this, “we have seen that Telefónica and Inditex still show signs of weakness”, he remarks. In spite of Inditex rising a 4.5% this Wednesday after confessing in front of the final market, it has swung clearly downwards and it drops close to 7% from the maximums of that session, whilst our operator is still dripping unceasingly downwards and has marked annual minimums in 8.21euros. “Things have to change dramatically so that our Ibex finally is brave enough to aboard the resistance 10,600 points on the short term. And the Christmas Rally will have to be left for another moment concludes José María Rodríguez.