Ibex seeks to recover but Telefónica continues to fall

Ibex tries to recover this Friday from the strong falls that recorded Thursday. However, at the moment it remains flat (10,867 points) while Telefónica, which left 4% yesterday, continues to cut positions (-2%). European stock markets continue to dance to business results.

After four consecutive sessions of falls, the Ibex has lost 11,000 points, a level it recovered last week for the first time since August 2015. In fact, the benchmark is the best among the developed markets since the stock rally in November , After the victory of Donald Trump.

With the losses of yesterday, the Ibex accumulates a setback of 2.5% in the week. Telefonica was the big drag on Thursday, yielding strongly, to 10.03 euros, after publishing a profit of 779 million euros between January and March, which rose 42% (due to the reformulation of accounts of the first Stretch of 2016), disappointed the market. The telecom chaired by José María Álvarez-Pallete has drilled the support of 10.1 euros and the next level is at 9.6 euros, explains José María Rodríguez, an analyst at Bolsamanía.

DIA also suffered the last thursday. The most depressed value on the Spanish stock market was 4.3% after gaining 39 million, 1.9% more than the previous year. Meanwhile, Banco Popular was the worst Ibex bond to yield a 6.6% amid rumors about the future of the entity chaired by Emilio Saracho, which have triggered the volatility of the shares. This Friday, Popular continues to fall strongly (-3%).

In the macro area, the CPI of Spain is confirmed in 2.6% in April with the boost of tourism and gas. In Germany, GDP reflects a quarterly growth of 0.6% in the first three months of the year, in line with expectations, while the CPI remains at 2% and does not dissipate the pressure on the European Central Bank (ECB ), Although this week its president, Mario Draghi, reaffirmed its expansive policies.