The decision of the Central Bank of Turkey to raise rates to 24%, against the warnings of President Erdogan, has caused the rebound of the Turkish lira, which in turn has boosted BBVA by 4.28%. It was the bullish news of the day and the one that saved the day for the Ibex 35 (+ 0.24%, 9,329.20 points).
- 11.678,600
- 0,92%
In addition to BBVA, Sabadell advanced 2.84%, followed by CaixaBank (+ 1.69%), Bankia (+ 1.5%), Santander (+ 0.72%) and Bankinter (+ 0.52%). The rebound of the banking sector, therefore, has saved the selective on Thursday. Along with financial institutions, Mediaset has also increased in value 2.93%.
At the other extreme, Siemens Gamesa lost 7.21% after a very negative report from Goldman Sachs, with poor forecasts on the Indian market, one of the most important for the wind turbine manufacturer.
In addition, Meliá Hotels has dropped 4.88% after UBS has been pessimistic about the Spanish tourism sector and has reduced the hotel's target price. Other values with negative behavior have been Técnicas Reunidas (-2.69%) and Colonial (-2.44%).
Among the large stocks, Telefonica has timidly picked up 0.09%, but Inditex (-0.11%), Iberdrola (-0.26%) and Repsol (-0.85%) closed negative.
DAY OF CENTRAL BANKS
This Thursday the meeting of the ECB (European Central Bank) took place. The body chaired by Mario Draghi has kept interest rates unchanged and has reduced its asset purchase program to 15,000m euros, a preliminary step to finalize in December.
On rates, Draghi has commented that they have not even begun to discuss when they will rise, and in any case won't carry out a raise until at least the summer of next year, in line with expectations. The ECB has slightly cut its growth forecasts, but has been confident that economic growth will continue.
Although the news of the day has been that the Central Bank of Turkey has raised interest rates by 625 basis points, up to 24%, almost double what the market consensus expected, which had predicted an increase in interest rates of 325 basic points.
According to the statement issued Thursday, the decision has been taken to try to remedy the currency crisis and inflation. The Turkish lira bounces 3% against the dollar after this movement. For its part, the euro depreciated 0.46% against the dollar, to $ 1.1679. And in the commodity market, Brent oil falls sharply by 2%, to $ 78.17.
Lastly, the Bank of England has kept interest rates unchanged at 0.75%. The decision has been unanimous and has met the expectations of the experts.
POLLUTION IN SPAIN
The day has been marked in Spain by claims that the doctoral thesis of the President of the Government as several media outlets have reported it is riddled with plagiarism. Moncloa has issued a statement early this morning urging such media to rectify or, otherwise, announcing that it will take legal action against them, and has subsequently decided to publish the work on the Internet. The ABC journalist who has released the exclusive, however, has said he has no intention of rectifying and has proof that what has been published is true.
After the resignation of the Minister of Health for the master's degree, now it is Pedro Sanchez's turn. The possibility of early elections in the face of this situation of instability is increasing, with which uncertainty is accentuated at each moment.
TECHNICAL ANALYSIS OF THE IBEX 35
"The least of it is if the Ibex closes slightly above 9,330 or below iIn round numbers, what has become clear is that the area of 9,300-9,350 points (with its small dilatations up or down) continues to choke our selective. In the attached daily chart you can easily understand what we are referring to, "explains José María Rodríguez, analyst at Bolsamanía.
"Therefore," adds this expert, "today we can continue to talk about 'pull back', but as we have been saying in recent days, even if we closed at 9,400 points or above everything would remain the same. What? Very simple, because the definition of corrective phase or downtrend is one that is characterized by constructing maximum and minimum decreasing, and that is what we have in front of us ".
"The most important support at this time is in the annual minimums (9,100) and above, although still far, the 9,671 points.In summary, we continue within the 'pull back' to the resistance area that we have been discussing sessions back. Nothing has changed significantly, "Rodríguez concludes.
