The Ibex registers its greatest fall since February burdened by political unceirtainty and the risk premium

Special attention to the banks, which have been the ones that have closed with the most pronounced falls. Banco Sabadell, which on Monday closed with increases, has become the 'red lantern' of the session, after falling 6.8%. But one of the most important falls has been Banco Santander, which has dropped 5.43% and lost five euros per share.

The entity chaired by Ana Botín has been weighed down by Spain and Italy, but also by the strike that has occurred in Brazil. We must remember that Brazil is the first Santander market by level of income, since 29% of it comes from there. The rest of the banks have also faired especially badly: Bankia has fallen by 5.2%; Caixabank, 4.65%; BBVA, 4.17%; and Bankinter 1.32%.

In addition to the banks, Mapfre, Mediaset, DIA and Merlín are the ones that have had the worst performance in the selective sector, with falls of over 3%. On the other hand, Repsol has been the value with the best performance, since it has fallen by only 0.13%. Técnicas Reunidas and IAG are the other two values ​​that have registered the lowest falls.

In the main board, this 'black' Tuesday we must talk about Abengoa. Type A shares have fallen 6.87% after the creditors do not support the company's new plan. However, there is a deadline of May 31 to reach an agreement.

THE RISK PREMIUM

The political uncertainty in Spain is due to the vote of no confidence presented by PSOE against Mariano Rajoy, which will be discussed this Thursday and Friday. In addition, the leader of Podemos, Pablo Iglesias, has ensured that if he does not succeed they will present another to call elections.

This situation has caused the Spanish risk premium to shoot again 10%, so it scales to 130 basis points. All the analysts set their focus on Spain, and despite the doubts that the PSOE will get enough support to impeach Mariano Rajoy, the bonus is triggered.

In addition, the Italian political situation has also burdened, again, the stock markets of the Old Continent. Sergio Mattarella has commissioned a former official of the International Monetary Fund (IMF), Carlo Cottarelli, to form a technocratic government with the objective of repeating elections in the fall. This means that the Italian risk premium is also up 15% to 271 basis points.

The stocks of the Old Continent have closed with important falls. In the case of the German DAX 30, the fall was 1.43%; the CAC 40 in France has dropped by 1.3%; and the FTSE 100 in London, 1.26%. The Italian FTSE Mib has dropped by 2.7%.

These situations have also moved the euro. The political uncertainty and fear of new elections in Italy has dragged the euro to new lows, in the 1,509 'greenbacks', levels not seen since last July 20.

TECHNICAL ANALYSIS

The Ibex 35 confirms the loss of the support of 9,700 points, a level that corresponds to an adjustment / retreat of 61.8% of the last big boost. And it has also done so leaving us a bearish gap at 9,765 points, now the first resistance to take into account. "Obviously you can not assume that we will undoubtedly attack the support we have at the annual low (9.327) but it is true that this is the level at which the next support is. And below we would not rule out a fall to the area of ​​9,100-9,150 points, "explains José María Rodríguez, technical analyst at Bolsamanía.

He adds that the 8,950-9,000 points corresponds to an adjustment of 61.8% of the entire rise from the Brexit minimum. Therefore, "we must be clear that there is an important support (to drill the annual minimum) at 9,000-9,150 points," he says. Above we have the bearish gap of the session this Tuesday and as long as we do not close it (or what is the same thing, cancel it) "we will not have the slightest sign of strength (real) in our index beyond the typical bounces fruit of the extreme oversold ", concludes the analyst.