Ibex 35 has closed flat at 9,811.30 points after four consecutive days of rises. The week ends with better sensations than at the start, with some peace of mind regarding the coronavirus - although the negative and worrying news persists - and with the idea that Donald Trump will win the elections, which has pleased the markets. It also ends with good harmony between the US and China - both in trade terms y and in terms of working together to face the health crisis. After marking 18 months highs on Thursday, the Spanish index advanced 4.7% during the week, the most bullish since December 2016.
- 11.460,400
- 0,22%
In the business field, we highlighted the news of the resignation of the CEO of Credit Suisse, Tidjane Thiam, after an espionage scandal.
Similarly, information on BBVA (+ 2%) and the 'Villarejo scandal' continues to appear, which in any case is not affecting the behavior of the bank in the stock market, which has rebounded more than 10% in the week.
In the Continuous Market, the 'chicharro' Deoleo has skyrocketed more than 20% because it studies changing the conditions of its warrants, although it is a value that trades at less than 0.1 euros.
In addition, a bad day for manufacturers of automotive components, such as Gestamp and CIE Automotive, due to the closure of plants of large manufacturers in China due to the coronavirus.
"The focus remains on the impact of the coronavirus, where the number of infected continues to increase, but at a slower pace. In the United States, Pete Buttígieg has been declared the winner in the Democratic primary in Iowa, but with a very close victory over Bernie Sanders The Democrats are now moving to New Hampshire, where the next vote will be on February 11, "said Danske Bank experts in their daily report.
Regarding the most relevant aspects of this day, the main event has been the January employment report in the US, which has exceeded consensus forecasts regarding the creation of jobs. The unemployment rate has rebounded to 3.6%, but due to a rise in the participation rate in the labor market, which is positive. Wall Street also collects benefits after its latest records.
After these references and the weakness of the German economy, the euro depreciates 0.25% and trades at $ 1.0950, lows of the last four months. In the market of raw materials, Brent oil traded flat at 55 dollars for Russia's doubts in supporting a new production cut of 600,000 barrels per day by OPEC, to compensate for the fall in demand in China. On the other hand, the profitability of the 10-year Spanish bond falls to 0.28%.
TECHNICAL ANALYSIS
"The Ibex closes the week with an excellent technical aspect and with an accumulated balance in the weeks close to 5%. That does not mean that in the short term we can see a correction towards the support (before resistance) of 9,700 points, we have a small gap there to fill out, "explains José María Rodríguez, an analyst at Bolsamanía.
"However, now we can only look to the top (resistance) in the environment of 9,950 points. The 10,000 points as a round and psychological figure. By values, I want to look especially at BBVA, which is very strong and is also overcoming significant resistance, such as the highs of December at 5.16 euros. And now you have the clear path to the highs of 2019 at 5.55 euros, "adds this expert.
"And you know that BBVA works very well as an advanced title of the Ibex, such as the Nasdaq for Wall Street. And if BBVA is strong, the Ibex is too. However, we cannot say the same about Santander, or at least not in the extent to which it does not close above the resistance of 3.95 euros (the four euros in round numbers), "concludes Rodríguez.
