The Ibex has closed with red numbers (-0.6%, 9509 points). After the press conference of the President of the European Central Bank (ECB), Christine Lagarde, who said they will review their monetary policy strategy throughout 2020. Investors have opted for sales, especially in the banking sector, by rejecting the option that the agency could maintain its current monetary stimuli during this year.
- 11.674,800
- 0,33%
The ECB will review its strategy to address low levels of inflation and to find more tools to stimulate the economy in the next crisis.
"I am worried about the low rates, I would rather have higher rates and higher growth. We hope to have more growth in the future, it would be a great problem to deal with," said Christine Lagarde.
He also added that "the risks continue to hamper growth but we see that they are less pronounced" than in December because "the signing of the China-US agreement has reduced uncertainty."
The euro depreciates 0.5%, up to $ 1.1035, 2020 lows, price levels not seen since December 9 of last year. In addition, the profitability of the 10-year Spanish bond falls strongly to 0.36% and the risk premium remains at 67 points.
Right now, Sabadell and Bankia yield more than 1.5%; while CaixaBank and BBVA leave 1.2% and Santander loses 0.3%. The only bank that remains positive is Bankinter, although it rose 2% and now only 0.3%. The orange entity remains green after reporting a record profit of 551 million in 2019, up 4.6%.
ACS also experiences a bad day, with falls of 4%, after announcing a negative impact of 400 million in its results. However, at the moment, the worst value is IAG (-4.5%), affected by the Chinese coronavirus crisis. Likewise, Repsol (-3.5%) has been penalized for the fall in crude oil due to the pressure of the situation in China (Brent oil falls 2.4%, to 61.66 dollars).
CHINA AND DAVOS CORONAVIRUS
The situation in China, due to the Wuhan virus crisis, is undoubtedly one of the issues that investors do not lose sight of. There are already 17 deaths for this reason and almost 600 cases of infected. The Chinese authorities have announced that they suspend all the celebrations of the Lunar New Year, which begins this weekend, to contain this new coronavirus. WHO meets again this Thursday to decide whether to finally declare the international emergency.
As for other issues of the day, today news continues to be received from Davos Forum, where yesterday the President of the Government of Spain, Pedro Sánchez, spoke. Some media say that Trump has not greeted Sánchez and, instead, has dined with Ana Botín. On the other hand, the US Secretary of the Treasury, Steven Mnuchin, has said from the Forum that, before giving them lessons about their investments in fossil fuels, activist Greta Thunberg should go to college to study economics.
TECHNICAL ANALYSIS
"Little by little and without making a lot of noise, the Ibex is dangerously close to the support of 9,460 points, the base of the side by which the price has been moving for more than a month. What leaves the door open to a rebound, which has happened in the past, "argues José María Rodriguez, analyst at Bolsamanía.
"The danger would come from the hand of drilling, in a closure, from the base of the side. From that moment a double roof with objective (theoretical minimum) at approx. 9,250-9,300 points would be confirmed, which would lead to its instead of drilling the base of the bullish channel through which the price is moving since August. But lets not get ahead of ourselves" adds this expert.
"And it is when the sides are like this, when it seems that we are going to break down the rebound comes and when everything indicates that prices are going to overcome resistances. Summing up, we are in the same situation as last week. Lateral ... Waiting for the price to finally decline on one side or the other, "Rodríguez concludes.
