The Ibex (-1%) manages to maintain the 9,300 after Italy's recent blow

Thus, the increases yesterday thanks to the negotiations of NAFTA between the US and Canada were just a fantasy (minimum at the end).

In the Ibex, all the big values ​​(or blue chips) have been dyed red. Including Repsol, although it has become one of the few upside values ​​in the selective after the sharp rises experienced by Brent oil, the reference in Europe is currently over 85 dollars a barrel.

INDITEX, THE MOST BAJISTA

Likewise, the value that has fallen more this session in the Spanish stock market has been Inditex. The textile giant has dropped more than 3.5%. Mapfre (-3.17%) and BBVA (-2.65%) have followed.

Meanwhile, the companies that has risen in value the most was Naturgy (+ 1.88%), Endesa (+ 0.95%) and Ferrovial (+ 0.93%).

TECHNICAL ANALYSIS

Thus, according to José María Rodríguez, technical analyst at Bolsamanía, the Ibex is fighting "for not clearly perforating the support it presents in the area of ​​9,300 points, the lows of last Friday's session".

"Although we do not fool ourselves, the close does not bode well, and it is that it is at the limit of what is considered an adjustment / regression proportional to the previous rise: the movement that has led the Ibex from 9,111 points to 9,665 points, below, there is nothing important until the annual minimums. What becomes clear again is that investors do not trust the selective, "explains the expert.

In addition, Rodríguez explains that "since the correction began at the end of September the Dax accumulated a 1.5% fall, the Euro Stoxx 50 of -2%, the Cac 40 of -1.3%, the Italian stock market (FTSE MIB) of -4.8% and our index of -3.8% ". "We are somewhat better (very little) than our transalpine neighbor but much worse than the rest of the big indexes", concludes the technical analyst.

ITALY, IN THE EYE OF HURRICANE

However, listed banks have been one of the main weights of the Ibex, being one of the sectors most affected by the situation in Italy. This Monday's comments by the Deputy Prime Minister, Luigi Di Maio, pointing out that a downgrade in the rating would hurt Italy and that the European Union (EU) institutions are creating a "terrorism" market, raised the performance of the Italian bonds at their highest levels seen this year.

"This coming and going between Italy and Brussels is likely to keep investors a bit cautious when it comes to getting back to Italian assets." Italian Finance Minister Giovanni Tria will surely be very busy at today's meeting. with the finance ministers of Ecofin, "said Michael Hewson, chief analyst at CMC Markets in London.

In addition, the words of the economic director of the "Northern League", Claudio Borghi, have had a lot of repercussion, who has said that Italy would have more favorable economic conditions if it were outside the Euro Zone and had its "own coin". The Italian risk premium has climbed to a maximum of five years.

NAFTA AGREEMENT

On the positive side, Japer Lawler, an expert with the London Capital Group, points out that trade tensions have calmed somewhat after the agreement on NAFTA and that this is always good news. However, once the 'Canada issue' is closed, it seems that Donald Trump will focus his attention on the European Union and China, as he pointed out in his press conference on Monday. "This seems to be heavy in the Asian markets, as the Hong Kong stock declined, although the Nikkei is holding on," Hewson says.

With regard to the calendar of data for today, it should be noted that the Central Bank of Australia has kept the rates unchanged at 1.5%. In Spain, unemployment rose by 0.6% in September, the lowest rise in this month since 2014. On the other side of the Atlantic, Jerome Powell, president of the Fed, will speak.