The Ibex 35 has rebounded 0.78% to 8,769.10 points. The selective cut its bearish streak, although it remains close to annual minimums (8,627 integers). The European stock markets have registered a bullish day, led by the Ftse Italian MIB, which has rebounded almost 1.6% after the agreement reached between Italy and Brussels on Budgets.
- 11.532,500
- -0,32%
The most bullish values of the day within the Ibex were Meliá Hotels (+ 3.25%) and ACS (+ 2.11%). Among the major securities, Telefónica advanced by 1.71%, followed by Santander (+ 1.29%), Naturgy (+ 1.28%), Iberdrola (+ 1.21%), Endesa (+ 1.15%). ,) and BBVA (+ 0.96%).
On the downside, few values. DIA has fallen 1.88% after the S & P agency has cut the rating on the company to 'CCC +' from 'B'. We remember that not even one month ago he lowered his rating to 'B' from 'BB-'.
In addition, and also within Spain, JP Morgan has reviewed the rating of banks and has cut the price of Bankinter (+ 0.22%) to 7.45 euros and that of Sabadell (-1.43%) to 1, 55 euros from 1.60.
Outside Spain, the fiasco of the flotation of SoftBank's mobile subsidiary was the big news. In addition, there has also been talk of the merger between GSK and Pfizer, which involves the creation of a 10bn giant.
Regarding macro data of the session, inflation in the United Kingdom declined to 2.3% in November, minimums of more than one year. In the currency market, the euro appreciated 0.62% to $ 1.1432.
THE FEDERAL RESERVE
This Wednesday is FED day and as expected by investors since the start of the week and the month: it might raise its interest rates on 25 basic points, up to the interval of 2.25% -2.50%.
In addition, it is also expected it will announce a 'high on the road' in its pace of rate increases to check the impact these increases are having on the economy of the country.
"If so, it is possible that the dollar weakens, giving a break to many emerging economies and positively impacting the external results of large American companies," explain the experts of Link Securities.
In addition, investors expect FOMC members to reduce the expected rate hikes for 2019 from three to two. "The outcome of the meeting can be decisive for the future of the securities markets in the short / medium term," they added.
OIL REBOUND
The market is still looking at crude, which rebounds around 3% in the case of Brent, up to $ 57.95, after the 6% bump last session, which led to new annual lows.
Oil continues to be pressured by the continued increase in production in the US and the fact that the cuts announced by OPEC (Organization of Petroleum Exporting Countries) have not materialized. To this strength of supply is added the weakness of demand. The latest macro data in China, which has been weak, does not help increase optimism.
"The problem is that crude has become part of the financial market, with many funds speculating upwards and downwards with its price, which ends up distorting its behavior," Link experts say.
TECHNICAL ANALYSIS OF THE IBEX 35
"More of the same, the Ibex continues to show no signs of strength beyond the typical rebounds that sometimes occur, but always within an impeccable downtrend in the background, but even when we rebounded (and I do not say we're going to do) up to 9,200 points would change the current situation in the least, in fact, only above the 9,260-9,300 points, with ease and in weekly candles, we will start to look at the Ibex with different eyes ", says José María Rodríguez, Bolsamanía analyst.
"But let's not deceive ourselves, the resistances to which we have referred to are very far away, and we are so close to the lows of the year (8,627) that it seems that at the faintest mistake we can stumble and take the support ahead. Let's let the price tell us what it wants to do and when, so we will continue to pay attention to the control areas above (9,300) and below (8,630) and everything that happens within this range will have no implications of any kind, "concludes this expert.
