The Ibex loses 0.53% pressured by the banking sector but holds on to 9,000 points

The Ibex yielded 0.53% on Tuesday, but managed to maintain the level of 9,000 points (9,004 points). Once the oil crisis was digested, the banks have once again put pressure on the selective, with Bankia as the most punished value falling 4.71% and the other entities losing more than 2%. On the opposite side, energy companies have dominated profits with Red Eléctrica (+ 2.72%) as the most bullish company.

IBEX 35

11.656,600
0,39%

The main pressure element, crude oil, has visibly relaxed. Both Brent and West Texas fall more than 5% after Saudi Arabia has confirmed that it will resume normal oil production within two to three weeks.

Donald Trump continues to point to Iran as responsible for the attacks on Saudi Arabia. The US president has said that the diplomatic channel is not exhausted and that he does not want wars with anyone, but has added that, in case of a contest, they are more prepared than anyone. Geopolitical tensions concern the market and so does war predictions, so the rest of European exchanges have also closed in negative.

The tensions after the attack on Saudi Arabia have weighed equally in Asia and the US. Wall Street ended last day with falls of 0.3% on average and today has also opened in negative; while in Asia they have clearly dominated the red numbers.

In the chapter of the trade war between China and the United States, the last thing is the visit that will take place this week to Chinese officials in Washington to pave the way before the talks at the highest level expected in October.

MACROECONOMY

As for the macro data of this Tuesday, the German September ZEW has remained at -22.5 since -44.1 August. The market consensus expected a slight improvement to -37. In the afternoon, industrial production in the US will be known. "The US manufacturing industry has been in recession for a few months and we expect the data to continue pointing in that direction," these analysts add.

TECHNICAL ANALYSIS

"Calm but tense. This could define the movement on Tuesday and maybe tomorrow, too. Investors are attentive to the decision adopted by the Fed on interest rates on Wednesday, in which the market discards a decline of the price of money of 25 basis points. And the market will be attentive to the reaction of the price from the news, "said José María Rodríguez, analyst at Bolsamanía.

"This will be known tomorrow with the European stock exchanges closed, which makes us bet on a violent movement for Thursday's opening and, in addition, with the quadruple witch hour of this Friday. Too many events that can cause strong price strokes. But where? "he adds.

"For the moment, this Tuesday we have drilled the most immediate support (in intraday): the 9,000 points. Which somehow removes 'momentum' (cruising speed) from the important increases in recent weeks. Banks have stopped, due to declines in the European banking index, the EURO STOXX Banks (-2%) and another one of the sectors that has been one of the best performers but when the minimum of August collided with the bearish guideline it has turned us down: the automotive / automotive sector, "he says.

"That is to say, two of the great engines of the last rises have stopped. Something that on the other hand was to be expected because the European stock exchanges, as we warned in recent days, were caressing the important resistances that they present in the maximums of July. The prices were and are crying out for a break, a stop along the way In the very short term, the following supports are in the area of 8,800 points and on the side of the resistances the 9,150 points and the famous 9,410 points, "concludes the analyst.