The Ibex 35 closed its third consecutive day of falls on Tuesday, falling 0.12%. In this session, all of Europe has been dyed red although they have reduced the losses in the final push and have moved away from the intraday lows. The Frankfurt stock market was the hardest hit (-0.8%) after Basf announced a 'profit warning'. While the selective has moved away again from the resistance of 9,410 points that it was about to go over last Friday, with ArcelorMittaly Acerinox leading the declines.
- 11.544,700
- -1,11%
From the point of view of technical analysis, the only highlight of the session on Tuesday is that the price, "at the worst moment of the session, has approached the support of 9,200 points, the upward gap of last week's Monday"explains the analyst of Bolsamanía, José María Rodríguez. "The daily and weekly gap that in the vast majority of European weight indexes has been filled (totally or partially) on Tuesday, the important thing is that this is respected in weekly candles to avoid a technical sign of weakness," he adds.
At the end of the day, "closing this weekly bearish hole would be like retracing everything after the last G20 summit." And above, on the resistance side, "we still have the daily and weekly bearish hollow of 9,410 points". The 'gap' that was filled in last week, but was not closed. "And from there, the assignments of the last days", highlights.
At the corporate level, ArcelorMittal (-5.4%) and Acerinox (-3.5%) have fallen after the US announced new taxes on some Mexican and Chinese products made with steel. The 'Financial Times' reports that the US Department of Commerce has determined that imported steel used for construction has benefited from subsidies in China, Mexico and Canada, although in the latter case, they were insignificant, so they will not suffer reprisals from the US.
In the Old Continent, the strong falls of the Frankfurt Stock Exchange (-0.8%) have been highlighted after the German Basf (-3.5%) announced a 'profit warning'. In addition, the British Ocado has risen 5.6% in the Ftse 100 after announcing good prospects. And Air France, has fallen 3% after France announced that it will introduce an environmental tax to airlines flying from France, with which it expects to raise around 180 million euros from 2020.
And for its part, Wall Street has begun the session with falls in its three main indices, wating for Jerome Powell, president of the Federal Reserve (Fed), to appear tomorrow before Congress. Investors are alert to the news to come regarding monetary policy of the United States, especially any related to the expected decreases in rates of the central bank.
Jerome Powell will appear before Congress on Wednesday and Thursday to present the semi-annual monetary report. And on Wall Street the red numbers dominate this week, precisely because of falling expectations of a cut in the price of money this July, after the solid employment report for the month of June published last Friday.
Growing speculation that the Fed will pull the trigger on the cuts at its meeting at the end of the month has also burdened the Asian stock markets this morning, which have seen falls across almost the entire continent between 0.1% and 0 , 5%, except for the Nikkei, which has closed flat.
In other news on Tuesday, in the debt market, the Spanish Treasury has placed 4.9bn in letters at more negative rates. And in the case of commodities, the future of Brent crude it trades at 64 dollars per barrel, falling by 0.03%; the WTI, on the other hand, does so at $ 57 per barrel, which means an increase of 0.16%.
