The Ibex 35 has exceeded the key level of 9,410 points in the first moments of the session and then deflated (-0.24%; 9,380.20 integers). The banks, which on Monday led the increases, have once again become the main burden for the selective along with Inditex (-0.81%). In addition, OHL has fallen 0.6% in the Continuous Market following the new news about the possible sale of the participation that the Villar Mir have in the company.
- 11.508,800
- -1,42%
In the results chapter, Enagás (+ 1.17%) has kicked off the season in Spain. The gas company gained 2.3% more until September.
In addition, Santander has closed flat (-0.01%) after selling its business in Puerto Rico for almost 1bn euros. Its objective is to focus on the ten markets in which it has a relevant position.
Internationally, the Swiss bank UBS has announced a 16% year-on-year fall in its third-quarter profit given the "difficult environment." In addition, the pharmaceutical company Novartis has reported an improvement of its objectives for 2019 after exceeding sales and profit expectations in the third quarter.
TRADE WAR AND BREXIT
Optimism around the commercial war has been one of the highlights. The Vice Minister of Foreign Affairs of China, Le Yucheng, has stated that progress is being made in the talks between the two largest economies in the world, adding that solutions to their trade dispute could be found if mutual respect is maintained.
Asian markets have risen. Donald Trump's chief economic advisor, Larry Kudlow, has pointed out to 'Fox Business Monday' that there is a possibility that the planned tariff hikes for Chinese products in December will stop if trade talks progress. This optimism has boosted the price of Brent oil by 1.2%, up to $ 59.65 per barrel.
On the side of uncertainties, Brexit continues to weigh in. Although there is some optimism about the possibility that Boris Johnson will gain the support of the British Parliament this week, it is also true that the whole process has reached tremendous levels of chaos and nonsense.
Members of Parliament start a three-day debate on Tuesday in which opponents of the exit plan will try to approve customs amendments, a possible second confirmation referendum and the prevention of an exit without agreement. For his part, Johnson has threatened early elections if parliamentarians try to extend the process. The pound falls in value 0.4%, down to $ 1,2906.
In Spain, Brussels reprimends the Government. The European Commission on Tuesday sent a letter to the Acting Executive in which he warns that the budget draft sent to the community authorities last week runs the risk of breaking European tax rules. The Spanish risk premium remains at 63 points and the 10-year bond yield falls to 0.25%.
IBEX TECHNICAL ANALYSIS 35
"Another session without pain or glory in the markets and another day without being able to close above the" famous "9,410 points. Yes, the daily and weekly bearish hollow that we have talked about so many times and continue to do so in recent weeks. Price delays aside, we can see how many failed attempts to jump over since May. But no, there is no way. We are right there, but we don't seem to have (yet) the perfect excuse to do so, "explains José María Rodríguez, analyst at Bolsamanía.
"And as for the rest, we have that 'reversal' of last Thursday's session, which on the one hand makes us very cautious in the short term. And more when we have left a small gap during the climb (9,246) in addition to the important daily overbought levels. The truth is that despite the timid rebounds of recent days, the 'round trip' sail last Thursday continues to act as a break for our selective. As for Wall Street, we have the main index of the world, the S&P 500, only 0.6% of the historical maximums (3,027.98) ", concludes this expert.
