The Ibex breaks its bullish streak and falls 0.99% pressed by banks and steelmakers

What the ECB does next week will also have an impact on the banks and, in that sense, they may press the selective and prevent it from moving forward if these greater stimuli are confirmed. In fact, and precisely because of the monetary policy of the central bank, on Wednesday Deutsche Bank and Barclays have cut their price value on Spanish banks as JP Morgan and Jefferies did earlier this month for the same reason.

Thus, Banco Sabadell has been the most punished value of the Ibex, with a fall of 4.65%, followed by CaixaBank (-3.62%). In addition, Bankia and Santander have lost more than 2%, while Bankinter and BBVA have lost more than 1%.

The steel companies have also weighed on the Spanish selective (ArcelorMittal: -3.20%, Acerinox: -2.78%). However, the losses could have been higher if it were not due to increases in the energy sector (Enagás: + 3.03%, Red Eléctrica: + 1.75%, Endesa: + 1.2%, Naturgy: +1 ,two%).

The rest of European indices have also quoted this Wednesday with red numbers, although lower than those of the Spanish selective. With this same trend, the Asian stock markets closed yesterday and Wall Street has opened today, after the US president, Donald Trump, said he had "a long way" to reach a trade agreement with China.

SEASON OF RESULTS AND OTHER MARKETS

From the micro point of view, business results are still being published on the other side of the Atlantic, such as those of Ebay, Bank of NY Mellon, Netflix, IBM or Bank of America Merrill Lynch. In Europe, the Swedish company Ericsson has also published its results for the second quarter, in which it has managed to come out of losses. Even so, the stock plummeted 9% on the Stockholm floor.

In addition, in the commodities market, the Brent barrel fell 0.17% at the close of the Spanish market, down to 64.24 dollars. For its part, in the currency market, the euro has fallen in value 0.16% and is paid for 1.1227 dollars.

TECHNICAL ANALYSIS

"Well, no, at the moment we do not dare approach the resistance of 9,410 points and until we close above it we will continue moving laterally", says José María Rodríguez, an analyst at Bolsamanía.

"If anything, it should be noted that, even though our selective's schedule has managed to stop the fall in the final stretch of the session, just as the very short-term bullish directive was attacking, we should not get ahead of ourselves, "he adds.

"In fact, as we know, overcoming resistances / perforation of supports is confirmed at the end of the session, not in the intraday, so, in summary, we are doing neither" concludes expert.