The Ibex 35 starts the week with a rise of 0.42%, which surpasses, by little, the 9,400 points. The selective adds another day more in green to the five consecutive ones of the past week. However, analysts warn that these rebounds have not changed anything, at least until the key resistance of 9,671 points.
- 11.473,900
- 0,33%
By concrete values, CIE Automotive ends up as the most bullish with a rise of 4.4% after announcing the purchase of the Roof Systems unit of the Inteva Group, which is responsible for designing and producing roofs for cars, for some 650 million euros . Also in green we can highlight the increases of 3.67% for DIA or 3.32% for Técnicas Reunidas.
However, losses for some of the main index values, such as Inditex (-1.5%), Telefónica (-0.73%) and Repsol (-0.12%). In contrast, Santander (+ 1.12%) or BBVA (+ 0.99%) have balanced the selective. Grifols (-1.74%) closes as the worst value of the session.
The business news this Monday is the announcement of Cepsa's IPO before the end of the year. The company has announced that it will take at least 25% of the capital stock. The exit directed to qualified investors and certain employees of the company and its subsidiaries in Spain has been expected for some time.
Beyond Spain, H&M has made headlines after rising more than 16%, its biggest increase in 24 years, after publishing sales for its third quarter and exceeding forecasts by analysts with a total of 5,300 million euros. In the rest of the stock markets of the Old Continent, moderate falls except for the Psi 20 and the Ibex 35.
TRADE WAR
After rising 2% last week, the Ibex seems to want to continue advancing after having seen very important falls in Asia this morning, especially in the Chinese indices. According to The Wall Street Journal, Donald Trump could announce a fresh batch of tariffs on China this Monday. These rates would be around 10%, according to the media, which would be below the 25% that the Government had said it considered for the next round of tariffs and would reach 200,000 million dollars.
"The Trump administration seems to believe that the trade war is hurting China more than the United States and that the US has an advantage in the negotiations, China has promised to retaliate against any US measure against it and appears to be preparing for a trade war that will last until (among other things) the relaxation of economic policy, an agreement between both seems unlikely before the November elections in the US, "explain the experts at Danske Bank.
TECHNICAL ANALYSIS
In the opinion of José María Rodríguez, technical analyst of 'Bolsamanía', "the possibility of continuing to rebound on the Ibex 35 continues intact." The minimums and maximums of a week ago are still there; although, on the other hand, the index "has already significantly relaxed the daily oversold levels". However, the expert is reiterating: "Nothing has changed significantly recently."
The first resistance, between 9,300-9,330 points has been left behind, and now also the 9,400 points, which were the minimum of the strong fall last May. Nevertheless, Rodríguez insists: "Despite the latest increases, and as can be seen in the attached graph, the maximum and the decreasing minimum are still there." Therefore, we are still in a bearish trend. "A very different thing would be if the rebound in course manages to pulverize the resistance that presents / displays in the last diminishing maximum, the one that formed at the end of August in the 9.671 points", concludes the analyst.
