The Ibex 35 has fallen 0.57%, to 9,393.70 points, weighed down by the negative behavior of large values such as Inditex (-2.4%) and Santander (-1.8%). The balance of the week yields moderate earnings of 0.7%. Spanish investors are already waiting for the elections that are held this Sunday and which result will be quoted on Monday. Normally, Hispanic equities usually react with falls after a few elections (whatever the result), except in the latter, when it ended up rising moderately.
- 11.529,600
- -1,24%
In general, the 'local' elections do not usually have a great impact on the selective, but experts continue to insist that the worst option would lead to falls in the Ibex.
At the same time, the majority warns that Spain is running out of time to make reforms, as demonstrated by Thursday's cut in forecasts by Brussels.
Berenberg analysts published a report this week underlining that Spain has endured so far thanks to the reforms adopted by Mariano Rajoy, which they cited directly.
However, these experts, who until recently were optimistic about the country, warned that the benefits of these reforms will not last forever, and they were also pessimistic about the election result. In his opinion, the elections will not change anything and the country will remain blocked and without taking the necessary measures.
In the business field, the IAG airline holding company (-0.7%) has again lowered its estimates (in this case for the period 2020-2022) after doing the same at the end of September (for 2019). In addition, Telefónica (+ 0.1%) has made news about the possible entry into its capital of the KKR fund.
TRUMP AND THE WITHDRAWAL OF TARIFFS
Apart from this, this Friday's business continues to be China and the US. The Asian giant has asked Washington to withdraw tariffs, something they would also do, before signing any agreement. However, Donald Trump said Friday that a 'phase 1' agreement like the one currently being negotiated will not include that withdrawal of tariffs.
On the economic scene, it should be noted that China has published exports and imports that have fallen less than expected in October. And in the US, the preliminary consumer confidence index for November has rebounded slightly, in line with the forecasts.
In other markets, Brent oil falls 1.2%, to $ 61.50. In addition, the euro depreciates 0.27%, up to $ 1.1020. On the other hand, the profitability of the Spanish 10-year bond rebounds to 0.39%, while the risk premium advances slightly to 64 points.
TECHNICAL ANALYSIS
"Very quiet week, the one we just left behind, in fact, we have climbed very little (approx. 0.5%) due to the increases this Monday. We started the week with increases and leaving a bullish hole (support) at 9,328 points and the rest of the four sessions we have been deploying a narrow lateral movement, "explains José María Rodríguez, an analyst at Bolsamanía.
"That said, the loss of 'momentum' or cruising speed is clear and these things, except surprises, are corrected either with some more or less strong fall or deploying a wide lateral movement. But we must always remain within the view of a bullish channel, impeccable, short-term. Currently also the European exchanges are at annual highs and Wall Street at historical highs, "adds this expert.
"In general," Rodríguez concludes, "the technical aspect is still very good, but after a rally in the European stock exchanges of 12% in just over a month we have to be cautious, because the corrections / adjustments of these increases will come. It is necessary to correct in order to upload later. "
