The Ibex (-0.1%) remains cautious while waiting for the negotiation between China and the US

Within the Ibex, we highlight the strong increases of Inditex, above 3%, a day before a sales campaign begins that is expected to have a strong effect on consumers and especially looking at competitor H & M, which shoots up 8% after announcing its results and anticipating the good progress of the summer.

Grifols also rises with enthusiasm (+ 3.8%), following a positive JP Morgan report; and the paper company Ence (+ 3.8%), which truncated its bearish run of the last sessions.

There is also talk of a news item published by Bolsamanía this Wednesday. The sovereign fund of Norway has bought 3% of Telefónica (-0.9%) valued at 1.14 billion. After declaring control over 3% of the capital of CaixaBank, yesterday it surprised with that purchase in Telefónica and already controls almost 10 billion in Ibex companies.

In other markets, Brent oil falls 0.2% to 66.35 dollars. In addition, the euro falls in value by 0.03%, to $ 1,1365. For its part, the Spanish risk premium falls to 69 points and the yield on the Spanish 10-year bond remains close to its minimum record of 0.4%.

MEETING BETWEEN TRUMP AND XI JINPING

The expectations regarding the meeting of Xi Jinping and Donald Trump do not go beyond a possible thaw of the negotiations, stalled since the beginning of May, when Trump announced that he considered them broken.

Their last meeting at the summit of the G20 in Buenos Aires in December, delivered a commercial truce of 90 days. The experts expect something similar. If either party gets up from the table, then the market would react clearly to the downside. If there was an agreement, which is unlikely, then the opposite would happen.

In the economic scene, several relevant macro data have been published. In Spain, the CPI fell four tenths in June, to 0.4%, its lowest level in almost three years. And in the US, the GDP of the first quarter has remained at 3.1%, according to the latest revision, in line with forecasts. The macro data is still very relevant at a time when the economic slowdown is a big concern and in order to determine how the central banks will act.

On Thursday, the first democratic debate to select a leadership candidate ahead of the presidential elections in the United States in November of next year will be held. The topic of immigration, after the dramatic image of the drowned migrant in the Rio Grande with his daughter, has marked the meeting. Shortly after starting, Trump wrote on his Twitter account "BORING!".

THE IBEX MOVES AWAY FROM RESISTANCES

"Session to forget this Thursday, although in fact we can say the same of the last three, where prices have closed virtually unchanged, and it seems that everything will continue this way while waiting for the two-day G20 meeting that begins this Friday, maybe a statement will come out that will cause prices to move out of this tense but relatively calm state, but where will they break? "asks José María Rodríguez, analyst at Bolsamanía.

"The truth is that if I look at the major European indexes (Dax, Cac and Euro Stoxx) I would say that they want to attack the resistances they have at last week's highs, but the Ibex case is different since the banks continue doing nothing except for small rebounds that are followed by stronger falls", adds this expert.

"For the time being, it is no small thing that we highlight the strength that one of the major engines of our market has switched on: Inditex, which has overcome resistances and seems to be heading towards the next resistance level, which it presents at the annual highs (27.68) ", concludes Rodríguez.