Ibex 35 has closed in daily lows (-1.51%; 9,931 points) dragged down by Telefónica (-3.8%), which has fallen sharply after announcing its results, Santander (-1.74% ), Iberdrola (-1.65%) and Inditex (-1.56%). Repsol(-0.45%) also published very negative figures, but it had already anticipated them because of its change in strategy towards low emissions. On the positive side, very few ACS (+ 3.4%) and CIE Automotive ( + 1.36%).
- 11.656,600
- 0,39%
Telefónica has announced a 65.7% drop in its net profit in 2019, worse than expected by experts, who expected a 30% cut. Analysts point out that these figures, again affected by extraordinary ones, have been "weak."
President José María Álvarez-Pallete has ruled out any short-term action to boost the share price. "We could sell the fiber network in Spain, but it is a unique asset. Sooner rather than later there will be a surge of investment," Pallete concluded.
For its part, Repsol lost 3.9bn last year due to the accounting adjustment of 4.9bn to be a zero-net company in 2050. It has also confirmed that it will maintain its position in Venezuela to "protect the position of its employees and guarantee the security of its operations ".
The Federal Reserve (Fed) minutes, which were published yesterday afternoon, are still 'kicking'. They showed that Fed officials, while maintaining their confidence in the US economy, have reservations about any future effects that the coronavirus may have on the US economy and also on the world economy.
"With a slightly different composition this year, as four new Fed rotating presidents entered the voting cycle, it was quite clear that US policy makers are in no hurry to move rates again in the immediate future," notes Michael Hewson, director of analysis at CMC Markets in London.
Wall Street marked in the last session new historical highs, but this Thursday it falls over 1%. Experts point out that the belief that central banks and governments will move token to compensate for the economic impact of the Wuhan virus with monetary and fiscal stimuli is driving the markets.
As for appointments of the day, the vice president of the ECB, Luis de Guindos spoke today who warned that the coronavirus could affect growth. In other markets, Brent oil rebounds 1.1%, up to $ 59.87. In addition, the euro trades flat to $ 1,0803, while the profitability of the 10-year Spanish bond relaxes to 0.23%.
TECHNICAL ANALYSIS
"The falls of this Thursday mean nothing after a 'rally' of almost 8% since the first session of February. And this takes away 'momentum' (cruising speed) from our selective. That is, although it is true that we have not drilled any support it is hard for me to believe that we can continue climbing positions without first draining / adjusting part of the last climbs proportionally, either by corrections of a certain intensity or time consuming, or what is the same , deploying a broad lateral movement, "says José María Rodríguez, analyst at Bolsamanía.
"Moreover, a potential correction towards 9,700 points would be something of the most normal thing in the world. The falls of Telefónica stand out as minutes after opening the market fell 6%. In the end, what the price is inditacting is that the attempt to attack the bearish guideline of recent years, which goes through 6.80 euros, will be for a better time. As for Repsol, it is important that it stays above the support of 12 euros if we don't want to start seeing ghosts in the oil company, "concludes this expert.
