The Ibex 35 starts October with a slight rebound (+ 0.19%) to 9,407, driven mainly by Inditex (+ 1.3%). The profits of the Spanish selective have been reduced in the last hours of listing and have moved away from their maximum of the day (9,475.2 points).
- 11.531,600
- 0,50%
The textile giant has been the blue chip (or 'heavyweight') that has increased in value this day the most, although another of the great values, BBVA, has also been an important driver of the selective throughout the session.
On the other hand, the companies that have climbed the most on Monday were Amadeus (+ 2.55%), Ferrovial (+ 2.41%) and Viscofan (+ 2.15%). Meanwhile, those that have experienced the biggest drops were Siemens Gamesa (-4.31%) and IAG (-2.13%). The latter has been dragged, like other airlines, by the sharp falls that this Monday suffered by Ryanair after launching a 'profit warning'. In the morning, it has yielded up to 3%.
POLITICS THE MAIN FOCUS
In spite of everything, politics has taken practically all the attention of the investors this Monday. Here in Spain, Catalonia has been (and continues to be) today the protagonist on the first anniversary of the illegal referendum on October 1. In addition, Italy and its budgets for 2019, which hit the stock market prices on Friday, are still very present. Likewise, in the United Kingdom, the Conference of the Conservative Party began this Sunday (it extends until Wednesday), and the meeting will be especially interesting in the final stretch of the agreement for the Brexit.
"The concern for the sustainability of the debt has clearly returned to the markets and we maintain a cautious stance towards Italy, especially due to the possible negative reactions of the rating agencies," the Danske Bank experts warn. "In our opinion, the 2.4% deficit target set by the Italian government is likely to cause declines in agency ratings," they add.
During this weekend, the finance minister, Giovanni Tria, said that Italy aims for an increase of 1.6% in 2019 and 1.7% in 2020. "The detailed document on which the deficit is based has not yet been published but, at first glance, the rising scenarios seem optimistic ", indicate the experts of the Danish bank.
As for the rest, October has started in the markets with many doubts, precisely because of the omnipresence of politics. The analysts consulted by Bolsamanía warn that this issue, and especially the Italian issue, could cause falls instead of opting for a rebound from a floor that, more or less, would have already been marked.
OTHER STOCKS
All in all, outside Spain, the main European stock exchanges closed with a mixed sign, with earnings in the Paris and Frankfurt stock exchanges prevailing, while those in London have suffered slight losses.
Meanwhile, on the other side of the pond, Wall Street is trading with 0.7% increases on average in its three main indices at the close of the Spanish market, due to the agreement that the United States and Canada seem to have reached on Nafta. After the disagreement between the American president, Donald Trump, and the Canadian prime minister, Justin Trudeau, in the United Nations, there was skepticism about the possibility of reaching a pact that finally seems to have been achieved.
Regarding the macro data of the day, the signing of mortgages in Spain soars 14.6% in July. In addition, retail sales increased 0.3% in August. European PMIs have, in general, been online or below expectations. In the Euro Zone, the manufacturing PMI stood at 53.2, below the estimated 53.3. Likewise, the unemployment rate in the Euro Zone falls to 8.1% in August, the lowest in a decade.
TECHNICAL ANALYSIS
José María Rodríguez, technical analyst of Bolsamanía, does not like the close this Monday in the Ibex because it takes place far from the maximum of the session. "In the short term, we can only stick to very short-term support (Friday's minimums), at 9,300 points, and below there is nothing until the annual minimums at 9,111 points," explains the expert.
"At the top, as you know by heart, the endless 9,671 points." On the last rebound, the Ibex was only six points away from that resistance, so again, we have a new decreasing maximum, the sixth from the last. maximum of May in the 10,291 points ", adds Rodriguez.
"Or in other words, only above the 9,671 points in closing prices (and be able to be in weekly candles) we can look at our selective with different eyes, meanwhile, more of the same, rebounds, strong rebounds within a trend that remains bearish ", concludes the technical analyst.
