The Ibex 35, with a minimum of intraday at 9,036 points, closes the session at 9,106 points, with a fall of 0.42%. Most of the European indices have nothing to do with the uncertainty that has been unleashed in Italy, which has decided not to modify the Budgets in Brussels. On the other hand, the market reacts to the agreement for the Brexit.
In the Spanish stock market, Técnicas Reunidas has been distributed by 4% after the Kepler experts have updated their recommendations. Positive day also for DIA, with a rise of 2.37%, after the sharp falls of the session on Tuesday.
On the other hand, most of the values were in red, with CIE Automotive (-2.51%) as the most bearish value of the session, together with Acciona (-1.92%) and Inditex (-1.53%). Also falling, Telefónica (-0.25%), Santander (-0.26%) and Repsol (-1.02%), after the heavy oil deployment of yesterday's session
In the Continuous Market, a drop of more than 18% for OHL pending the presentation of "weak" results at the close of the market. Also falls of more than 17% for the shipment of losses of 55 million.
PharmaMar has also been the protagonist after announcing an advance in its clinical trial on lung cancer. In spite of everything, the pharmaceutical company has collapsed 15.3% in the session.
NO FROM ITALY
The Italians have taken to the extreme of their 'cockiness' and not only have they not changed the objective of the deficit in their budget for the year 2019 but apparently, they have not changed anything. Now we have to see what's the response from Brussels.
A new rejection of these Budgets is anticipated. The market expected Italy to stand up to the European Commission (EC). The euro rises to levels of $ 1.1316.
THERESA MAY AND BREXIT
"Brexit is at the focus of Europe as Theresa urges her cabinet to sign off the Brexit agreement. We hope that it will also be accepted by the leaders of the EU without major problems ", indicate the experts from Danske Bank.
The DUP of Northern Ireland and the Labor leadership have already given their approval, and it seems that fear has become an element favorable to moderate conservatives and Labor MPs voting in favor of it.
A possible EU summit on Brexit is expected on November 25, while voting in the House of Commons could take place on December 10.
Oil continues to have a major role, bouncing after the collapse yesterday. Yesterday it fell by 7%, but this Wednesday it rebounds over 1% (Brent: $ 66.4, West Texas: $ 56.4).
TECHNICAL ANALYSIS
The Ibex 35 has finished this session away from the maximum of the session, but also the minimum. According to Jose Maria Rodriguez, technical analyst of 'Bolsamanía', the result of this day "is not bad considering that we have dawned with a bearish gap and reached to fall above 1%".
In spite of everything, the expert indicates that "everything is the same as it was last week", and he remembers that there is a gap that has been filled almost entirely. "But the important thing is today that gap has not been closed," adds the analyst. "As long as this gap remains there, we will not lose hope that sooner it will address the resistance that it presents in the bearish guidance of the last six months: 9,400 points," he concludes.
