The Ibex (-0.66%) manages to keep the 8,800 points despite Brexit and China

In the business sector, we must also highlight Repsol, which has received a reduction in the price of its shares by HSBC (to 17.7 euros from 19 euros). The shares of the oil company fell over 2% upon hearing this news, but closed the session with a drop of half a percentage point.

On the earnings side, the most bullish company was Cie Automotive, with a rise of 1.59%, followed by Ferrovial and Técnicas Reunidas, which added 1.19% and 1.03%, respectively.

BREXIT

Aside from the business results, all focus is on Brexit and what will happen on Tuesday in the vote in the Commons. Investors will remain cautious until they see if the British Parliament, as expected, votes 'no' to Theresa May's plan for the United Kingdom's exit from the European Union (EU).

Different scenarios are considered if this happens, although the one that is most likely is that of an extension of article 51 until a new plan is negotiated.

On Brexit, Jasper Lawler, analysts at London Capital Group, sees the 'glass half full' and points out that it is possible that Tuesday's vote "puts an end to the chaos that is coming." Regarding the macro data that will be published in the Euro Zone this week, "they are expected to show an economy that is pending momentum and lowering inflation, yet Europe is not going to give reasons for joy this week", adds this analyst .

On corporate earnings in the US, he expects "earnings to increase at a slower pace than originally assumed. Analysts have reversed their earnings expectations faster than usual causing this, "Lawler says.

The European indices have fallen back this Monday, especially in London, which has dropped 0.9%. Even so, the stocks of the Old Continent have managed to reduce losses, since at various times of the session they have quoted with falls exceeding 1%.

MORE BAD DATA FROM CHINA

On Monday more macro data from China that does not convince the market and that has hurt the indexes. The contraction in Chinese exports intensifies fears of a slowdown in the world's second largest economy.

The market is very susceptible to this issue after, since the beginning of the year, several negative data have been published in China amid the growing fear of a slowdown in global growth. Data on Monday showed that imports fell 7.6% year-on-year in December while analysts had forecast 5%. On the other hand, exports unexpectedly fell by 4.4%, defying the projections of gains of 3%.

Regarding the macro data of the day, the industrial production of the Euro Zone has fallen by 1.7% in November, above the estimated -1.5%.

In the raw materials market, the Brent crude oil barrel, a benchmark in Europe, drops 0.76% at the close of the Spanish market, but manages to maintain 60 dollars (60.02 dollars). In the currency market, the euro increases in value to $ 1.1478.

TECHNICAL ANALYSIS

"The Ibex starts the week in red but at least closes relatively far from the day's lows, in any case, the falls have no implications whatsoever within the bounce structure initiated at the end of 2018," José María Rodríguez, analyst at Bolsamanía.

"In fact, it would not be at all strange for prices to remain on the side for a while, before trying to set course for the important resistance of the approximately 9,200 points, which is where the downward guideline passes from the May highs. presents in the 9,265 points is of greater relevance because it is the maximum of November and December, "he adds.

"Only above this resistance we would begin to think that the movement of the Ibex can be something more than a simple rebound, but meanwhile, the maximum and minimum decreases are impeccable and thus do not rise in a trend," the analyst concludes.