• The BCE has held a monetary policy meeting in which it has maintained the rates
  • Draghi walks towards a gradual withdrawal of stimulus due to the absence of inflation pressure
  • ACS has rocketed a 7% after conversations for a truce in the OPA have been announced
cbdraghi6 short

The Ibex 35 has reacted in a positive way to the President of the ECB, Mario Draghi’s words. The index has risen a 0.43% up to 9,641 points after Draghi’s message of a gradual withdrawal of stimulus due to the absence of an inflationist pressure. The euro has suffered the words of the president and has fallen 0.6% versus the dollar.

IBEX 35

  • 11.646,000
  • 0,50%

Returning to the index, In Spain, the center stage is for ACS that has shot 7.4% up to 29.12 euros after it announced it’s truce with Atlantia to acquire Abertis. Nevertheless the concessionaire has suffered a 4% fall and has been the red lantern of the session. ACS and Atlantia are considering listing a joined IPO on the concessionaire or any other forual to then reach and agreement on the giving out of the company’s assets.

In the highest part of the table, Florentino Pérez’s company has been followed by Indra that has risen 2% and Telefónica that has risen 1.92%, despite having opened in red. The telecommunications company is considering selling the shares it possesses in its subsidiary Telefónica Deutschland.

On the other hand on the bottom part of the table, Abertis has been followed by ArcelorMittal that has dropped a 1.45% and by Bankinter, with a fall of 0.72%. All the heavy weights of the index have risen. Also an important advance from Telefónica, Iberdrola 1.34%, BBVA 0.5% and Banco Santander 0.3%. On the other hand Inditex has remained at 23,94 euros.

“NO INFLATION PRESSURES”

The ECB has modified its speech to discard the possibility of amplifying the clume and duration of the asset sale in the market. Although the president has said that whatever he does won’t be drastic and that the measures will be gradual. Especially due to the lack of inflation pressures.

A speech that has been celebrated by the European stocks with general rises. The French CAC 40 has advanced 1.4%; the German DAX 30 a 1% and the FTSE 100 in London a 0.68%. Nevertheless the euro hasn’t received the news well and has listed 0.6% falls down to 1,2330 dollars. On the other hand, Wall Street lists small rises.

On the other hand, the publishing of the German manufacturing results for January will be known and in the US the weekly allowance requests. In China the February imports and exports data have already been published, “with the behaviour happily surprising in the two first months of the year, which is positive for economic growth for the Asian country “, Link experts say.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst in Bolsamanía, points out that “despite the Thursday rises, the truth is that our European neighbours have fared better than the Ibex. Nothing new on the other side, since we know that the special weakness that our index is going through”. From the point of view of the graphs we have a problem, the numerous resistances that we have from here to 9,900. In fact we have a resistance in the last of the bearish gaps (9,738) and over we have the gap of 9,840 and the famous 9,900-9,940 points.

As we can see there are many resistances that we have to try and leave behind to get closer to the one that matters (9,900). Having said this if we only loom in the big three European indexes (Dax, Euro Stoxx 50 y Cac 40) I would say the have respected supports and want to set their path to their very own key levels. Nevertheless our index is onto something else. “In general it seems to be getting better in the European indexes, it is a whole different thing that the Ibex is capable of imitating them”, concludes the analyst.

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