The Ibex falls 0.5% but keeps the 10,000 points

Within the Ibex, the volatility in Grifols stood out, which ended up being the most bullish value (+ 2.46%) after publishing its first quarter results. In the top of the table have followed Amadeus (+ 1.21%), which will report to the market this Friday, and Cellnex (+ 0.94%).

On the other hand, the values ​​that have dropped the most this session have been Indra (-3.79%), Bankia (-2.82%) and Caixabank (-2.11%). Also the 'blue chips' (or 'big values') of the Spanish index have been dyed red this session, with strong or moderate drops, except Repsol (which this Friday presents its accounts for the first three months of the year).

Today the focus continued on Telefonica, yesterday failed to close in green while almost all the Ibex values ​​rose. Today has closed with a fall of 0.63%, at 8.367 euros per share.

Meanwhile, investors have continued to focus their attention this Thursday on business results. Axa, Adidas or Bayer have published their results, among others. In Spain, Unicaja has announced a profit of 57.4 million euros in the first quarter (13% higher).

CONTINUOUS AND OTHER BAGS

Regarding the main board, Oryzon Genomics has shot up this session by 19.96%, to 2,825 euros per share, after Roth Cital Partners has published a report in which it gives the company a target price of 15 euros.

Outside of Spain, the European stock markets have opted, like the Ibex, for moderate falls (between 0.2% and 0.9%) after the increases of the last day and after Wall Street ended yesterday with declines in the 0.7% on average.

In this session on the New York Stock Exchange, it is worth noting the 20% drop in Snapchat after publishing results that the market did not like, although the losses at the end of the Spanish market were 1.6%. In addition, they also highlight the decline in Tesla stock after publishing its results early in the morning.

For its part, in Asia, the stock markets have closed with mixed earnings, although with a predominance of red numbers while the meeting between Chinese and American officials is taking place (Thursday and Friday) to arrive to an agreement regarding the trade war between the United States and China.

Treasury Secretary Steve Mnuchin, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer are among the US officials participating in the meeting. The talks are taking place after President Donald Trump proposed tariffs on China and the Asian giant would respond.

MACROECONOMIC REFERENCES

As for the rest, regarding the meeting of the Fed last session there is little news and all the attention already put on the meeting in June, when it is expected a rate hike. Barclays experts say that the general tone of the FOMC shows that "it feels comfortable to gradually normalize the policy," and reaffirm their forecast that there will be a rate hike in June. In addition, they point out that the Fed's statement suggests that inflation rates higher than expected will not lead, by themselves, to the Committee's decision to alter its monetary policy roadmap.

On the data front, inflation in the Euro Zone moderated to 1.2% in April. In addition, the European Commission has published its spring forecasts. It has worsened its deficit estimates for Spain but expects higher economic growth in 2018. The EU Executive presented on Wednesday a proposal for its next budget (to apply from 2021 to 2027). This has been met with some criticism by some countries that are not willing to increase their contribution to the EU budget to compensate for the departure of the United Kingdom.

TECHNICAL ANALYSIS

"Fall session on Thursday that actually has no implications of any kind, in fact a fall to the support of 9,940 points, before strong resistance, would fit absolutely within the normal parameters." This is how José María Rodríguez, technical analyst at Bolsamanía, sees today's session.

For him, the "million dollar question" is whether it will close or cancel "the weekly bearish hollow of early February, which is where we have significant resistance." "Therefore, we understand that today's falls are a simple pause along the way," he adds.

"Of course, provided that on the other side of the Atlantic (which again shows signs of weakness) respects at all times the supports presented at the minimum February," says the expert. "Drilling them would be a more than worrisome sign of weakness that would end up dragging the whole of the global stock markets and therefore the European ones," he adds.

"Without being a precedent, it is striking that while Wall Street has bounced around 4% from annual minimums, European stock markets have done so by 10% .Or what is the same, the stock exchanges of the Old Continent are recovering a lot. better than Wall Street In fact, if we look at the graphs of the main European indexes (Dax and Euro Stoxx 50) these present clear figures that would point to the annual highs that were reached at the end of January. permission from Wall Street ", concludes Rodríguez.