The Ibex deflates burdened by Inditex and Telefónica

The most bearish value of the day has been Cellnex, which has fallen by 3%, to 21.58 euros, to adjust to the price of 21.50 euros that Atlantia will pay to take over 29.9% of the capital held by Abertis, within the joint tender offer that the Italian group and ACS have agreed on the infrastructure operator.

After Cellnex, Inditex (-1.8%) has once again confirmed its stock market weakness in recent months. The parent company of Zara has closed at levels of 24.50 euros and has been one of the biggest burdens for the Ibex. Another value that’s going through a rough patch is DIA, which has dropped 1.6%. Among the large securities, Telefónica fell by 0.44% and BBVA by 0.38%.

In positive, very few values. The most bullish was Indra (+ 1.9%), followed by Repsol (+ 1.5%), Red Eléctrica (+ 0.8%), Bankinter (+ 0.7%), Santander (+0.6) %), Endesa (+ 0.4%), Gas Natural (+ 0.4%) and Iberdrola (+ 0.2%).

In the Continuous Market, the strong earnings for Audax Renovables have once again stood out, which has jumped 27% and is now almost 400% up so far this year. Other very bullish values ​​have been Biosearch (+ 31%), Solaria (+ 10%) or Ezentis (+ 7%).

EASTER, PUIGDEMONT AND PROTECTIONISM

The fact that this week is Easter (the stock markets close on Friday) will cause the volume of business to suffer and it is likely that more sudden movements will result from that lower volume, which usually generates greater volatility.

While waiting for what happens with the stock market, national politics is, without any doubt, the great news of this Monday. The arrest of Carles Puigdemont, former president of the Generalitat, this Sunday in Germany, is what is spoken today in all media. According to the latest information, this weekend there have been more than 100 injured and six arrested in riots in Catalonia. All this, waiting for Puigdemont to appear this Monday before a German judge. Ultimately, it will be the German justice that decides whether they extradite him or not to Spain.

For the rest, at the international level, there is still talk of Donald Trump's tariffs on China worth 60,000 million dollars and the possible response of the Asian giant. It should be remembered that the measures have a consultation period of 30 days before they take effect. The Wall Street Journal publishes on Monday that China and the United States are negotiating "quietly" to reach a trade agreement.

Finally, we mention the statement made by the managing director of the International Monetary Fund (IMF), Christine Lagarde, who has proposed an "emergency fund" to combat the rise of protectionism and populism. In addition, Jens Weidmann, president of the German central bank, has also appeared and reaffirmed his forecast of a rate hike by the ECB in 2019.