The Ibex 35 loses the 10,200 points pressured by Catalonia

The two Catalan banks have been the figures that have registered the worst behaviour of the Ibex. Caixabank has dropped a 3.6% and Sabadell a 3.43%. The result of the elections has brought the uncertainty back to Catalonia and the triumph for the independence block could put investments in the region and the country at risk.

Almost all the Ibex figures have closed in red, especially those who have any relation with Catalonia, for example Merlin has dropped a 1.8% and Inmobiliaria Colonial that has dropped a 1.9%. Also to highlight the falls of the five big fishes of the selective in Banco Santander 2.15%, in BBVA 1.47%, in Telefónica a 1.29%, Iberdrola a 1% and in Inditex a 1.1%.

This Friday only six values have closed in positive. Endasa has been the one that has led the rises with an increase of 1.23% up to 18.9 euros. It also should be highlighted the increase of 0.55% with which Grifols has closed, the Catalan company that hasn’t changed its social base and that 60% of its income comes from the US, so it has benefited by Trump’s tax reform.

In spite of the pronounced fall this Friday and the one on Thursday, the selective has closed this week with a rise of 0.3%.

THE IMPACT OF THE ELECTIONS

The elections of the 21-D in Catalonia have pointed to Ciudadanos as the most voted party. Nevertheless, the independence block counts with an absolute majority in parliament. With this situation, the analysts point to Mariano Rajoy as the biggest loser in last Thursday’s electoral night.

“The results of the regional elections in Catalonia are a call of attention for the Spanish PM, Mariano Rajoy, who suffered great defeats”, highlight the experts at the German bank Berenberg. In their report, they suggest that the first hit was received with the advance of the three separatist parties “in spite of Rajoy’s efforts to reduce the power of the independence movement after the illegal referendum of October”.

With all this uncertainty, the premium risk has seen itself affected and has managed an increase of 4%, nevertheless it has closed with a fall close to 2% to 104.7 points.

OTHER MARKETS

The rest of the European stocks have closed in red. The London FTSE100 has only listed half a session and has closed at 13:00 with a fall of 0.15%. The French CAC 40 has dropped a 0.39% and the German DAX 30 a 0.28%. On the other side of the Atlantic, Wall Street takes a big breath before Christmas and their main three index list falls.

As for the data agenda of the day, GB’s third trimester GDP is out. The British economy grew a 0.4% in this period in comparison to the last trimester of 2016. The estimation was released by the ONS.

The French GDP has also been made known. The French economy grew more than expected in this period 0.6%. Also some of the personal income and expenditure in November in the US was made known.

TECHNICAL ANALYSIS

José María Rodríguez, the technical analyst in Bolsamanía, has pointed out that the “good feeling” that we experienced on Thursday hasn’t been of any use this Friday since we have retraced our steps. Everything is left just as it was, in no man’s land”. He also adds that we are probably closer to the support zone of (9,900) than of resistances (10,600) and until we don’t go over November’s maximums there is nothing we can do.

“If we look at our European neighbours, the last days of falls have taken them to the bases of the lateral movements of the last month. And let’s cross our fingers so that they don’t break if we want to attend a new corrective path”, explains the expert. Unless while we don’t break the 9,900 points we can say that the turn of trading, in this case is lateral. On the other hand he reminds everyone that the European stocks, like the Ibex, don’t open until the 27th. “Or what is the same, there are only three more sessions until the year ends”, he concludes.