The Ibex approaches 9,900 points driven by banks

The Italian and European stocks have benefited from the statements of the Italian Finance Minister, who has said that the permanence of Italy in the euro is not being discussed. The Spanish risk premium now falls by 6.1%, to 95.90 basis points, and the Italian is up almost 12%, to 234.40 basis points.

Giovanni Tria has granted his first interview after taking office and has declared that Italy's exit from the euro was not under discussion, that the debt / GDP ratio should have decreased and that the country should prioritize structural reforms over deficit spending "The statements were well received by Brussels and by the markets." Tria also pointed out that the budget for 2019 was prepared after a continuous dialogue with the EU, "explained the experts at Danske Bank.

THE BANK PROTAGONIZES THE INCREASES

Back to the ibex, the banks were the main risers today. Although the most bullish value of the session was Indra (+ 4.5%), followed by Bankinter (+ 3.75%) and Banco Sabadell (+ 3.25%). Following closely, CaixaBank (+ 2.99%) which on Monday received a good rating from Deutsche Bank analysts for the repurchase of 51% of Servihabitat for 176.5 million euros.

Banco Santander, on the other hand, has risen more than 2.6%; Bankia, more than 2.1%; and BBVA, more than 2.07%. In addition, the rest of 'blue chip' or 'heavyweights' have also shown good behavior on Monday. For example, Inditex starts the week in which it presents quarterly results with a rise of more than 1%.

ONLY FOUR IN RED

Catalan firm Grifols started in green today, after the analysts of Citi have raised their target price to 31 euros and have reiterated their recommendation to 'buy'.

Meanwhile, only four firms closed with falls on Monday. The 'red lantern' has been Técnicas Reunidas, followed by Mediaset, Acciona and Aena.

A WEEK FULL OF REFERENCES

This is the start of a key week that will be full of references. This Tuesday the president of the United States, Donald Trump will meet the leader of North Korea, Kim Jong-un. On Wednesday, the Federal Reserve (Fed) rate decision will be announced, and on Thursday, the European Central Bank (ECB) has to say about its monetary policy. On Friday there will be expiration of options and futures on both sides of the Atlantic.

It will be a very intense week even if we don't take into account national politics. Also, this Monday we have experienced the "hangover" of the G7 summit this weekend, which Trump abandoned and paid for an agreement to reduce trade and tariff barriers. The president of the United States even threatened to stop negotiating with countries that do not reduce their tariffs on US products. Angela Merkel, meanwhile, confirms that the European Union (EU) responds to Washington's decision to impose levies on steel and aluminum that comes from Europe.

"Relations between the United States and Canada have deteriorated, as Trump called the prime minister, Justin Tradeau, 'dishonest and weak' (...) Canada imposes 270% duties on certain US dairy products and Trump did not hesitate underline it, "says CMC Markets expert David Madden.

According to Ramón Morell, expert at ETX Capital, investors face "one of the most interesting weeks for the markets", and remind us that by Wednesday there could be a quarter of a point raise in interest rates by the Fed."

Also, during the week IPC data will be sent in Europe and the United States. These references are "an excellent marker of the progress of the economy and a reference for central banks in their monetary policies," they say from ETX Capital

TECHNICAL ANALYSIS

For José María Rodríguez, a technical analyst at Bolsamanía, the session with which we have started the week has been "very interesting. We have woke up this Monday with a bullish gap, at the same price level as the bearish hole of last Friday's session, so that the candle on this Monday is isolated, as if it were from a small island. "

"This type of turnaround figures tend to bring important price recoveries, now we have to be able to reach the maximums of last week in closing prices (9,940), in which case we can not rule out even a return to the maximum of May at 10,290 points, "says Rodriguez. "And above, we need the long-awaited figure that never ends, but we go step by step."

"So, to maintain the short-term bullish bias and more after today's candle we will demand it at the price that respects it at all times, the opening bullish opening, at points 9746. Or in other words , that does not close below the close of Friday in the next few days, "concludes the technical analyst.