Telefónica rescues the Ibex this Friday. The operator leads the selective along with Indra, which rose over 4%. Cellnex and Ferrovial also rise while banks turn red. The Spanish index now falls minimally and trades at 8,990 points. At the moment, the Ibex rises 2.3% in the accumulated oof the week which was marked by an improvement in the geopolitical context, especially Brexit and the relations between China and the US.
- 11.659,200
- 0,35%
Indra's steep rise comes after the Spanish government has chosen him as the national industrial coordinator of the future European fighter jet. For its part, it has been known that Telefónica is studying selling its subsidiary in Ecuador and starting a share buyback program to curb its stock market crisis.
On the loss side, the fall of 4.26% of Melia Hotels stood out. The losses in Enagás (-3.72%) and Naturgy (-2.36%) have also been noteworthy, just on the day that the Government and the CNMC try to get closer after the differences regarding the cuts of remuneration to the electricity and gas sector.
ADVANCES IN THE TRADE WAR
On the other side of the Atlantic, Wall Street continues to expand its rebound and, with the gains of 0.2% recorded at the close of the market in Europe, It chains three consecutive sessions on the rise. Even so, employment data in the US has been worse than expected, which prevents a greater rise in New York's parks. The parquets of the Asian continent have also been very animated this morning, where green numbers abound in all indexes, encouraged by the new round of commercial talks that will begin in October between China and the US.
The Chinese Ministry of Commerce confirmed that both countries had a telephone conversation on Thursday and agreed to meet in early October in Washington. This would mark the thirteenth round of trade negotiations in 18 months, after Washington and Beijing have applied tariffs on billions of dollars in goods from both sides.
The other big engine of this week's markets, Brexit, returns to the starting box. Negotiations between the United Kingdom and the European Union (EU) return to the same point they were in March, when the 'expremier', Theresa May, began asking for an extension to the community leaders.
This Friday, the House of Lords will ratify the law passed by Parliament this week that forces Boris Johnson to request a new extension until January 31 if there is no agreement before mid-October for an orderly Brexit. However, the prime minister has stated that " I would rather be dead in a ditch" than ask for more time. In the midst of this chaos, the Ftse 100 has closed with a slight rise of 0.15%.
TECHNICAL ANALYSIS
"The Ibex closes the week with a positive balance close to 2%, which is not bad. We have managed to leave behind the important resistance of 8,900 points, but in the short term the daily overbought is very strong (not the weekly nor monthly) ", points out José María Rodríguez, analyst at Bolsamanía.
"If we add that to that the upward gaps, not filled out, that we have left in recent days, we can bet on a short-term corrective scenario before trying to reach higher levels. Thus, in the very short term we now have support in the area of the approx. 8,850 points: where the very short-term acceleration line passes. The one that joins the rising minimums since the August lows (8,410), "he adds.
"Above, on the resistance side we have an important area of congestion around 9,050 points (61.8% of the entire fall since the end of July). Meanwhile, the rest of our European neighbors continue to show in general, stronger than our selective lines. And let's not talk about Wall Street, since we have the S&P 500 at less than 2% of the historical maximum (3,027.98) ", concludes this expert.
