When it is not Turkey ... it is Argentina. The Ibex 35 has fallen 1.06% and has lost 9,500 points (9,467.60), weighed down by a new collapse of the Argentine peso, which has affected large companies such as BBVA, Inditex, Teléfonica and Santander.
The operators have focused their attention on the brutal collapse of the Argentine currency, which continues to sink in its change against the dollar (-11%) and the euro (-10%), which has forced the Central Bank of the country to raise interest rates in no less than 15 percentage points, up to 60%.
Investors still do not trust the government of Mauricio Macri, which in turn is a new source of uncertainty for large Spanish companies operating in the country. Proof of this is that DIA has fallen 4.15%, followed by BBVA (-2.75%), Telefónica (-2.11%), Inditex (-2.06%) and Santander (-1.89%). %).
The Basque bank is thus affected by two situations, as the crisis of the Turkish lira remains among the investor's efforts, with the Ottoman currency immersed in a downward path since the beginning of this week. With a 10% cut in the price of the currency, it approaches the 6.60 lira per dollar, while the crisis in the country will not ease in the short term, according to analysts.
Inditex has also failed to react after its collapse on Wednesday, despite the fact that the parent company of Zara has received a favorable report from JP Morgan, which gives a target price of 35 euros.
For its part, Santander has touched minimums of the year, below the 4.3 euros per share. The entity chaired by Ana Botín is thus at levels that were not recorded since December 2016.
In positive, they have closed very few values. The most profitable were CIE Automotive (+ 1.1%), Mediaset Spain (+ 1%), Repsol (+ 0.3%) and Ferrovial (+ 0.2%).
In the main board, Abengoa (-8%) continued its decline, reaching 15% in the first tranche of the session, after the National Securities Market Commission (CNMV) warned that if the 'split' flourished it could incur market manipulation. In addition, Prosegur, with strong interests in Argentia, has dropped 5%.
REST OF THE MARKETS
In the rest European stocks, the main indices of the Old Continent have listed falls, although more moderate (Dax 30: -0.47%, Cac 40: -0.4%, Ftse 100: -0.65%). All this in a day in which there has been an 'impasse' in the negotiations between the US and Canada for the country chaired by Justin Trudeau to join the US-Mexican agreement.
The new treaty, called to replace the North American Free Trade Agreement (NAFTA), enters a critical phase, 48 hours before the deadline imposed by US President Donald Trump for the bilateral agreement to expire. in trilateral.
However, the Republican President has been optimistic and has assured that Canada will join the trade agreement before the negotiations expire. Wall Street is trading with soft falls after both the S & P 500 and the Nasdaq have set four consecutive records in recent days.
In Asia, the weakness of the Chinese stock markets (Shanghai: -0.79%, Shenzhen: -1.29%), which accumulate three consecutive sessions of falls, has overshadowed the good news coming from the US. In the commodities market, Brent oil rose 0.5% to $ 77.51, while an ounce of gold dropped by 0.4% to $ 1,206.
RALLY OF THE POUND
In the currency market, the euro depreciates 0.4% against the dollar, up to $ 1.1661. But the big news of the day is the rally of the British currency above $ 1.30, after the words of encouragement of the chief negotiator of the European Union (EU), Michel Barnier.
Barnier said that Brussels is preparing to offer a satisfactory agreement for the United Kingdom, although London should not expect a "market à la carte". After the comments, the currency of the United Kingdom climbed to three-week highs, marking its highest earnings in a day in the last seven months.
TECHNICAL ANALYSIS OF THE IBEX 35
"New signal of weakness in the Ibex 35, which seems determined to test the key support that it has in the annual minimums, the 9.327 point. Appart from ocasional rebounds we do not have the slightest sign of strength anywhere ", says José María Rodríguez, an analyst at Bolsamanía.
"The new historical lows of the Argentine peso against the dollar, the almost new lows of the Turkish lira against the euro and the contagion effect that is also reflected in the Brazilian real only weaken our selective every day that passes," he adds. this expert.
"So," Rodríguez continues, "we have Santander at the lows of the year (and at the end of 2016 levels), Telefónica drilling support at 7.16 euros and Inditex giving continuity to the collapse from Thursday. And so it is impossible to get on our feet. "I would dare to say," concludes this expert.
