A very volatile day in the Ibex 35, which has marked a minimum of 8,947 points but now rebounds 0.3%, to 9,037 integers. Banks are the main protagonists of the day. At first, they have registered strong falls after the decision of the CJEU on the IRPH (Reference Index of Mortgage Loans). However, financial institutions have turned around and lead the rises, discounting the market that the decision is not as adverse as it had initially been valued.
- 11.656,600
- 0,39%
The lawyer of the high court has positioned itself in favor of the client when considering that the application of IRPH can be judicially controlled, that is, that it can be filed. In his opinion, which is not binding, it may be the courts that determine whether it is abusive or not.
Investors have also monitored IAG, which has rebounded 4.01% on the day that the second strike day of its subsidiary British Airways is taking place, in addition to those strikes announced by Iberia in Spain. The airline group has been waiting for months on how Brexit will end up being resolved and under pressure from the evolution of oil. Now it also adds this new setback.
Still in business news, tomorrow Inditex (-0.63%) presents results. In addition, Cellnex (-1.56%) has monopolized part of the attention after announcing the acquisition of Cignal, an operation that requires an initial investment of 210 million euros.
BREXIT AND THE TRADE WAR
The markets keep their eyes on the latest Brexit events. The pound has given ground, on the way to $ 1.23, after the British Parliament closed for the following five weeks. In addition, the House of Commons has again rejected on Tuesday the motion presented by the Government of Prime Minister Boris Johnson, to request the convening of early elections on October 15.
The trade war between China and the United States and the next round of negotiations in early October continues to make headlines. As the US Treasury Secretary Stephen Mnuchin has warned, the yuan will be one of the main issues to be discussed. Analysts are betting that the currency remains stable while the exchange rate practices of the Asian giant are scrutinized.
TECHNICAL ANALYSIS
"The bullish candle on Tuesday is very interesting, especially after a violent corrective on the banks early in the morning after hearing the ruling of the CJEU on the IRPH. The banks collapsed in a matter of minutes and these have closed positively with ease, which means that there is interest in the banks, "says José María Rodríguez, analyst at Bolsamanía.
"The banks are still strong and therefore our Ibex, is beginning to" poke its head "above 9,050 points, the 61.8% adjustment / setback of the entire previous fall. It could pan out that our index , that did not present a figure of return as clear as for example the Dax, could end up becoming a "V". And we already know that this is impossible to detect, because it does not follow a recognizable pattern, "he adds.
"Simply, when you finally realise, prices have returned to the origin of the falls. That said, we can not rule out now a return to the key area: the famous weekly bearish hollow of 9,410 points, which was filled in twice throughout the month of July, but that did not close. That is where the key to everything lies, the level that can be overcome can be a before and after in the medium-term trend in our selective ", concludes the expert.
