- Telefonica and Repsol contributed to the gains also
- Santander and Bankinter will publish results this week
The Ibex 35 closed with gains of 0.89% and came close to 9,400 (9,387.20), pushed on by the rebound by the banks on Tuesday. Santander (+2.24%) and BBVA (+2.94%) were supported by good performances from Telefonica (+1.38%) and Repsol (+0.57%).
- 4,392€
- -1,00%
- 8,946€
- -3,31%
- 11.617,900
- -0,80%
The lowest performers on the day were Cellnex (-0.96%), Enagás (-0.88%) and IAG (-0.61%). In Europe, the gains were much more moderate, so the Ibex was the best performing country along with Italy.
European stocks were helped by the decision of the British Supreme Court to force the government to seek approval from Parliament for the triggering of Article 50. The news was welcomed by investors, who are keen to see Theresa May and her ministers take decisions in a much more calm manner.
Donald Trump continues to be the primary focus for many also. A possible trade war between the United States and the rest of the world would not be favourable to markets nor investors. The president met on Tuesday with executives from the auto industry, promising tax reduction and less regulation for those who build factories in the United States.
In Spain, the release of figures this week will commence with Santander. On Monday the banks fell heavily against international political tensions, but also due to the uncertainty of the upcoming results. The consensus hopes for an improvement in the accounts, but the effects of the ground clause scandal could mess things up.
On the other side of the world, Samsung announced an increase of 50% in its profits for the quarter. The diversification of the company, which contains much more than just smartphones, may soften the blow from its Galaxy Note 7 scandal and corruption issues in South Korea.
Oil is likely to be a key player this week, after showing quite a lot of volatility despite remaining between $50 and $55 per barrel. The focus of the attention will be on the US, which has said it will increase its production despite calls from other OPEC and non-OPEC nations to reduce it globally.
Purchasing Managers Index for January in the eurozone was better than expected (55, ahead of the 54.8 expected), the same as in the United States (55.1 compared with 54.5).
TECHNICAL ANALYSIS
"The good end to the day softens the blow that we received in the previous session, when the base of support for the recent narrow movements was perforated," said José María Rodríguez, analyst for Bolsamanía.
"What we are seeing these days is the fact that the index appears to be consolidating the strong increases it had seen previously. In order to have a definitive sign of the beginning of a new strong upward curve we need to be reaching towards the 9,550 mark," he added.
