• Good news from Asia come off the back of political pressure in Catalonia
  • Market continues to be aware of the effects of Hurricane Irma
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The Ibex 35 closed 1.91% higher on Monday at 10,322.6 points, something it has not done since 24 April, when the index rose 3.76% after the first round of French presidential elections. The scaling down of tension relating to North Korea distracted the local tension rising from Catalonia, where La Diada is taking place alongside massive street protests in Barcelona. North Korea did not take advantage of the national holiday last weekend to launch any further missiles, and Asia rose with strength as a result.

IBEX 35

  • 11.524,300
  • 1,29%

The most important stocks on Monday were Santander, which was up 3.5%, followed by Siemens Gamesa with a gain of 3.35% and Mapfre with a lift of 3.08%. BBVA was just behind them on 2.91%. None of the Ibex stocks finished lower, but the worst performers were Enagas (+0.60%), Tecnicas Reunidas (+0.61%) and Banco Sabadell (+0.7%). Apart from the Portuguese alternative, European markets all saw significant gains, with the FTSe MiB in Milan gaining 1.55%.

As well as geopolitical tensions, investors remain alert to the destruction caused by Hurricane Irma. Its impact on the US economy, and in the short term on oil prices as Brent fell 0.32% and West Texas was up 0.53%, will be analysed throughout the day.

In other markets, the euro/dollar rate is now relaxing and sits at $1.1986, down 0.42%.

As for the rest of the week, the CNMV will decide on Tuesday whether to maintain its veto on short positions against Liberbank, while the Bank of England will have a rates meeting on Thursday.

Bolsamanía technical analyst said that Monday’s session was ‘very interesting, rebounding to the tick from the lower base and leaving an upward gap at the open which could be weekly. Looking at other markets, the DAX pulverised significant resistances and the CAC 40 and Eurostoxx 50 are now at the upper ends of their trajectories.”

Rodríguez added: “The Ibex, lagging behind the rest of Europe, can start to make a break towards the upper channel, around 10,600 points. The movement of Telefonica is very interesting, as if it does not perforate the support of between 8.80 and 8.85 euros, which makes us think the most probable is that it attacks the resistance of 9.85 euros.”

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