Ibex below 10,000 after tenth red day in a row

The wooden spoon was picked up by ArcelorMittal, which was down more than 5% to 23.5 euros. In the lower part of the table it was accompanied by Siemens Gamesa, which continues to plummet. The company fell 2.59% after announcing yesterday it will cut 10% of its workforce in Spain.

Melia Hotels fell 1.74% after the chain announced the effect of the Catalan crisis has had on its business, with revenue from the region down 14%.

Company results continue on Tuesday. It was Cellnex’s turn, when it reported 33m euros net income in the first nine months of the year, compared with 35 in the previous year. Its stock fell 0.63% to 20.5 euros. OHL also presented its figures, falling 0.28% after reporting a loss of 15.4m euros.

On the gains side, Colonial was up 1.38% and led the best performers after it launched an offer for Axiare.

Mediaset accompanied it in the higher part of the table after rising 1.36% and Tecnicas Reunidas also gained 0.9% to 23 euros. Inditex was the only heavyweight to finish ahead, while Bankia fell 0.69% to 3.8 euros after Credit Suisse cut its valuation 25% to 3.6 euros.

OTHER MARKETS

European markets saw losses also. The FTSe 100 was down 0.02%, while the CAC 40 was down 0.46%, while the DAX 30 fell 0.31%. Wall Street opened slightly higher.

Oil fell 3% as rumours circulate about OPEC delaying a production cut to March 2018. However, the falls were owing to a regulator lowering crude demand.

In data terms today, German CPI in October rose in October by 1.5% in line with forecasts. German GDP in the third quarter increased 0.8%, above the 0.6% expected. In Spain, CPI fell two points to 1.6%. In the UK, CPI rose 3.0% against the 3.1% expected. In Germany, ZEW economic sentiment stayed at 18.7, below an expected rise to 20 points. In the eurozone, GDP for Q3 rose 2.5%, in line with forecasts.

TECHNICAL ANALYSIS

“Once again we have two big banks playing with fire, hurtling towards support levels of 7 euros (BBVA) and 5.45 euros (Banco Santander),” explains Bolsamanía analyst José María Rodríguez. “We would be up against another clear sign of weakness if the banking sector were to break these supports.”