Ibex closes up half a percent and above 10,400 points

The Ibex was 0.48% higher on Tuesday to 10,409 points. The rest of the European markets were also up, ranging from the DAX 30 which climbed 1.34%, to the PSI 20 which was up 0.43%, the only exception being the Milan FTSe MiB which was down 0.07%.

IBEX 35

11.656,600
0,39%

Banks reacted strongly to losses on Monday, despite little to go off in terms of data and volume of trading. Stocks which rose the most on Tuesday were Acerinox, which was up 2.39%, Indra by 2.13%, Merlin Properties on 1.69% while the worst performers on the day were Tecnicas Reunidas (-1.15%), Abertis (-0.45%) and Endesa (-0.44%). Among the blue chips, BBVA ended with a gain of 0.97%, Santander by 0.79%, Telefonica 0.79%, Iberdrola 0.22% and Inditex by 0.18%.

On the agenda this week is the economic sentiment of German investors, which was at its lowest level since October 2016, according to the ZEW indicator.

Investors remain alert to the actions of Donald Trump, who said he would not be withdrawing US troops from Afghanistan in the foreseeable future, adding that he would send as many as 4,000 more soldiers to the country.

European markets were seen higher on Tuesday. The DAx was up 1.34%, the CAC 40 by 0.93%, the FTSE 100 by 0.92%, the PSI 20 by 0.43%, while the FTSE MiB fell 0.7%. Wall Street opened with significant gains, with the Nasdaq up 1%, the S&P 500 by 0.7% and the Dow Jones by 0.6%.

Experts to continue to point out the Jackson Hole symposium as the most important event of the week. The meeting will take place from Thursday to Saturday and it is hoped that Janet Yellen will give a hint about future monetary policy.

In company news, BHP Billiton rose in the UK after swinging to a profit of $5.89m in its fiscal year. In addition, in Spain Telefonica and Bankia were in the news after short positions returned to attack both companies during the first two weeks in August. On the other hand, Bearish investors have dismissed their bet against DIA and Tecnicas Reunidas, the two companies most affected. Merlin Properties was also in the news after a positive report from JPMorgan.

In relation to technical analysis, Bolsmanía technical expert José María Rodríguez pointed out that “everything is much the same as we said on Monday. The only difference is that in the short term it appears to want to test the immediate resistance, which is at 10,444 points. Closing above this would cancel the lower gap and as a result pave the way to 10,576 points.”