• Spanish index hit an annual high og 10,334.70 points
  • Abertis rose 3% to lead the advancers, ArcelorMittal performed poorly
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The Ibex 35 reversed on Tuesday and closed with slight losses of 0.02% to 10,211.90 points. After hitting a new annual high of 10,334.70 points, the index fell with force after the poor performance of Wall Street.

IBEX 35

  • 11.531,600
  • 0,50%

ArcelorMittal, after receiving an increased target price from Berenberg, fell 2.9% to be the biggest faller on the day, followed by Grifols (-2.71%) and Acerinox (-1.95%). In the general stock exchange, Ezentis dropped by 4.5%.

One of the main hampers for the Spanish index was Telefonica, which fell 1.05%. In Europe, Deutsche Bank fell 7% after beginning its capital injection of 8 billion euros.

Abertis was the biggest riser after gaining 3%, followed by Enagás (+1.18%), Iberdrola (+0.55%), BBVA (+0.52%) and Banco Santander (+0.37%). Abengoa gained 6% in the general stock exchange.

The Federal Reserve threatened to raise rates four times this year, more than the three originally expected. Chicago Fed president Charles Evans made the declarations on Monday.

“It could be three, it could be two, it could be four if things really pick up,” Evans said. Wall Street registered significant losses of almost 1%. In addition, the FBI confirmed that it is investigating Donald Trump for his campaign’s links to Russia pre-election.

In the Ibex, Caixabank rose 0.1% after asset manager Blackrock declared a stake of 3% in the capital of the Catalan bank, making it its second highest shareholder.

Returning to Europe, Brexit and Theresa May occupy the front pages on Tuesday after it was confirmed on Monday that Britain would invoke article 50 on 29 March, Wednesday of next week.

On Tuesday there was a meeting of finance ministers in the EU, in which the discussion was dominated by Greece. The eurozone ministers agreed yesterday to intensify negotiations between Greece and its creditors in the next few days from Brussels.

"The outcome of today's meeting is that we have agreed talks will continue and will intensify in coming days in Brussels," president of the group Jeroen Dijsselbloem said.

Lastly, the first televised debate ahead of the French presidential election took place last night, with most sources pointing towards centre-left candidate Emmanuel Macron as the victor.

TECHNICAL ANALYSIS

“The feeling of Tuesday’s Ibex session doesn’t invite much optimism, as in the short term. In fact we are looking at a session of little change. As we have recently commented, we have a lower gap waiting to be filled at 9,983 points, or at least partially met,” said Bolsamanía technical analyst José María Rodríguez.

“But that does not necessarily affect the medium term, which keeps aiming high. It seems as if there has been a correction of the strong gains of recent weeks and that it is likely to continue,” he added.

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