Ibex reconquers 9,500 after BBVA makes big push

Other stocks which rose more than 1% were Indra Sistemas (+1.94%), Merlin Properties (+1.88%), IAG (+1.49%) and Meliá Hotels (+1.36%). In the case of the airline group, Deutsche Bank reported a stake of more than 5% to the financial regulator in Spain.

Banco Santander also performed well, after breaching its short term resistance, contributing to the advances of the Ibex. The Cantabrian bank rose 0.78% and closes the session on 5.17 euros. Telefonica also had a positive day.

However, stocks such as Repsol(-0.14%) and Inditex (-0.19%) finished lower. Banco Popular picked up the wooden spoon with a drop of 1.54%, followed by Enagas (-1.18%), which posted its earnings, Red Eléctrica (-1.13%), Cellnex (-1.1%) and Iberdrola (-1.04%).

In Europe, the day finished with a narrow movement. The Dax 30 fell slightly by 0.02%, the Cac 40 rose 0.16% and the Ftse 100 fell 0.14%. One of the main players of the day was Credit Suisse, after it lost $2.4m following the news that it would cut 6,500 jobs.

The session was marked by the speech of the US Federal Reserve chairperson Janet Yellen. "The economic outlook is uncertain, and monetary policy is not on a preset course," she told members of the Senate Banking Committee.

Inflation data were also produced on Tuesday. In China prices rose in the last month at their fastest rate in the last two years. The CPI rose 2.5% in January compared with the previous year and in comparison with the 2.1% registered in November.

In Germany, the CPI grew 1.9% in January, its highest figure since 2013. In the UK, inflation rose less than expected, but still remains close to the forecast from the Bank of England of 2%.

In Spain the focus still remains on Bankia, and the decision to charge former president of the Bank of Spain Miguel Ángel Fernández and regulatory body president Julio Segura for their roles in the flotation of the bank. Three more were charged from the Bank of Spain - Pedro Comín, Pedro González y Mariano Herrara - all of whom have resigned after the charges.

TECHNICAL ANALYSIS

"Finally. It was tough but now we have beaten the resistance of 9,504 points, meaning that the lower gap of the session of 30 January has been closed. Therefore and independently of what happens in the short term, we have a new sign of strength in the index," said José María Rodríguez, technical analyst at Bolsamanía.

"It can be said that now we have a clear path to the annual highs of 9,623. Without doubt the performance of BBVA contributed to the rises of Tuesday. We now need the other blue chip stocks to join the party," he added.