• The market hit an inter-day high of 10,957
  • June arrives filled with important dates for the market
  • Tension between Germany and the US now clearer than ever
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The Ibex 35 rose 0.03% on Wednesday to 10,880 points. The Spanish index gained 0.5% just before the close, before heading downwards as the bell approached. It has now gained 1.535 for the month of May, close to its annual high of 11,135.40 points. With regards to the year, the Ibex is now 16.34% higher.

IBEX 35

  • 11.435,700
  • -0,28%

Popular tanked again after the lack of offers for the entity, with other poor performers including ArcelorMittal (-3.45%) and Acerinox (-2.08%).

Among the heavyweights, BBVA fell 1.49%, Repsol by 0.57%, in a disappointing session for oil (Brent fell 3.8% below $50 at the European close). Santander closed 0.34% lower.

On the other hand, Cellnex (+4.02%) gained following the interest of several investment funds, Aena (+1.87%) and amadeus (+1.67%) followed it as the best performers. Amadeus boss Luis Maroto pointed out that the decision of Iberia and BA to charge fees for bookings made through its booking system will not affect its business.

JPMorgan affirmed that Italian group Atlantia has room to lift its offer to buy Abertis (-0.4%) from 16.50 per share to 17.50.

The month of May ends, after a month of transition and relative calm in the markets following the victory of Emmanuel Macron in France. June will see plenty of action however, among central bank meetings and more elections, notably in the United Kingdom.

A poll released on Wednesday from YouGov showed that PM Theresa May may not be able to gain an absolute majority in parliament. May called the elections in order to strengthen her grip on power ahead of Brexit negotiations. However, recent musings suggest a rise in momentum for Jeremy Corbyn’s Labour Party with little over a week to go.

Tension appears to be rising between Europe and the US, following Donald Trump’s latest tweet storm. German chancellor Angela Merkel said on Monday that Europe must fend for itself and cannot rely on the UK and the US, while Trump responded by saying that Germany had a huge trade deficit and added that they are shirking responsibilities through NATO and military.

TECHNICAL ANALYSIS

“Another calm session without major implications. A simple transition which attempted to reach the short term resistance of 10,920 points. In any case, the most immediate resistance can be found at the highs of last week (10,984 points),” said Bolsamanía technical analyst José María Rodríguez.

“However, the perforation of the 10,800 support may take the Ibex 35 to test a new support of 10,564 points, and below that we see at 10,380 points. “

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