Ibex 35 approaches 9,200 and overcomes resistances driven by banks

Ibex 35 has broken resistance on Wednesday, rising 2.04% to 9,172 points. The selective has been driven by banks (main protagonists of recent days), large values ​​such as Inditex and the election results of the US midterms.

At the national level, banking and the mortgage tax have been the main protagonists of the day. The entities listed on the Ibex began the session on Wednesday with strong rises after yesterday afternoon the final decision of the Supreme Court regarding the Tax on Documented Legal Acts (AJD), or tax on mortgages was revealed.

After two intense days of meetings, the High Court decided that the clients should pay the tribute. However, this Wednesday, the President of the Government, Pedro Sánchez, announced at noon that the Government will amend the law so that it is the financial entities and not the clients that take charge of this tax.

But this has not finally affected the stocks in banks, which have maintained the increases and closed the session with rises between 1.7% and 4.4%.

RISES AND FALLS

In fact, Caixabank (+ 4.38%) was one of the most bullish values ​​of the session. But above were Siemens Gamesa (+ 6.41%) and Inditex (+ 5.20%). The first of them has expanded the gains that already lived on Tuesday (it shot up 14.5%) driven by the results of Vestas and by an improvement of JP Morgan.

On the other hand, the textile chain of Amancio Ortega has risen with enthusiasm after knowing that its flagship brand, Zara, has extended its offer on the Internet by adding 106 new markets to its global store.

Meanwhile, few values ​​have been dyed red this Thursday. Among them, the one that has fallen the most has been Meliá Hotels (-1.98%). It was followed by DIA (-1.75%) and Amadeus (-1.72%). The latter has presented worse results than expected.

'MIDTERMS' IN THE UNITED STATES

The second major issue that has driven all European seats today is the result of the mid-term elections in the United States. As expected, the Democrats have taken control of the House of Representatives and the Republicans retain the Senate.

In general, experts believe that this result will have a limited positive impact on the markets. On the one hand, they speak of a favorable impact to the extent that it limits the power of the country's president, Donald Trump, to develop certain policies that they do not like, especially regarding the trade war. On the other, they speak of a negative effect that will offset the positive as long as this result will limit possible additional cuts in taxes that the Republicans could have carried out and that will not please certain sectors that would benefit from them.

OTHER STOCKS AND MACROECONOMICS

For now, Wall Street registers increases of more than 1% in its three main indexes after these electoral results. Meanwhile, the parks of the Old Continent have opted to bounce this Wednesday, even with increases of more than 1% in the London and Paris exchanges.

Finally, it is worth remembering that the two-day meeting of the Federal Reserve (Fed) begins this Wednesday. The market does not expect news of this meeting as it is expected that the next rate hike will take place in December.

Regarding the macro data calendar of the session, the retail sales of the September Euro Zone remained unchanged (0.0%) compared to the + 0.1% expected.