Ibex up ahead of OPEC decision

European markets start the session with slight increases before the OPEC (Organization of the Petroleum Exporting Countries) decision after two quiet weeks in the markets. In Spain, Ibex wakes up positive sign and is quoted at around 8,700 points driven by the banks.

The Spanish index maintains different concerns. Besides OPEC, which meets this Wednesday and could reach some agreement to freeze production, are short funds. The short positions on some of the Ibex companies don't stop growing and increase the pressure on the price. Among them are shares such as Popular, Dia and Telefónica. On this latter value, Citi's stake stands out, maintaining its buying recommendation and seeing a potential upside of 115% in a favorable environment.

In addition, Popular continues as the main concern on Spanish banking sector. After a deep fall on Monday, in the last session it recovered part of his price. The bank is already at levels of 1987 and there are numerous voices that begin to request responsibility for the management of the entity to its president, Angel Ron.

The rest of the banks are trading flat and Santander falls 0,4% despite successfully passing stress tests on the Bank of England.