The Ibex falls a 0.4% and barely makes it to 10,400 points

The Ibex 35 hasn’t managed to rise and distances itself once again from 10,500 points. The index has closed with a fall of 0.4% down to 10,432 points in a session where only the DAX 30 has managed to list in green in the European indexes. In the meantime Wall Street is also dropping after the historical highs of the Wednesday session.

Red Eléctrica (-3.02%), Enagás (-2.23%) and Técnicas Reunidas (-1.57%) have led the falls in the Spanish index this session. But without a doubt the biggest obstacle for the index has been Inditex that closes with one of the lowest values after falling a 1.36%.
In green, Siemens Gamesa (+1.14%) has led the rises after getting a new contract in the US of 95 aerogenerators. On the top of the list we can also find Indra (+1.04%) and Acerinox (+0.92%).
Only three of the top banks have managed to close in green this session: Bankinter (+0.59%), Sabadell (+0.11%) and Banco Santander (0.14%). The entity led by Ana Botin has closed in green after JP Morgan included it in its list of favourite European values. The experts of the entity expect rises of up to 7 euros per share for Santander in a period of 12 months.

UNITED STATES, EUROPE AND CHINA
Moderate earnings in the European stocks, although the red numbers have predominated in the big indexes of the Old Continent. The Footsie 100 has led falls close to 0.4%. The Dax 30 stays in green with rises of 0.6%.
On the other side of the Atlantic, Morgan Stanley’s accounts have centered the market’s attention. The bank reduced its earnings by 55% in the fourth quarter due to Trump’s tax reform. Altogether, Trump’s tax reform has cost the six biggest US banks a total of 30bn dollars although the stocks aren’t affected because the impact is seen as a sporadic incident and in the long term the reform will benefit them.
In the data front, China’s GDP for the last quarter of 2017 has been published and it has risen a 6.8% over the 6.7% that was expected. In Spain, the treasury has placed 4,093 million bonds and obligations, and in the US the new households and construction permits will be made known.
“The Chinese economy is going through a phase of ‘creative destruction’ while the sectors of the new economy like ecommerce and financial services online, live with the sectors of the old economy that are still dominant”, said Chi Lo, economist of BNP Paribas Investment Partners in a statement to CNBC.

COMMODITIES AND CURRENCIES
In the commodities sector, the prices of petrol are maintaining themselves near the highs of various years in the midst of data that show a reduction of the inventories of crude in the US. The Brent barill is listing at this time at 69.37 dollars (-0.03%) while the West Texas is doing it at 64 dollars (+0.06%). As for currencies, the euro still lists over 1.22 dollars (1.2244). Also there is still talk of the cryptocurrencies and its plummet. In Bolsamania we ask ourselves this Thursday if were are seeing a sporadic correction or a crash.

TECHNICAL ANALYSIS
In José María Rodríguez’s opinion, the technical analyst in Bolsamanía, the Ibex 35 looks like it wants to temporarily stop the attack on the important resistance of 10,600 points”: With the latest falls, it all points towards the index relying on support of 10,300-10,310 points, and “a correlation to this level would be something that would fit in normal parameters”. “Lets se if in the worst of scenarios, the index fills the rising spot up to 10,300 points and from there push forward to attack more definitely the November highs”, explains the analyst.
In the financial sector in Europe, points out Rodríguez, the index that is surrounded by the banks of the Old Continent “looks like it wants to start a small side movement”. A movement that in his opinion would be useful to adjust part of the latest rises. Nevertheless, the expert doesn’t see a technical worsening of a small pause on the way.