The Ibex loses almost 2% in a week marked by politics

The Ibex 35 loses 1.97% in the accumulated one week marked by the policy in both Spain and Italy. In fact, due to the government agreement reached in the Alpine country this Friday has been revalued 1.76%, to stand at 9,632.4 points. However, it closed last week at 9,826.5. In Spain, Pedro Sánchez is already the new president of the Government.

The Spanish index has not been the only one that has risen with force today, but the political situation in Italy after the agreement between the '5 Star Movement' and the 'Northern League' has boosted the rebound of banks (the European banking sector has added 2.1% above) and, consequently, has pushed the European stock markets up in general.

In Spain, Banco Santander (+ 3.32%) and Banco Sabadell (+ 3.20%) were the most bullish values ​​of the session, only surpassed by Acerinox (+ 3.78%). The latter is benefiting from the tariffs approved by the United States on steel and aluminum. Meanwhile, the rest of the listed banks registered strong gains (Bankinter: + 1.55%, CaixaBank: + 2.64%, Bankia: + 2.96%, BBVA: + 3.07%).

Grifols has also risen (+ 2.28%) after Barclays analysts gave it an overweight recommendation and a target price of 29 euros (it closed the session at 25.57 euros).

LOSSES AND CONTINUOUS MARKET

The 'red lantern' has been Aena (-1,10%), followed by Red Eléctrica (-0.21%) and Gas Natural (-0.14%).

Regarding the main board, it is worth mentioning Almirall's strong rises (+ 5.09%) after its partner AstraZeneca presented the application to register a new drug with the FDA. The Ezentis Group has also closed with a steep rise (+ 7.20%) after approving a capital increase that allows the entry of Ericsson.

OTHER MARKETS AND POLICY

Throughout the day, the behavior of the peripheral indices (the Ibex 35, the Portuguese PSI20 and the Italian Ftse MIB) was outstanding, but also the French Cac 40 and the German Dax 30 ended the session with significant increases. Meanwhile, Wall Street is bouncing after the publication of the employment report, which has been known that wages in the US rebound by 2.7%. It has also shown the creation of 223.00 non-farm payrolls.

And is that the different financial markets have not been able to set aside this Friday, especially the political agenda. Thus, one of the key points of the day, with the exception of Italy, has undoubtedly been the turn of Government in Spain, Pedro Sánchez is already the new Spanish PM. Investors will follow the events closely because a stage of political instability in Spain is opening.

Another important aspect of the day has been the return of the 'ghost' of protectionism. The White House announced this Thursday, as expected, that it eliminates the exemptions from steel and aluminum tariffs for the EU, Canada and Mexico. The European Union has already said that it will not stay with its arms crossed and a commercial war is looming. Wall Street closed this Thursday with falls of 1% amid uncertainty.

TECHNICAL ANALYSIS

For José María Rodríguez, technical analyst at Bolsamanía, "despite the significant rises this Friday, the truth is that, for the moment, this would be part of a simple rebound due to the significant levels of oversold accumulated after three weeks of significant falls ".

"As you can see in the graph today's rebound has slowed towards gates of the impressive bearish gap this Friday, at 9,666-9,765 points, the key remains at the annual minimums (9,327) and the possibility that these manage to maintain that way, "adds the expert. "As long as there is no drilling, there is room for hope, drilling it, would give continuity to the impeccable succession of decreasing highs and lows that our selective has been shaping since May 2017. To truly have the first sign of strength we are going to demand the price that closes, or what is the same annul, the downturn of the 9,765 points, meanwhile, everything is simple rebounds against trend, nothing else ", affirms Rodríguez.

"We are also going to pay attention to Telefonica, which could give us more clues, which stopped on Thursday, at the centime, at the annual minimums (7.45), and from there it has started to bounce back, which means that any possibility of that the operator tries to build a potential return figure happens because undoubtedly annual minimums are respected "; concludes the technical analyst.