The Ibex 35 recovers the 9,700 points and leads the earnings in Europe

The Ibex 35 starts the week in green and taking the lead in the main European parks. The selective Spanish stock market has revalued 0.62% on Monday and has recovered the level of 9,700 points (it has been placed at 9,742.8). However, the index has deflated throughout the session, as it has reached the 9,800.

The companies that have climbed the most this day have been Aena (+ 2%), the airline conglomerate IAG (+ 1.70%) and Cellnex (+ 1.59%). On the other hand, those that were dropped the most in the market on Monday were Técnicas Reunidas (-2.54%), Indra (-1.59%) and Acerinox (-0.87%).

The big companies (or 'blue chips') of the Ibex have also shown a good performance this session, except the oil company Repsol. Thus, Banco Santander has gained 0.37% this session despite the fact that the Supreme Court has confirmed two fines to the company of 16.9 million euros imposed by the National Securities Market Commission (CNMV). These penalties are based on the lack of provision of necessary information from clients that subscribed 'Valores Santander' and the breach of any of the obligations that regulate the relationship between bank and client in relation to this product.

For its part, Telefonica has risen 0.45% this session, to 8,179 euros per share, which means that the 'teleco' is about to break the resistance of 8.22 euros. Investors had long expected that the company chaired by José María Álvarez-Pallete would point upwards, and it seems that good expectations for the reduction of its debt have helped.

OTHER STOCKS

However, the Ibex, which closed last week with cumulative increases of 0.9% on average, has started leading the increases in Europe. Rather, being the only stock market that has ended in positive this Monday, since the other stock exchanges of the Old Continent have shown slight falls.

On the other hand, it is worth remembering that Wall Street ended last Friday with falls of over 2% and that is always bad. However, in Asia, and after Trump's statements regarding China this Sunday, the hikes have clearly predominated. And at the close of the Spanish stock market, the three main indices of the New York Stock Exchange showed gains of more than 1%.

COMMERCIAL WAR

And despite the start of a new week, the same concerns remain. The trade war between China and the United States continues to focus the attention of investors, as the US president, Donald Trump, gives one and takes one in 'a blow' via Twitter: after showing this Sunday convinced that it would reach a commercial agreement with the Asian giant, this Monday has described trading as "stupid" business relations.

Specifically, Trump has highlighted the difference in tariffs between imports and exports of vehicles between the US and China. "When a car is sent to the US from China, there is a charge of 2.5%, when a car is sent to China from the US there is a 25% tariff to pay, it sounds like free trade or fair trade. It sounds like a stupid trade - and it has been that way for years! "he wrote on Twitter.

COMPANIES, POLITICS AND MACROECONOMICS

In another vein, Michael Hewson, director of analysis of CMC Markets in the United Kingdom, recalls that this week begins the season of results in the United States (on Friday the accounts of several large entities, such as those of JP Morgan) will be published. that much of what the bags do will have to do with the tone of these accounts. "Investors will have to look beyond the impact of the tax reform when analyzing these figures," Hewson points out.

For the rest, this Monday is news that Deutsche Bank has appointed Christian Sewing as its new executive director. Sewing is a specialist in retail banking which has raised some doubts about its ability to boost the investment area of ​​the entity.

On the other hand, and continuing with the news in the political sphere, Italy seems to be closer to forming a Government. The center-right coalition (made up of the 'Northern League', 'Forza Italia' and the 'Brothers of Italy') has committed to presenting a united front in a new round of talks with the President of the Republic, Sergio Mattarella .

Regarding other matters of a political nature, it is worth noting the declarations of North Korea stating that it is willing to denuclearize, the situation of Lula da Silva in Brazil (the former Brazilian president has already spent his second night in jail) and the last elections in Hungary, they have returned to give the victory to the ultraconservative nationalist Viktor Orbán.

As for the data for the day, Germany's trade balance for February reached 18,400 million euros compared to the 20,100 million euros expected. Throughout this Monday there will be few references. It should be noted that the Vice President of the European Central Bank (ECB), Vitor Constancio, will speak at the Economic Affairs Committee of the European Parliament.

TECHNICAL ANALYSIS

"The session on Monday closes away from the highs of the day but at least closes in green numbers after waking up with a 0.5% bullish gap," says José María Rodríguez, technical analyst at Bolsamanía. "It can be said that our selective has stopped at the doors of the resistance zone that presents in the 9,800-9,810 points, the maximum of March.Over this resistance the following one is found in the environment of the 9,840 points", he adds.

"If we look at the two major European indices these (in the absence of the closure of the hand of Wall Street) clearly quote far from the highs of the day but, little by little, approach the significant levels of resistance that present in the 12,480 points of the future of the index of the 'European locomotive' and the 3,400 points of the future of the European index ", explains the expert.

"Only over these resistance, with forcefulness and volume, we would leave the doors open to be able to build some kind of figure back in Europe."On the negative side at least we can say that we have the European stock markets away from the zone of danger, of the support that they present in the minimums of February (the great majority) and that coincide with the minimums of Holy Week "; the analyst relates. Thus, Rodriguez says that "as long as there is no drilling there is a place for hope".

"Regarding the main weight values ​​of our market, we continue to see strength in Inditex and in Telefonica, although the operator still needs to jump and confirm clearly above 8.22 euros, in which case we will bet on 8.6 euros. "he concludes.