Falls return to the Ibex (-0.6%) and European stock markets after yesterday's rebound

The Ibex 35 (-0.61%) and the main European stock markets closed this Thursday in red after the rebound on Wednesday. The markets remained cautious throughout the session, awaiting the European summit on Sunday, where, predictably, the next step will be taken towards the final Brexit agreement.

In the selective, the news that had the most impact on the day was the price reduction of the large Spanish banks by Jefferies. All the banking sector closed the session in red, with Santander (-1.6%) leading the losses and being the third most bearish value of the Ibex.

Beyond banking, Inditex (1.4%), Melia Hotels (1.2%) and Merlin Properties (1%) were the most bullish values ​​of the day. On the other end of the selective, Acelormital (-2.4%) and Cellnex Telecom (-1.9%) were the worst values at the end of the session. DIA (-0.6%) also fell as Moody's lowered its rating by three steps due to its serious liquidity problems.

In the Continuous Market, the protagonist of the day was AmRest, which after not having marked a price yesterday, the day of its premiere, today marked its first exchange rate change and closed with a rise of 22%, after having risen to almost 40% at half session.

MODERATE FALLS IN EUROPE

After showing little reaction to the new rejection by the European Commission to the budgets of Italy, the European stock exchanges continued today demonstrating that they prefer to stay relatively on the margin, with days of increases, days of falls and a general weakness that we hope will be overcome by the end of the year and move towards the longed for Christmas rally.

At the moment, continuing with its particular rate, after rising in the last session, the indices opted this Thursday for the falls (Cac: -0.7%, Dax: -0.9%, Ftse 100: -1.1% ). However, this Thursday there is still talk of Brussels refusal to accept Italy's budgets, as well as the imposed penalty of 3,5bn for not altering them when warned.

In the midst of all this, it seems that progress is being made towards an agreement for the departure of the United Kingdom from the European Union (EU). Nevertheless there are still unresolved issues such as Gibraltar, which has become the last obstacle to negotiation. The agreement will probably be signed this Sunday and will have to be subsequently endorsed by a British parliament in which May's conservatives do not have a majority.

Experts say the focus will be on Sunday's European summit in Brussels and the continuing threat of a leadership contest in the UK, as well as the response of Italian politicians to the EC's decision to prepare a sanctioning procedure on the country.

It should also be remembered that this day is atypical because Wall Street remains closed due to the 'Thanksgiving' celebrations and tomorrow will only open during half a session. This Friday is'Black Friday' and the sales figures that will be given that day will be followed closely by analyst to test the strength of trade and the economy. The United States closed last session with moderate increases and in Asia the positive tone has also been imposed this morning.