The Ibex (-0.09%) closes with slight falls despite the imminent China-US agreement

The Ibex (-0.09%), which started this Monday with increases, has been deflating and has closed with slight losses despite the good news that has come from the talks between China and the US. The selective remained at 9,259 points and has been one of the few European places that has closed in red after a session of increases also in Asia.

The values that have risen most on Monday in the Ibex have been Cellnex (4.1%), Melia Hotels (3.3%) and Mediaset (2.7%), the latter, after receiving improvements of recommendation of JP Morgan, UBS and Barclays, which have also dragged the titles of Atresmedia (5%) to green.

On the other end of the selective, the most bearish value of the session was IAG, which has fallen by 4.7% after clarifying that its free cash flow will be lower in 2019 than in the previous year. They were followed by Técnicas Reunidas (-1.75%) and Merlin Properties (-1%).

On the other hand, Telefónica (-0.7%) has fallen despite Credit Suisse's recommendation improvement- the Swiss entity has improved the target price of the 'teleco' shares from the previous 8.10 euros to 8, 50 euros -, becoming one of the main ballasts of the selective together with BBVA.

At the business level, the news of the purchase of shares of MásMóvil (0.1%) by managers and directors worth 1.32m euros also stands out. Almirall (0.8%), on the other hand, has informed the National Securities Market Commission (CNMV) of the sale of its aesthetics division.

RESISTORS OVERCOME BY MINIMUM

"Has the Ibex exceeded the resistance of 9,260-9,265 points?" Asks José María Rodríguez, technical analyst at Bolsamanía, and the answer is affirmative: "This Thursday it closed at 9,277 points with an interesting increase in volume. As we said in the previous weeks, the only 'but' we have was what it could do but with very high daily overbought levels. "

Rodriguez warns that this aspect is "what can somehow ends up weighing more in the short term, and this is the reason why we said that it has 'to be able to do it in weekly candles and above the 9,300 points. "Or in other words, resistance has been overcome by the minimum and with a significant overbought, which means that this break it is somewhat vulnerable".

The analyst explains in this way that "we subordinate this break to Santander to do the same with the resistance of 4.39 euros." Or, in other words, "I will believe the break, especially if the Cantabrian entity manages to overcome the horizontal resistance". In the shortest term we have 9.260 support and, below, 9.140 points, while resistance we do not have anything really important until 9,665 points and above the 9,800.

OPTIMISM IN TRADE TALKS

On the geopolitical level, the day is full of optimism at the new news of the trade talks between China and the US, which have given wings to the Asian indices to the point of closing with significant increases. According to 'Bloomberg' and the 'Wall Street Journal', the governments of the first two world powers are closing their agreement that is already "imminent", a news that does seem to be permeating the rest of European stock exchanges, which are quoted with increases in 0.5% on average.

According to these media, Beijing has offered to soften tariffs and other restrictions on agricultural products and livestock, chemicals and automobiles, while Washington will eliminate much of the taxes on Chinese imports. Thus, they assure that this same month, on March 27, specifically, the agreement will be signed by the two presidents, XI Jinping and Donald Trump, although they also explain that there are pitfalls in the talks.

They report that the two sides are still negotiating on the issue that ignited the wick of the conflict: the Chinese plans for the creation of state-owned global technology which competitors in Washington, Europe and other trading partners claim violate the market openings in Beijing. However, "speculation that both the United States and China are close to signing an agreement will keep markets slightly optimistic," according to analysts at ING.

LIGHT MACRO AGENDA

The macro agenda has been light this Monday, with investor sentiment Sentix and the unemployment data for February as the most relevant dates of the day. As for the first, it registered in March its first increase of the year against the best outlook in Asia, as reflected by the index prepared by the German agency, which has rebounded to -2.2 points, from -3.7 of last month.

The number of unemployed registered in the offices of public employment services rose by 3,279 unemployed in February (+ 0.1%), which is its worst record in this month since 2013, when it increased by more than 59,000 people .