The Ibex falls 0.7% and closes at session lows after business results

Despite being calm and cautious for a large part of the day, the Ibex closed the session with a 0.72% drop, at 9,698 points, close to the lows of the session. This Wednesday, the selective has been pending two major appointments. On the one hand, it has been waiting for 'what comes out' of the meeting between Jean-Claude Juncker, president of the European Commission, and Donald Trump, president of the United States. On the other hand, the session with the results of Banco Santander already published has begun. Your benefit has improved 4% through June.

In this way, the Cantabrian entity has been one of the main protagonists of the day. Throughout the session it was mostly flat, but finally it fell 0.58% to 4.71 euros per share.

However, the most bearish company by far has been Cie Automotive (-3.55%). It was followed by Aena (-3%), who presented its quarterly accounts before Tuesday, and with them it reported a slowdown in air traffic between April and June of this year, something that investors have penalized this session.

The airport manager was followed by the supermarket chain DIA (-2.36%), which presents its results tomorrow, and the Meliá hotel chain (-1.89%).

THE GREAT VALUES, IN RED

Also the big values ​​(or 'blue chips') of the Ibex have been dyed red this session. Thus, BBVA has been left up to 1.75%; Inditex has lost 1.6%; Telefónica, which also presents its results tomorrow, has fallen 0.2%; and Iberdrola, after gaining 7% less in the second quarter, has lost 1.6% in the market.

On the other hand, the companies that have increased their values the most this session have been the construction company ACS (which presents its quarterly accounts after closing), Merlin Properties and Cellnex Telecom.

MEETING BETWEEN JUNCKER AND TRUMP

Outside the business world, the commercial war returns to the scene on Wednesday in the hands of today's meeting between the president of the European Commission, Jean-Claude Juncker, and the president of the United States, Donald Trump, with commercial tensions as a backdrop. Tariffs on steel and aluminum are there but, in addition, there is the threat of tariffs by the United States to imports of cars from Europe. Trump has already advanced that he will ask Juncker to eliminate all tariffs between the US and the EU.

However, it should be recalled that Wall Street ended the session on Tuesday with increases for the Dow Jones and the S & P of 0.7% on average and falls on the Nasdaq of 0.01%. This Wednesday presents a mixed sign at the close of the Spanish market. In Asia, green numbers have predominated, with moderate increases of around 0.5% on average.

It is worth mentioning that today results on the other side of the Atlantic have been published, among others, Boeing, Coca-Cola and General Motors. In addition, Facebook will do the same at the close of the New York stocks this Wednesday.

Regarding the macro data calendar of the day, the confidence of German businessmen falls to 16-month lows, according to the IFO.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst of Bolsamanía, indicates that "the candle we left this Wednesday, closing the bullish gap on this Tuesday (9,726) is without a doubt a sign of weakness". In his opinion, "everything points to that we test the support of the 9,640 points, the minimums of last week, and if this does not hold, we do not rule out, at all, a return to the base of the triangle, now at 9,475 points. "

"Technically, I want to highlight the fact that Santander has turned to the downside after caressing the resistance zone that presented at 4.77 euros (clavicular line of a potential formation back up.) At the moment it can't attack it , or what is the same has been turned downward in resistances and this is not exactly a sign of strength ", adds the expert.

"We will also see what this Thursday holds for Telefonica when it confesses (before the opening) its results before the market." It is vitally important that the support that is presented in the 7,16 is respected (especially in weekly candles). This is where the operator recently bounced confirming what appears to be a long-term bullish direction, which suggests that drilling it would undoubtedly be a new and more than worrying sign of weakness. " Thus, the expert emphasizes thatthis Thursday we will be also attentive, among other things, to the reactions of Repsol, Bankia and Bankinter before the publishing of their results.