The Ibex saves 10,000 thanks to Telefónica and the energy sector

After reconquering 10,000 points on Monday, the Ibex has fallen very moderately on Tuesday (-0.16%; 10,005.80 points) driven by increases in Telefónica (+ 2.32%) and the energy sector. All this amid important negative news in the business field.

Apple has announced a 'profit warning's in its Q2 results, a story that has affected companies with interests in China such as ArcelorMittal (-2.87%) or CIE Automotive (-2.15%).

In addition, the HSBC bank has warned that the impact of the coronavirus could affect its figures in Hong Kong and mainland China and has said that it will shed 35,000 jobs. The number of dead and infected by the Wuhan virus continues to increase, but the Chinese government has said that most of the sick are not in critical condition.

The other great business news of the day is that the Italian bank Intesa Sanpaolo has launched a surprise takeover bid on its rival UBI Banca. It leads the consolidation process expected in Italian banks in particular and in Europe in general. Intesa offers UBI shareholders 17 newly issued shares for every 10 UBI shares. Intesa added that it would exclude UBI from a quote if the offer is successful and merged with it, with the objective of obtaining a combined profit of more than 6bn euros in 2022.

In addition, in Spain, Enagás has presented its results, with an after-tax benefit on December 31st of 422.6 million compared to 442.6 million in 2018 and above the 417 million target set for the year. The company has also announced a 68 million dividend between 2023 and 2026.

All this in a day in which Wall Street returns to normal operations after the President's Day holiday on Monday and after the red numbers dominated in Asia in the midst of those negative business news. HBSC has fallen over 3% in the Asian session and falls 5% on the London Stock Exchange.

On the macro level, the German February ZEW has fallen sharply and confirms the impact on the European coronavirus economy. The ZEW of economic sentiment falls to 8.7 from the previous 26.4 and compared to the estimate of 21.5. The current situation falls to -15.7 from -9.5 in January and compared to the estimate of -10.3.

In Spain, the Government plans to raise 1.8bn euros with the new digital tax that will tax the financial transactions, known as 'Google rate' and 'tobin rate', approved in the Council of Ministers on Tuesday. However, the 'Google rate' will not take effect until the end of the year to try to harmonize the tax with other European countries.

This has caused the euro to depreciate 0.25% and trade at $ 1.0814, although it has lost the level of $ 1.08 during the day, the lowest value since 2017. For its part, Brent oil falls 0.9%, down to 57.17 dollars, due to the forecast of lower demand worldwide. Finally, the profitability of the 10-year Spanish bond falls slightly to 0.28%.

TECHNICAL ANALYSIS

"The Ibex is holding on well in the area of ​​annual maximums considering that this morning we all had breakfast with Apple's 'profit warning', warning that its results will be affected by the coronavirus. This morning there was anticipated falls of more than 4% in Apple and now they are -2.5%, "explains José María Rodríguez, analyst at Bolsamanía.

"This news, at another time in the market, would have caused sharp falls in world stock markets, but it has not been so and they continue to stand stoically. However, it is true that in the short term we cannot rule out corrections, because we have the oscillator of a very overbought stochastic moment and thus it is very difficult to continue climbing positions. We would need either a short-term correction, or deploy a lateral movement that will at least serve to drain / adjust proportionally the steep climbs from the area of ​​9,400 points " , adds this expert.

"The fact is that if we look at the two big banks of our country, BBVA has slowed right in the upper part of the canal and seems to want to take a small and deserved rest, while Santander continues to want to confirm above 3.95-4 euros clearly (the last declining maximum). Conditions exist to take a small breather", concludes Rodríguez.