Ibex (+ 1.68%) loses coronavirus concerns thanks to Santander, BBVA and Inditex

Ibex 35 has rebounded strongly 1.68%, to 9,562.90 points, driven by the good behavior of Santader, BBVA, Inditex and steelmakers, among other titles. The fear of the impact of the Chinese coronavirus has been reduced, although there has been a second death from this cause outside of China - in Hong Kong. However, WHO recalled that the spread of the coronavirus beyond the borders of the Asian giant is "minimal and slow," which has been well received by investors.

In the United States, Donald Trump has swept the floor, with hardly any opposition, into the Republican caucus of Iowa. "That's good for the stock exchanges," says an expert to Bolsamanía. The president of the United States has thanked via Twitter: "A great victory for us tonight in Iowa. Thank you!" He wrote.

On the other hand, the result of the Democratic Party primaries has been delayed by "inconsistencies." The market is worried about the possibility that the most leftist candidate, Bernie Sanders, will win.

Here in Spain, today Siemens Gamesa has returned to the main focus. After announcing a 'profit warning' in the results of the first fiscal quarter last week, this Tuesday it has offered its full figures for the period, in which it lost 174 million. The company has received these results higher after the hit it already recorded last week.

ACS has also risen, which today has seen poor results of its subsidiary Cimic in the Middle East, figures that it had also anticipated. In the Continuous Market, OHL has stood out, which has risen 5% after announcing that it is negotiating a merger with Caabsa, the Mexican construction company of the Amodio.

In another order, OPEC (Organization of Petroleum Exporting Countries) and its allies meet these days to urgently assess the way in which the coronavirus can affect the demand for oil and the measures they could take in response . In this regard, it should be noted that the Brent lost on Monday the support of the 56 dollars, which is a clear sign of weakness (this Tuesday rebounds 0.6%, up to 54.78 dollars).

As for other issues of the day, today BP and Sony present their results. Brewery Carlsberg has reported year-round earnings that slightly exceeded analyst estimates, while forecasting slower growth for this year as the coronavirus outbreak threatens beer consumption in Asia.

Regarding the macro data of the day, unemployment has risen by 90,248 people in January in Spain, its biggest increase this month since 2014. In addition, the Government has already agreed with the European Commission the new path of stability that sets the new objectives of deficit and public debt for the next four years, as confirmed by government sources. Although they will not be announced until Friday at the Fiscal and Financial Policy Council (CPFF). After this news, the profitability of the 10-year Spanish bond rebounds slightly to 0.27%. Finally, the euro falls in value 0.2% and changes to $ 1.1035.

TECHNICAL ANALYSIS

"The Ibex is placed at the gates of the resistance it presents in the highs of last week (9,574). The only 'but' to the rise of this Tuesday is that it occurs with an important bullish gap at 9,400 points. And we already know that, in many cases, these gaps are filled (at least partially) in the following sessions, "explains José María Rodríguez, an analyst at Bolsamanía.

"For the time being, I am left with the fact that it is looking forward to it, it has clearly moved away from the danger zone and the stochastic oscillator also has significant daily oversold levels, leaving the doors open to potential rebound that brings us at least the significant resistance of 9,700 points, "adds this expert.

"But, I insist, it is necessary to close clearly above the highs of last week. As for the weight values ​​of our market, I would want to see impeccable rebound of Santander's securities after filling (not closing) the bullish gap of the results of last week maintained "concludes Rodriguez.