The Ibex yields 1.79% and loses 9,000 in the face of Brexit unceirtainty

The Ibex has lost 1.79% this Thursday, affected by the uncertainty regarding Brexit, triggered by the meeting between the United Kingdom and Brussels. The selective, which yesterday stood at 9,100 points, has fallen below the 9,000 integers (8,938). The cuts in Mapfre and ArcelorMittal stand out after presenting results, although the most punished value has been Meliá, which has been left by 6.27% due to doubts about its business in Cuba.

Today the markets have been awaiting news about Brexit. Theresa May has returned to meet with Jean-Claude Juncker, president of the European Commission (EC), and they have agreed to reopen negotiations on Brexit.

Both have decided to tweak the political statement that accompanies the withdrawal agreement although the agreement itself, for now, remains non-negotiable for the EC. Thus, it is most likely that, when the 'new' agreement goes to British Parliament (before the 26th of this month), it will be rejected again, leaving the door open for a no-deal Brexit, the worst possible option for the markets.

"Beware of what is said today about Brexit, since Theresa May returns to Brussels trying to get support for the concessions on the Irish border, May has two weeks to renegotiate the agreement," the Danske Bank experts warned early on your daily report.

The new movements around Brexit take place on the day that the Bank of England has met to discuss rates. The agency has maintained the rates at 0.75%, as expected, and has cut its growth forecasts for the country. Given this decision, the pound has experienced a day of great volatility.

All in all, the European indexes have ended the session in negative, with the Dax as the most punished stock market when backing more than 2%. This, after yesterday's Wall Street's falls and Asia's increases (mostly)

COMPANIES AND OTHER MARKETS

In business, this Thursday the publication of results continued. Mapfre gained 24.5% less in 2018, to 529m. Its figures have been affected by 'everything', as explained by the company, which has allocated 173m to strengthen its balance. The insurer has sold 2.99% on the stock market.

For its part, ArcelorMittal increased its profit in 2018 by 12.7% to 5.1bn dollars. The company's fourth quarter results seem to have slackened. After these accounts, the shares of the steelmaker have been cut by 4.60%.

In the United States, we must highlight Twitter, which plummets over 11% at the close of the market in Spain after presenting results and announcing that it follows Apple's footsteps and will not publish its active users.

As for DIA, the great protagonist of the last few days, issued a statement on Wednesday night stating that Fridman's bid "does not offer certainty about its effective execution" and announcing an agreement with its creditors to postpone its debt until 2023. Securities have fallen by 0.47% and have remained above the 0.47 euros offered by Letterone in the OPA.

In the commodities market, the Brent crude oil barrel fell 2.33% at the close of the market in Spain, to 61.23 dollars. While in the currency market, the euro falls in value slightly against the dollar, down to $1.1359.

TECHNICAL ANALYSIS

"It seems that we need another bearish leg before trying, probably, to attack once again the resistance of 9,260 points, we're in no-man's land, halfway between the 'overweight' and the 'underweight'. It is very rare that the index is turned up again as well, "says José María Rodríguez, analyst at Bolsamanía.

"Which means that we are likely to head towards the support area of ​​8,850 points (the base of the small bearish channel that it seems to be shaping up) without ruling out that it could even drop something else. 50% implies falling to 8,750 points and if it is 61.8% up to 8,650 points, "he points out.

"The really important thing as we said recently is that after the current fall we will attack the 9,260 points again, and if we manage to jump over, we will finally have a figure back", concludes Rodríguez.