The Ibex closes flat: the banks offset the falls in Telefónica and Gamesa

The Ibex has not been able to engage in the new historical highs of Wall Street or the annual records set in Europe. The selective Spanish has left on Tuesday a slight 0.09%, up to 9,407 points, divided between the increases in banking and the falls in Siemens Gamesa (-8.68%) and Telefónica (-0.97%) after submit your quarterly accounts.

In the case of Telefónica, profits fell more than 50% in the months to September due to restructuring expenses and was negative in the quarter (-443 million euros) as it was impacted by this same factor, while the FactSet consensus expected a positive profit of 92 million in the quarter. Experts now doubt that the operator will meet its EBITDA goal for 2019.

As for Siemens Gamesa, it has doubled the profits, but has announced a workforce adjustment that will affect 600 employees. It has also communicated some objectives in sales and EBIT margin for 2020 below what was expected by the consensus, which explains the falls it is registering.

Endesa (-0.82%) has been another Spanish company that has reported results. The energy company earned 85% less due to the deterioration of 1.3bn in coal assets. Both companies have reiterated their objectives and also their dividend, something of particular concern to shareholders.

In positive, the most outstanding values ​​of the selective have been Ence (+ 3.17%) CaixaBank (+ 2.82%) and Cie Automotive (+ 2.59%) In addition, the rest of the banks have closed with rebounds higher than 1 %, except Bankinter, which has added 0.96%.

CHINA AND USA, MAIN CATALYSTS

The hopeful news about China and the US were the main catalysts of Monday and continue to be this Tuesday. Chinese President Xi Jinping, who delivered a speech at the China International Import Expo on Tuesday, has called for international tensions to be resolved through discussion, urging the elimination of global trade barriers.

In this context, the barrel of Brent is listed with a 1.1% rise at the close of the market in Europe and is close to reaching $ 63. In addition, in the currency market, the euro falls in value 0.5% and changes to $1.1065; while in the debt market, the Spanish risk premium is around 63 basis points.

TECHNICAL ANALYSIS

"Session of consolidation of levels on Tuesday at the Ibex. In the very short term we now have a first support in the bullish hollow of this Monday (9,328) and as for resistances everything remains the same: the 9,500 points as the most immediate area (the maximums of the 'reversal' of the session of October 17 and above we have the annual maximums at 9,588 points and the upper part of the bullish channel, now at 9,680 points, "notes José María Rodríguez, analyst at Bolsamanía.

"However, it is worrying how weak our index is still in spite of how well the European banking sector is doing. The Ibex is not able to get on the shopping train as the rest of Europe as we rise 10% in the year vs. 24% of the Dax, 22% of the Euro Stoxx 50, 23% of the Cac 40 or 27% of the FTSEMIB, "he adds.