The Ibex, flat against the push of Inditex and the falls of Mediaset and banks

The Ibex closed the session practically flat, with a drop of 0.05%, to 8,908 points. The selective was pushed by Inditex (1%), which has risen after the good results figures of Primark, and on the other hand it was brought down the negative pressure of the banks and Mediaset (-6.29%).

The entire banking sector ended the session in red, weighed down by the Credit Suisse cut on its profit estimates for CaixaBank (-1.43%), Bankia (-2.54%) and Sabadell (-3.69%) this year. Specifically, the 2% reduction for CaixaBank, of 2,116m euros; 18% for Bankia, 729m euros; and 17% for Sabadell, 330m euros.

However, the most punished value of the Ibex has been Mediaset. The communication group has received, from Bank of America, a cut in its target price, from 10 euros to 4.3 euros per share. The US firm has also revised down the target price of Atresmedia from 11 euros to 3.6 euros per share, which has plummeted 8.02% in the Continuous Market.

The positive news of the day has been taken by Inditex, which has been among the most bullish of the selective companies after the Primark parent company announced a 4% increase in sales, with a 1% increase in sales in UK.

BREXIT AND THE MARKETS

This Thursday it's still news that Theresa May survived from the motion of censure, with investors monitoring, minute by minute, what happens with the United Kingdom and Brexit.

"The general feeling in the markets remains that, in some way, the deputies will be able to meet in order to avoid the current perspective of a Brexit without a deal, and over the next days and weeks this theory will be put to the test," says Michael. Hewson, responsible for analysis of CMC Markets.

Danske Bank recognize that there is "an increasing risk that the process will be extended and that the UK has to request an extension of Article 50". The conservative politician Dominic Grieve has presented two bills that would initiate preparations for a second referendum in the United Kingdom. The bills will be debated on January 21.

LESS ECONOMIC OPTIMISM IN THE USA

Another issue that is also discussed this Thursday is the content of the Beige Book of the Fed, which was published in the last session, when the European markets closed. The book finds less economic optimism in the United States. "Prospects remained broadly positive, but many districts reported that their contacts have become less optimistic in response to increased volatility in financial markets, rising interest rates, falling energy prices and the high commercial and political uncertainty, "said the economic dossier published on Wednesday.

Experts at RaboBank believe that what the Beige Book says "should be enough to get out of the dollar," except for the fact that elsewhere they are worse off. "Europe is already close to recession, with industrial production in France and Germany in negative, and that before including the Brexit circus," explain these analysts.

On the other hand, in the raw materials market, the Brent crude oil barrel, a benchmark in Europe, has fallen by 0.80% at the close of the Spanish market, to 60.83 dollars. While in the currency market, the euro has fallen in value to $ 1,1387.

TECHNICAL ANALYSIS

"This Thursday the Ibex has moved in a very narrow price range to close practically flat, without significant changes, therefore, little more we can say that we have not commented in recent days", comments José María Rodríguez, technical analyst of Bolsamanía.

"And with an eye on the significant resistance that we have in the bearish guidance of the last nine months: now at about 9,150 points, the problem with which we can find is the fact that we have the S & P 500 in full Resistance zone: about 2,625 points, "he adds.

"This level, before support and now resistance, is the base of the wide lateral-bull movement through which the index was moving during almost all of 2018. It was drilled at the beginning of December and we already know very well the crash we are witnessing. Well, again we have the index there, at those price levels, now (in theory) resistance ", concludes the analyst.