The Ibex rebounds boosted by its banks and conquers the 9,600 points

The Ibex and the rest of Europe rebound this Friday. In the case of the Spanish selective, it adds about 1% and recovers the 9,600 points. Investors continue to measure the potential impact of the Wuhan virus that already killed 25 people and affected over 800 in China and has spread to the rest of the region with some cases in Japan, South Korea, Singapore and Vietnam, but experts point out that there is no reason to panic, since it is too early to venture what their evolution will be.

"The fact that WHO has not designated the international emergency because of the coronavirus lowered some concerns," experts from the London Capital Group point out. "The panic is premature because the evolutionary impact of the coronavirus is yet to be seen," they say from Mizuho.

The improvement has been noticed in Asian parks, which have slowed down Thursday's fall and have mostly finished flat. The stocks in China and South Korea are closed due to the start of the Lunar New Year festivities, even though the celebrations have been suspended by the respiratory virus.

The national selective shows that there is an option for recovery with values ​​such as Arcelormittal (2.41%), IAG (+ 1.87%) and the banking sector, which rises between 1% and 1.5%. "Little by little and without making much noise, the Ibex has dangerously approached the support of 9,460 points, the base of the side by which the price has been moving for more than a month. This leaves the door open to a possible rebound as we have seen in some occasions in the past, "argues José María Rodriguez, an analyst at Bolsamanía.

Within the Spanish borders, the purchase operation carried out by Helvetia stands out. The entity has acquired around 70% of Caser for 780m euros and plans to finance two thirds of this with the issuance of hybrid bonds.

In addition, the hangover of the ECB meeting and the subsequent appearance of its president, Christine Lagarde, still weighs down the European stock exchanges. The Ibex starred in a bearish close this Thursday after the words of the central banker led to believe that the rates will rise when growth does and not as part of the review of the central bank's strategy “if the conclusion is reached that the low rate policy does not work and its negative effects outshine the positive ones. ”

Therefore, while the updating of the central bank's main lines is carried out, until December of this year in all likelihood, the rates will remain at the current levels and it is unlikely that the future orientation of the markets will not change either.

On the other hand, investors have focused their attention this Friday on the publication of a long list of PMIs. In positive, Germany's manufacturing and services data in January have exceeded forecasts, while in the euro zone manufacturing has been better than expected, although services have fallen below forecasts.

TECHNICAL ANALYSIS

"Despite the rises this Friday, everything remains exactly the same. We close away from the highs of the day and in no-man's land area. Exactly halfway to the 9,460 support and the resistance of 9,700 points. And so we are moving laterally from a month and a half ago. What has me more worried is that the tonic of last year is repeated, that is, an Ibex weaker than our neighbors. Nothing new under the sun, really, "explains José María Rodríguez, analyst of Bolsamanía.

"And Telefónica and Santander continue to be very weak despite the typical specific rebounds (reaction phases) that sometimes occur. Next week will be loaded with weighty results, including those of Santander. The Cantabrian entity will receive them flirting dangerously with the support of 3.50 euros and with an eye on the lows of 2019, at 3.30 euros, "adds this expert.

"I do not want to think that the Cantabrian entity ends up drilling the minimums of 2019 because we would have a powerful signal of weakness in one of the main engines of our Ibex. The only thing that is saving us is the good behavior of the 'utilities', with Iberdrola to the head. And the electric chaired by Sánchez Galán is marking all-time highs day after day, "Rodríguez concludes.