The Ibex rises above 9,700 points thanks to Telefónica's momentum

The Ibex 35 ended the session on Wednesday with a 1% rise and stood at 9,757 points thanks mainly to Telefónica's momentum. Thus, as expected by Bolsamania experts, the index has continued with the rebound of the last day, which already exceeded the technical level of 9,623 points.

The 'teleco' chaired by José María Álvarez-Pallete has led the gains (+ 2.47%), and it seems that the market has celebrated the advertising campaign of its virtual assistant, Aura. After Telefónica, the companies that have climbed the most have been BBVA (1.93%) and Naturgy (+ 2.15%).

In addition, the rest of 'blue chips' (or 'heavyweights') of the Ibex have also ended in green the day. Among them, Banco Santander has risen almost 0.7% after it was revealed that Popular earned 41 million euros in the first quarter of the year, according to the Spanish Banking Association (AEB).

On the other hand, Meliá Hotels (-1.43%), Indra (-0.97%) and Arcelormittal (-0.82%) were the values ​​that were left most in the park on Wednesday.

OTHER BAGS AND MACROECONOMICS

All in all, Europe has traded rather flat and with a mixed sign after the political uncertainty seems to have dissipated - for now - in Germany.

For its part, Wall Street closed on Tuesday with drops of 0.6% after opening only for half a session. This Wednesday will be closed all day for the Independence Day holiday, which has contributed to the tranquility on this side of the Atlantic.

Meanwhile, Jasper Lawler, an expert with the London Capital Group, is focusing on the idea of ​​a commercial war in a crucial week, waiting for tariffs between the United States and China to be activated this Friday. "The markets continue trembling as the clock continues to move towards the materialization of the threats of the commercial war, and only two days after the threats begin to take effect, the relations between the two powers remain hostile and shake investors," this analyst.

"The sudden movements of the Chinese currency have generated speculation that the Chinese authorities are resorting to manipulations to offset some of the worst effects of US tariffs," says Michael Hewson, chief strategist at CMC Markets.

Returning to Europe, Hewson emphasizes that the agreement between the CDU of Angela Merkel and the CSU has raised serious questions in its third partner of Government, the SPD, so "it is not an accomplished fact that is approved in the German Parliament", warns

As for the data calendar for the day, the PMI composed of the Euro Zone in June stood at 54.9 compared to the previous 54.8. The growth rate of economic activity in the Eurozone has regained some momentum in the month of June since its minimum year and a half in May.

TECHNICAL ANALYSIS

For José María Rodríguez, technical analyst of Bolsamanía, this has been a "new session of earnings in the Ibex, which since the lows of Monday (9,443) accumulates a rise of more than 3%."

"In fact, sessions ago we made reference to the possibility that the Ibex would bounce after leaning on the base of the triangle, and it is in. Now, I could look for the top part of it, at 10,100 points", adds the expert. "The main catalyst for the rebound is Telefónica," he explains, "that this Monday touched the mid-term bullish guidance, the one that joins the lows of 2012 and 2016 and from there it's trying to restructure upwards."

"Now, to be able to talk about a change in trend in the operator, we will demand that it jump above the May highs, at 8.25 euros. Meanwhile, we can only wait until we see where the Ibex wants to end up jumping, if the top or bottom of the triangle", concludes Rodriguez.