Ibex can hardly hold 8,800 points burdened by BBVA and DIA

The Ibex 35 (-0.17%, 8,806.10 points) has barely managed to hold 8,800 points, after marking a minimum intraday in 8,776 integers and a maximum in 8,874. The selective relied on medium-sized banks and Inditex, while BBVA was the main drag after publishing its results.

The CEO of BBVA (-3.14%), Carlos Torres said as the entity published results that the expected ruling of the Supreme Court on mortgages and that retroactivity would not make sense because they have abided by the law at all times. The Basque bank has lost the support of 5 euros, closing at 4.97 euros, which is not a good technical signal.

DIA (-13.64%) has been another negative protagonist of the session. The supermarket chain has confirmed a 14% drop in its sales for the third quarter of the year, but has not facilitated the net profit for the period, claiming that it is performing a deterioration test and that it will conveniently report this information later. Its CEO, Antonio Coto, has announced that the company is considering the sale of Clarel and the closure of unprofitable stores. Its shares have closed at 0.69 euros.

In addition, Siemens Gamesa has fallen 3.84%, below 10 euros, after General Electric, one of the main players in the sector through its wind power subsidiary, has questioned the profitability of wind turbine manufacturers after presenting your results.

In positive, Viscofan has rebounded 3.17% after its collapse of 20% recorded last Friday, when it launched a 'profit warning'. Bolsamania has published that one of its directors bought 1,000 shares after the collapse of the value. In addition, Banco Sabadell rose 3.03%, Mediaset Spain 2.66% and, among the major securities, Inditex advanced 0.76%, Telefónica 0.27% and Iberdrola 0.13%.

In addition, results have been published outside Spain, such as those of Lufthansa, Volkswagen or BNP Paribas. The French bank has declined after failing to meet the expectations in revenue (although in benefit). On the other side of the Atlantic, Facebook will publish its results after the closure of Wall Street, for which there are no good forecasts.

WEAK GROWTH IN THE EURO AREA

Today the GDP of the Euro Zone has been the most relevant macro reference and the one that has most disappointed, after growing at its lowest rate in four years. The GDP of the third quarter advanced at a rate of 0.2%, well below the 0.4% anticipated by the consensus. After this reference, the euro reduces in value 0.11% to $ 1,1365.

In Spain, the year-on-year CPI remained at 2.3% in October. And in Germany, unemployment has also remained at 5.1% in October, below the 2.3m unemployed. In our country, it has also been known that the public deficit fell by 14% until August, to 1.95% of GDP. The yield on the Spanish 10-year bond picks up slightly to 1.58%.

Meanwhile, this Tuesday there is still talk regarding Brazil (the Ibex rose largely yesterday thanks to the 'Bolsonaro effect', which drove Santander and Telefonica) and also the resignation of Angela Merkel, which is valued as a fact which generates even more uncertainty in the European Union (EU).

Finally, remember that in Asia green numbers have predominated this morning after President Donald Trump said he expects a "big deal" with China. The environment in Asian markets has been very different from yesterday, when the main indexes fell after the news of Bloomberg that Trump will announce tariffs on the remaining 257,000 million dollars of Chinese imports if talks next month with Xi Jinping fail.

TECHNICAL ANALYSIS OF THE IBEX 35

"The session on Tuesday does not differ much from what was said on Monday, if anything, it seems that the level of 8,800 points has become a first short-term support, but little more. last three sessions, something is something, but insofar as we do not close the bearish hole of the 9,163 points, we will not really have anything, simple rebounds in a higher order corrective phase, "says José María Rodríguez, analyst at Bolsamanía.

"Today's session highlights the weakness of BBVA, which is flirting with the area of ​​five euros and is showing much weaker in the last sessions than Santander, who confesses this Wednesday (along with Telefónica) to the market. And meanwhile those who seem to pull the cart with Telefonica (who dares to rise in the accumulated October, which ends tomorrow) and Inditex, mainly The textile giant accumulates a rise of 7% from the lows of this month and is one of the values ​​that somehow is compensating the weakness of the banking of our country ", concludes this expert.