The Ibex (+0.5%) catches the European optimism, but it still does not recover the 9,000 points

The optimism about a possible short-term resolution of the trade war between the United States and China has led to widespread increases on Tuesday in the main European indices and the Ibex, which, however, has failed to win back the 9,000 points (+0, 5%, 8,983 points). The selective has extended the increases of the last day, for the moment, ignoring the political uncertainties generated by the budget debate (PGE) and the procés trial.

Meliá Hotels (+ 4%) was the most bullish value on Tuesday, recovering part of what was lost in recent sessions, in which the hotel has been hindered by doubts about the Spanish tourism sector two weeks after presenting its results of 2018. It was followed by CIE Automotive (+ 3.15%) and Inditex (+ 1.7%).

IAG (-2.1%) was the most bearish value, after activating on Monday the shield against shareholders without clarifying what will happen to the British sector. They have followed him in the penultimate and third-to-last step of the selective Cellnex Telecom (-1.1%) and Colonial (-0.7%).

The banks were the protagonists on Tuesday thanks to a report from Jefferies, in which the firm cuts the target prices of all Spanish entities. In addition, in the case of Banco Sabadell (+ 1.4%), it downgrades its rating from neutral to underweight.

In the Continuous Market, the main focus was once again DIA, whose share has fallen by 4.9% to 0.66 euros and has lost the price of the Fridman bid, set at 0.67 euros per share. JP Morgan today published a report in which it shows its doubts about the company and asks if it will have enough with the capital increase of 600m to solve its complicated financial situation.

TECHNICAL ANALYSIS

The Bolsamanía technical analyst José María Rodríguez reiterates that there is nothing to say about the Ibex on Tuesday that has not been commented on in the last sessions. "Everything remains the same, simply the price, in its corrective phase, seems to have found at the base of a small channel and now we have it at the doors of the resistance zone that it has on top of it: 9,060 points", explains Rodríguez.

"Although as we know, it will be useless if we are not able to jump in the next days / weeks above the 9,260 points, and only above this resistance, with ease and preferably in weekly candles, we will have a figure of return with an objective of approximately 10,000 points, "the analyst believes.

OPTIMISM IN THE UNITED STATES

The main indices of the continent closed with increases (CAC + 1.1%, DAX + 1.2%, FTSE + 0.1%), anticipating the start of the Wall Street session, which started with increases of more than 1% in its main indexes. On Monday, talks between the United States and China in Beijing were resumed and, at the end of the week, high-level talks will resume.

It is speculated that the deadline of March 1, the date from which tariffs on China would increase, will be extended, although the US trade negotiator, David Malpass, has already said that it will not be the case and the Minister of the House Blanca Kellyanne Conway said Monday that Trump wants to meet with Xi "very soon" unleashing the optimism that has dominated the markets today.

Also, this Tuesday the 'agreement' between Democrats and Republicans to avoid the closure of the Government makes the news, although the markets are also optimistic on this matter. The White House has reported on Tuesday that President Donald Trump has not yet decided whether to accept the agreement proposed by the Democrats in the early hours of Monday that would grant 1.3bn to finance the wall on the border of Mexico. Trump has demanded so far 5.7bn.

As for Brexit, UK Prime Minister Theresa May wants "a little more time" to negotiate the agreement with the European Union (EU). On Tuesday, she addressed the MPs in the British Parliament to inform them of the progress of the talks with the EU before a debate on the agreement is held on Thursday.

Mark Carney, governor of the Bank of England, has warned on Tuesday that Brexit can be a "test of fire" for the world economy and has anticipated that it will affect the global outlook in the short term as well as in the long term.