Ibex falls below 10,200 again ahead of Super Thursday

Wednesday was up and down for the Ibex 35, eventually falling 0.51% to 10,153 points. The index was in the black for much of the session before being hampered by the open of Wall Street.

Banco Sabadell was the worst performer, after falling 2.47% due to the ongoing conflictin Catalonia and ahead of its quarterly results later this week.

Viscofan was next up, with a fall of 2.05% to 49.52 euros. Iberdrola also had a bad day, losing 2.03% to 6.57 euros. Aena fell almost 2% to 150 euros. The airport company reported its results on Tuesday at the close of the market. It reported its net profit had increased 22.1% in the third quarter.

Only eight stocks managed to finish the day with gains. Acciona was up 1.66% after reporting the sale of its stake in Tranamediterránea for the value of 419 and 436m euros.

It was accompanied by IAG, which rose 1.6%, and Tecnicas Reunidas which was up 0.68%. Caixabank closed in the black, by 0.34%. Telefonica closed up 0.22%, and Santander by 0.12%.

In the general stock exchange, Liberbank was the main story of the day. Deutsche Bank confirmed the 19% investment in the company at 0.67 euros per share. The bank fell 5.16% to 0.699 euros.

OHL was also down almost 5% after Tomás Garcia Madrid resigned as chief executive.

OTHER MARKETS

The rest of European markets closed with losses and some more pronounced than the Ibex. The FTSE was down 1%, the CAC 40 by 0.37% while the DAX 30 was down 0.46%. Germany saw the publication of IFO for October, with business sentiment marking a record of 116.7 points.

Wall Street opened lower hampered by Boeing and the tech sector. The Dow was down 0.5%, but the Nasdaq dove by more than 1%.

US new home sales were published on Wednesday. They shot up 18.9% to 667,000, it’0s biggest rise in the last decade.

WAITING ON SUPER THURSDAY

Tomorrow will be an intense session in the markets. ECB president Mario Draghi will speak, while new developments are expected in the Catalonia crisis. The Catalan parliament will debate the application of Article 155.

Company results will also be at the forefront. The blue chips of the Ibex will report, such as Telefonica and Santander, and will more than likely dictate the pace of the index. Other companies such as Bankinter, DIA, Ferrovial and Mapfre will report, not to mention the publication of Alphabet’s results.

TECHNICAL ANALYSIS

“”Everything remains the same despite Wednesday’s losses, but the feeling is not good,” explains Bolsamanía technical analyst José María Rodríguez. “During most of the session the Ibex 35 was registering green numbers helped by the banking sector, but most of these numbers finished in the red or practically flat and far from the highs of the session.”