The Ibex rises 0.3%: Santander and BBVA offset Inditex's losses

The Ibex 35 has risen moderately (+ 0.34%, 9,192.70 points) after marking an intraday low at 9,123 integers. The increases in the banks, and more specifically in Santander (+ 2.97%) and BBVA (+ 1.81%), have compensated for the sharp falls in Inditex (-4.45%) after publishing their results. Gone is the negative reaction of the first hour after the new 'no' of the British Parliament to Theresa May's Brexit plan.

Inditex earned 3.4bn euros in fiscal year 2018, but in the fourth quarter the results were below the estimate in practically all magnitudes.

Analysts did not like these figures despite the fact that the textile group has increased its dividend by 17% to 0.88 euros; and it has anticipated that it will pay an extraordinary dividend of 1 euro per share over the next three years.

Income 4 has explained the negative impact on its price for having "failed to meet forecasts in the main magnitudes and despite having improved its shareholder remuneration policy".

On the other hand, the Boeing crisis is still the main news. The company has collapsed in the stock market in the last two days after the accident of one of its aircraft, the second of the same characteristics in just six months. Different countries - also the European Union - have closed their air space to this device (the 737 MAX) and some airlines have suspended their orders.

ECONOMY, BREXIT AND OTHER MARKETS

Regarding the calendar of data on Wednesday, the CPI of Spain rose 0.2% in February compared to the previous month and increased one tenth its interannual rate, to 1.1%. For its part, the industrial production of the Euro Zone increased by 1.4% in January compared to the previous month, while compared to January of last year, decreased by 1.1%.

On Brexit, the British Parliament will vote on Wednesday to avoid the possibility of the UK leaving the European Union without an agreement with the bloc. It is expected that on Thursday Parliament will vote on another motion to request an extension of the date of departure, which is currently March 29. Analysts expect the EU to approve an extension of about two months, until the European elections at the end of May, as the deadline to reach a final agreement.

In this scenario, the British Government has lowered its forecast of economic growth to 1.2% for this year, compared to the previous 1.6%. The Finance Minister, Philip Hammond, has indicated that an exit from the EU without an agreement would greatly harm the British economy.

In other markets, Brent oil rose 0.7% to $ 67.18, while an ounce of gold rose 0.8% to $ 1,308. On the other hand, the euro increased in value 0.17% to 1,1308 dollars. In addition, the Spanish risk premium picks up slightly by 0.5%, up to 113 points; and the yield of the Spanish 10-year bond advances to 1.22%.

TECHNICAL ANALYSIS OF THE IBEX 35

"Within the side of the last month, between 9,100-9,350 points, the most interesting thing is that we already have the oscillator stochastic moment in overweight levels.This Wednesday has touched the lower band of the oscillator and when this happens it is considered overweight. A few weeks ago we said that we arrived at very tired resistance, now the opposite happens, "says José María Rodríguez, an analyst at Bolsamanía.

"Having said that, this Wednesday we have lost one of the main engines of the market: Inditex, which has fallen sharply after announcing its results, but the banks take over: with BBVA and Santander in the lead. Cantabria is able to leave behind the resistance of 4.39 euros in closing prices. If we do so, we will have a clear signal of strength in the title and therefore in the sector and in the Ibex. As resistance we have the 9,200 points and, on everything, the 9,250 points, the bearish gap on Friday last Friday, "concludes this expert.