The Ibex rebounds 0.9% despite global fears over the commercial war

The Ibex 35 has rebounded 0.89% to 9,127.60 points, in line with the rest of the Old Continent. After falling over 3% last week and also yielding 0.78% on Monday, it has been a breather from so many red numbers despite continuing concern about the trade war.

The 4.59% rises of Acerinox have stood out after an improvement of rating of JPMorgan. In addition, the large stocks such as BBVA (+ 2.02%), Repsol (+ 1.48%), Telefónica (+ 1.24%), Santander (+ 0.97%) and Inditex (+ 0.68%) have also contributed to the rise.

The bank chaired by Ana Botín has been one of the protagonists of the day after confirming a redundancies scheme in Spain for 3,700 employees and the closure of 1,150 branches. It is a large adjustment that accounts for 11% of its Spanish workforce and 26% of its branches.

On a negative note, Enagás has fallen 1.89% after a Citi cut. In addition, Ence (-1.88%) continues with its bad run in the stock market despite the purchase of 410,000 shares by its president and maximum shareholder, Juan Luis Arregui.

In the Continuous Market, a lot of movement. The very stron rises in OHL (+ 15%) take center stage after cutting their losses significantly in the first quarter.

On the other hand, Deoleo (-12%) and DIA (-7%) have collapsed. The supermarket chain has presented a loss of 144 million in the quarter and has reiterated that its financial situation is critical.

In addition, Vodafone has sold its subsidiary in New Zealand for 2.1bn euros and has reported losses of 7.6bn in its last fiscal year due to the impact of the sale of Vodafone India and impairment losses, as well as the dividend cut. In Spain, it has announced that it will launch its 5G network in the summer, much earlier than its competitors.

TRADE WAR AND ECONOMY

"The fact that Trump is considering the possibility of applying tariffs to more Chinese products worth 325 billion dollars keeps investors nervous, the impact on the Chinese economy would be significant and its GDP could fall by two percentage points. , the concern about a slowdown in China can seriously affect the health of the global economy, "said Jasper Lawler, director of analysis at London Capital Group.

At the macro level, the CPI for Germany in April rose by 2.1% year-on-year, in line with expectations. In Spain, the INE has confirmed that Easter accelerated the CPI for April to 1.5%. In addition, the UK strike has fallen to 3.8% in March, down to 1974 lows.

Likewise, the ZEW of German economic sentiment stood at -2.1, much worse than the expected 5.0. On the other hand, industrial production in the Euro Zone fell by 0.6%, below the expected fall of 0.8%.

In other markets, Brent oil rose 1.1% to $ 71.02. In addition, the euro depreciates 0.12% to $ 1.1210. For its part, Spain's risk premium drops slightly to 104 points, while the yield on the Spanish 10-year bond eases to 0.97%.

TECHNICAL ANALYSIS OF THE IBEX 35

"It seems that the rebound in the Ibex and the rest of the European indices may be brewing, it is true that if we look at our index we do not see clear supports unless we reach the ​​8,940-8,950 points, A 50% adjustment of the whole rise previous to the December lows, but it does look much better in the German index (Dax 30), which in the end is the one that leads, let's not kid ourselves, "says José María Rodríguez, analyst at Bolsamanía.

"And this is rebounding with maximum precision from the base of the bullish channel that it presents since the December lows, therefore it can be said that with the extreme oversold levels (daily), the conditions are given, always with the permission of Wall Street , for facing the beginning of the expected rebound, but it is not a change of trend. Prices first fall, then rebound and then, almost always, attack again the minimum of the previous fall, "says this expert.

"And depending on whether these minimums hold or not, we can talk about the possibility that we are trying to build a market floor and then build some kind of back figure rebound and see where that movement is exhausted. In the case of the Ibex, the first of the important resistances is found in the bearish hole of the 9,227 points and, above all, the weekly bearish hole of 9,410 points ", concludes Rodríguez.