The Ibex falls 2% in the week, but holds the 9,000 despite the collapse of Caixabank and Sabadell

Banks continue to weigh on the Ibex 35. CaixaBank and Sabadell have collapsed after publishing results and Bankia, Santander and Bankinter have also fallen. Although the Spanish selective held on to the 9,000 points and has regained ground after marking a minimum intraday in 8,942 integers. The index closed the month of January with a rebound of 6%, in its best start to the year since 2011. However, during the week it drops by 2% and breaks its streak of four consecutive weeks to the upside.

BBVA (+ 0.1%) has gained 51.3% more in 2018, benefited by the sale of its subsidiary in Chile and despite the poor performance of its business in Turkey and South America (especially in Argentina, due to hyperinflation).

As for CaixaBank, (-7%) its profit has increased by 18% in 2018 but has disappointed in the fourth quarter, while Sabadell (-8%) has fallen by 54.2% due to TSB's problems.

On a positive note, the most bullish values ​​of the Ibex were Siemens Gamesa (+ 5.7%), Técnicas Reunidas (+ 4.6%) and ArcelorMittal (+ 3.3%). Also Inditex (+ 0.6%) has limited the losses of the selective.

Outside Spain, Deutsche Bank (-1%) reported a net profit of 267 million in 2018 compared to losses of 751 million in 2017 (the entity falls 3.5% this Friday).

Outside the business world, investors are left with "optimism" regarding talks betweent China and the US. Donald Trump, indicated that in the middle of the month they will meet again. At the moment, the sensations are positive.

China is also the protagonist today because of the macro data published there. The Asian giant has published the index of purchasing managers of the manufacturing sector, the manufacturing PMI prepared by the consultancy Caixin, which points to a greater contraction in January of activity in this sector.

This Friday the employment report for the month of January was published in the United States. A report that has surprised analysts in a pleasent way, since it has shown a creation of employment much higher than expected.

The rise in the unemployment rate to 4% from 3.9% is temporary, say the experts, since it is due to the closure of the Government during the month of January and a positive factor, such as the increase in the participation rate In the labor market. In addition, the null inflationary pressures on wages reinforce the change of approach confirmed this week by the Fed towards a less aggressive monetary policy.

Regarding other macro data of the day, today we have published manufacturing PMIs in Europe. In Spain, the PMI increased to 52.4 in January from 51.1 in December. In the Euro Zone, the PMI stood at 50.5 in the first month of the year, below the level of 51.4 registered in December. In addition, the CPI of the Euro Zone has also been known, which moderated to 1.4% in January.

In other markets, Brent oil rises 2% to 62.12 dollars. And the euro increased in value 0.24% against the dollar, up to $ 1.1476. Finally, the yield on the Spanish 10-year bond picks up gently to 1.23%, while the Spanish risk premium drops slightly to 106 points.

TECHNICAL ANALYSIS OF THE IBEX 35

"The falls of the Ibex this Friday have led to mark intraday minimum at 8,942 points, filling in (partially) the bullish gap to which we have referred in the last sessions of the 8,910 points. However, the falls of recent days fit absolutely within the normal parameters, "says José María Rodríguez, an analyst at Bolsamanía.

"But the really interesting thing is that after the current corrective phase if prices are able to restructure upwards and with that overcome the resistance of 9,260 points, then we will have a more than interesting figure back on the Ibex, "concludes this expert.