The Ibex rises more than 1% and touches the 9,700 points thanks to China and the US

The European stock exchanges have moved forward on Monday (Ibex: + 1.22%. 9,680 points; Cac: + 1.33%; Dax: + 0.98%; Ftse 100: + 2.62%) after it has confirmed that both the US and China have canceled the tariffs scheduled for December 15. The news in this regard propelled the stocks on Friday, together with the triumph of Boris Johnson in the United Kingdom, and their confirmation continues to serve as a catalyst. The Ibex seeks to mark new annual highs at closing prices after doing so on Friday intraday. The resistance is at 9,581.9 points.

Although practically all the selective has closed in green, Mapfre has closed the session with a significant fall, its shares have fallen in the stock market 3.74%.

In the Continuous Market, it should be stressed that this Monday the energy producer Grenergy has kicked off, thus starring in the only exit in the Spanish Stock Exchange of the year. The company has fallen 12% in its premiere.

After different conflicting news, both China and the US have officially confirmed the first phase of the agreement, while more details of it have come to light. China has pledged to buy at least $ 40 billion annually in US agricultural products, to strengthen the protection of US intellectual property, to prohibit forced technology transfers from US companies and to refrain from competitive devaluations. In return, the US canceled the increase in tariffs scheduled for this Sunday and agreed to reduce tariffs on $ 120 billion of Chinese imports that were introduced in September to 7.5%, instead of 15% (tariffs of 25% on some 250,000 million dollars of Chinese imports are still in force).

"The agreement is expected to be signed in January, before the discussions on the most thorny issues begin in a second phase. Although there is still a rough road ahead, we believe that the worst of the trade war has probably been left behind," Danske Bank analysts point out.

Asian stock markets have reacted warmly to this confirmation of progress between China and the US, with moderate increases in the Chinese indexes while red has prevailed in Japan.

In addition to China and the US, the macro is the protagonist on Monday. The PMI index composed of the total activity of the eurozone stood at 50.6, with no variation compared to November. The commercial activity of the services sector registered maximums of the last four months, standing at 52.4 in December, compared to 51.9 in the previous month. For its part, the PMI flash of the manufacturing sector was 45.9, compared to 47.3 expected and compared to the previous 46.9.

And in the United Kingdom, Boris Johnson has said he will submit the Brexit Withdrawal Agreement to Parliament before Christmas. Meanwhile, more meetings of Pedro Sánchez with different political leaders are expected in Spain this week. Today he held talks with Pablo Casado and Inés Arrimadas. In any case, no progress is foreseen in the pact for the investiture since this weekend ERC celebrates its congress.

TECHNICAL ANALYSIS

"We have the Ibex in our goal of raising the double floor that was confirmed above 9,400 points. But we believe that it can still climb a little more, at least to the area of ​​9,730-9,750 points: the upper part (by definition resistance) of the lateral channel, with a slight upward slope, for which the price has been moving for a year, "explains José María Rodríguez, technical analyst at Bolsamania.

"The only thing I do not like in the very short term is that we have an important bullish gap of this Friday's session that can be filled, at least partially, in the next few days. And this can take you to the new support area of the approximately 9,500 points in the short term, "qualifies the expert.

"In short, we remain positive with global equities as a whole, the only 'but' is that our Ibex is still clearly lagging behind and around the corner we already have potential levels of resistance worthy of being taken into account", he concludes.