The Ibex cuts its fall short as it reacts to trade war negotiations updates

The Ibex 35 (-0.3%. 9,325 points) moderates its fall after learning that the US is considering postponing tariffs to China scheduled for December 15 while both powers continue to negotiate a trade agreement. The Spanish selective has reached an intraday low at 9,246 points after the ZEW index was published in Germany. This in a very important week that will undoubtedly make the markets react one way or another

At the same time, it has been published that the Asian giant has increased the purchase of American soybeans. Although at the same time, China will eliminate foreign software and computers from its official bodies in the next three years.

BUSINESS NEWS

On the corporate scene, the Norwegian sovereign wealth fund, Norges Bank, has declared a 3.05% stake in the capital of Sacyr, valued at 44.5 million euros.

In addition, Bank of America has maintained its recommendation on Sabadell in 'Underweight' and its target price at 0.5 euros per share, 50% below its market value.

Internationally, there is talk of Morgan Stanley, who has said he studies the dismissal of 1,500 employees (2% of its workforce). In addition, Just Eat has rejected Prosus’s enhanced bid, and Britain's Ted Baker collapses after announcing the departure of its president and chief executive officer, while cutting forecasts and dividends.

In other markets, Brent oil falls 0.1%, to $ 58.98. In addition, the euro rises in value 0.13% and trades at $ 1.1075. In addition, the yield of the US 10-year bond falls to 1.82%, that of the two-year bond advances to 1.63% and that of the three-month bond rebounds to 1.54%.

GLOBAL ECONOMY, SPAIN AND MACRO REFERENCES

The current situation ZEW for December was -19.9 compared to the forecast of -22.3 and the previous data of -24.7. The economic sentiment stood at 10.7 against the estimate of 0 and the previous data of -2.1. In the United Kingdom, GDP grew 0.7% in October, its slowest pace in almost seven years. In Asia, macro references have also been known this Tuesday. The Chinese CPI for November rose to 4.5% year-on-year, highs for the last eight years.

Aside from the macro data, in Spain, politics are also in the spotlight of investors. This Tuesday there has been a round of consultations of the King with the parties and, in addition, a new meeting between PSOE and ERC is held in Catalonia after this last party said it is in no hurry to reach an agreement and pointed out that it thought it would be more plausible after Christmas and not before.

Starting on Wednesday, the avalanche of relevant appointments will begin. That day Saudi Aramco goes public; and Inditex presents results in Spain. In addition, the conclusions of the Federal Reserve (Fed) rate meeting that begins today will be known and, in the macro data world, the US CPI is published.

On Thursday there will be a meeting of rates of the ECB - the first with Christine Lagarde in front - and also the highly anticipated and very important elections in the United Kingdom are held.

IBEX TECHNICAL ANALYSIS 35

"Second session of falls in the Ibex, although at least we can say that it closes very far from the minimums of the session. But let's not fool ourselves, in reality everything remains the same. At least the control areas seem clear: 9.100-9.130 points below and 9,400 above, "says José María Rodríguez, analyst at Bolsamanía.

"And I want to keep the downward turn twice, to the cent, from the area of ​​9,400 points. It follows that in theory, above 9,400 points in closing prices we will have a small figure back of double-bullish bullish implications. A guideline that, at a minimum, should be projected to 9,600 points. Coinciding practically with the annual maximums reached in April at 9,588 points, "adds this expert.

"And below 9,100 points," Rodriguez concludes, "it is normal to address the minimum of October at 8,850 points. Finally, a reminder that this Wednesday before opening Inditex will publish its results and does in full resistance zone. Therefore, the + -5% lunches are insured for this title tomorrow. "