Turkish crisis and US tensions Russia causes the Ibex to fall 1.5%

Strong falls in the European stock markets this Friday. The Ibex 35 fell 1.56% to 9,602.10 points after Russia finally reacted to the US sanctions and warned that it could respond "by other means".

In addition, Turkey's crisis is getting bigger. The Turkish lira collapses 15% against the dollar and the euro falls to lows of 13 months against the 'greenback' thanks to the confrontation between Trump and Erdogan. The ECB has warned of the exposure of European banks to Turkey. BBVA fell 5.16% and led the declines in the Ibex, although all banks fell sharply: Sabadell (-3.89%), CaixaBank (-3.08%), Bankia (-2, 81%) and Santander (-2.73%).

To a lesser extent, other large Ibex securities have also registered notable drops, since Telefónica has lost 1.63%, followed by Repsol (-0.91%) and Iberdrola (-0.43%). On the positive side, only DIA (+ 1.34%), Colonial (+ 0.43%) and Inditex (+ 0.11%).

In the main board, another day with highlighted gains for the mining company Berkeley Energía (+ 5%) and falls for Duro Felguera (-4%) and Prisa (-6%).

On the European business front, Ryanair and its pilot strike have also made the news. The company faces cancellations of flights across Europe, with its pilots strike in Ireland, Germany, Belgium, Sweden and the Netherlands.

The strong falls in Europe (the German Dax 30 has lost 2% and the French Cac 40 1.7%) occur while Wall Street also loses more than 0.5%. In Asia, notable declines have also been seen, with cuts of 1.3% in the Nikkei. The Japanese GDP has shown a better than expected growth in the second quarter, driven by the strength of spending on households and businesses.

On the US crisis with Russia and Turkey, two situations have been generated that were not expected and that are potentially very dangerous. Especially surprising are the sanctions that the US has announced against Russia at a time when the 'harmonious' relations between Donald Trump and Vladimir Putin stood out, especially after the last European tour of the US president. Now, the situation has changed dramatically.

As for Turkey, the crisis clearly continues to escalate after Trump has doubled tariffs on aluminum and steel from Turkish territory, which has increased the lira's collapse to 20% against the dollar.

Brexit is another worrying issue and the pound is especially 'tense' in recent times. It should be noted that the Ftse 100 ended yesterday as one of the worst rates in Europe. According to CNBC, most of the British voters would be in favor of a second referendum on the withdrawal of the United Kingdom from the European Union, based on a YouGov poll published on Friday.

Regarding the macro data of the session, the GDP of the United Kingdom in the second quarter has advanced by 0.4%, while the Consumer Price Index (CPI) of the US has remained at 2.9% year-on-year in July, slightly below the 3% expected. However, the core CPI has rebounded to 2.4%, above the forecast 2.3%.

By technical analysis, after a clearly bearish session, the Ibex returns to trading near the support of 9,500 points, so it is necessary to be aware of its behavior at that price level. If you finally lose that reference, we could see additional drops to levels of 9,200 - 9,000 points.