The Ibex loses 10,000 points despite the strong rises in Inditex

The Ibex 35 has swung downwards (-0.29%, to 9,996 points) in the final part of the session, after the losses in the banking sector and Wall Street deepened with Donald Trump's announcement of the cancellation of the summit with North Korean leader Kim Jong Un.

The Spanish index has reached an intraday maximum of 10,092 points, driven by the strong earnings of Inditex, after an improvement in the valuation of RBC. However, the push of the Zara matrix, which has risen by 4% but now advances by 3%, has not been enough.

The falls of CaixaBank (-2.5%), Acerinox (-1.7%), Bankinter (-1.4%), Siemens Gamesa (-1.3%), Grifols (-1.2%), Colonial (-1.1%), Merlin Properties (-1%), Sabadell (-1.1%), BBVA (-1%), Bankia (1%) and Santander (-0.7%) counteracted the increases of the textile multinational, which has been supported by few bullish values ​​in the Ibex: Cellnex (+ 2%) and DIA (+ 1%) have completed the podium of the most profitable.

Also noteworthy, the sharp declines in Asian and European cars due to the news that Trump is studying possible tariffs on car imports of up to 25%. The German Dax 30 has lost 0.9%, ballasted by BMW, Daimler and Volkswagen, but especially by Commerzbank and Deutsche Bank (-4%), which has announced the dismissal of 7,000 employees.

In addition, the president of the United States declared Wednesday that the commercial dispute between the United States and China needs "a different structure." In response, the Chinese trade minister said Thursday that they have not promised to cut their trade surplus with the United States by a specific figure.

CURRENCIES AND COMMODITIES

In other markets, the euro has cut its bearish streak and appreciated 0.21% to $ 1.1724. The market discounted a 90% rise in rates by the Fed at its meeting in June, after the minutes of the last meeting of the central bank published on Wednesday.

In the commodities market, falls of 0.8% for Brent oil, to $ 79.14, while gold takes advantage of its role as a refuge asset in the face of geopolitical uncertainty to rebound by 1.2% to $ 1,310 per ounce . For its part, Spain's risk premium is relaxed and falls slightly to 91 points, while the Italian rebounds to 192.

ITALY, A 'REAL' PROBLEM

Italy is still very present for the European stock markets. For a long time it was believed that these negotiations could end up in a radical government, especially after the 'sorpaso' in the elections of the 'Northern League' to 'Forza Italia', Silvio Berlusconi. However, the market was immersed in complacency and the idea that this situation is 'normal' in Italy.

Now it is not at all normal that the Government of the third strongest economy of the European Union (EU) is composed of two parties that, to begin with, do not believe in the European Union. Going from there, the experts are finally beginning to worry and anticipate a confrontation between Italy and the EU. We will have to see if they take the path of Alexis Txipras in Greece, Brussels might have to show a tough stance once more. In the case of Greece this ultimatum played with the advantage that the country needed a ransom.

On the data front, Germany's GDP for the first quarter rose 1.6% year-on-year, in line with estimates. Finally, the political news of the day goes once again to the Gürtel plot which has revealed more people involved in the corruption scandal.

TECHNICAL ANALYSIS OF THE IBEX 35

"A new session of weakness for our Ibex, which closes in red after rising during the first part of the session close to 1%, in any case, everything remains the same, we still have the Ibex supported, at least as far as the the first support really refers to: the area of ​​9,940-9,950 points (before resistance) and below that we have the level of 9,800 points, coinciding with the origin of the last bullish momentum as well as the 50% adjustment / recession of the whole rise since the end of March ", explains José María Rodríguez, analyst of 'Bolsamanía'.

"By values, banks are still very weak, with BBVA and Santander in the lead." It is convenient to closely monitor the level of the five euros in Santander, since the drilling of this support can accelerate the corrective phase of the last sessions even more. Telefonica does not help either and moves away from eight euros, technically there is the possibility that the last impulse will be subtracted, returning to the annual minimums at 7.45 euros, "adds this expert.

"On the other hand we highlight the renewed strength of Inditex, which continues to be very strong, in fact since the annual minimum accumulates a rise of 25% .If it were not for the textile company and its evolution in recent weeks the Ibex would be much lower, on the resistance side, the most immediate one is at 10,290-10,300 points ", concludes Rodríguez.