The Ibex falls 0.2% pressured by the banks and Repsol but supported by Inditex and Telefónica

The Ibex 35 has dropped 0.26% to 9,858 points, following the sharp declines in Wall Street on Tuesday (Dow Jones: -1.73%, Nasdaq: -1.7%, S & P 500, 1.34% ), which have dragged all European exchanges. Among the large securities, Repsol (-1.72%), Santander (-0.32%) and BBVA (-0.44%) were the main ballasts for the selective, although the increases in Inditex (+2.10 %), Iberdrola (+ 0.22%) and Telefónica (+ 0.42%) have cushioned the falls.

The rest of the big European exchanges also list in negative. It's particularly noteworthy the drop in the German Dax 30 (-1.2%), while the British FTSE 100 lost 0.7% and the French Cac 40 dropped 0.6%. All this after Wall Street closed on Tuesday with outstanding losses close to 2%, while the yield of the 10-year American bond exceeded 3%. In a very volatile session, after falling by 0.8%, the New York indices have turned around and are now trading moderate earnings.

RESULTS AVALANCHE

This Wednesday there has been an avalanche of results in Spain, with the publishing of Aena, Liberbank, REE or Abertis, among others. Credit Suisse has also published its figures (it improves its profit in the first quarter by 16%) and, in the United States, the main reference will be Facebook results.

Among the most bullish values ​​of the Ibex, DIA is up 2.4%, followed by Inditex (+ 2.1%). The parent company of Zara discounts the weakness of the euro in the last sessions, a positive factor for its income statement. In addition, Enagás increased 1.3% and Iberdrola rose 0.6% after posting a profit of €838m in the first quarter and increasing its Ebitda by 24%.

On the downside, ArcelorMittal falls close to 3%, on a bad day for companies related to raw materials. Repsol falls 1.8% baltrated by the drop in oil, which in the case of Brent crude fell by 0.6% to $ 73.40. The oil company reached record highs this Tuesday, but has not been able to hold the 16 euros and has turned to the downside.

The Spanish banking sector has not had a good day either. Sabadell down 2% affected by the serious technological problems it has had in the UK with TSB, followed by Bankia (-1.3%), Bankinter (-1.1%), BBVA (-0.8%) and Santander (-0.6%). The Cantabrian bank is close to 4% in the stock market since it presented results on Tuesday before the opening.

INCREASE OF PENSIONS AND BCE

In Spain the big news of the day are the resignation of Cristina Cifuentes as president of the Community of Madrid and the Prime Minister, Mariano Rajoy who has sealed an agreement with the PNV to overcome the first vote in Congress of the 2018 Budgets in exchange for a rise in pensions at the pace of the CPI and a delay in the application of the sustainability factor. Thus, all pensions will rise by 1.6% this year and next.

In the monetary sphere, investors await the meeting of the European Central Bank (ECB) and Mario Draghi's comments on the evolution of inflation and economic forecasts. The meeting will be characterized by its "continuist mood", say the experts of imdi funds.

Draghi will try to "give maximum flexibility to the speech of the institution ahead of the key meeting in June, while continuing to address relevant issues, such as the cooling of the economy during the beginning of the year, the behavior of the euro, the rise of the price of oil and the implications of trade frictions ", add these experts.

TECHNICAL ANALYSIS OF THE IBEX 35

"Despite the falls of this Wednesday, the closure is far from the minimum of the day and from support. This Tuesday we said that there was a support that could be seen before trying to give continuity the rebound we found in the 9,800 points, before important area of resistance, and from there the rebound began this afternoon, "says José María Rodríguez, analyst at Bolsamanía.

"Anyway, we have a resistance around the corner, the bearish gap of the opening today at 9,849 and above and more relevant at 9,940 points, or what is the same, only above 9,940 points in closing prices the rebound would have continuity with aim in the area of ​​10,210 points, where we have a significant weekly bearish hole ", adds this expert.

"As for the 'blue chips', we continue to see a clear weakness in the group of banks after the results of Santander, which are more or less being offset by the good behavior of Telefónica and especially of Inditex, we will be very attentive tomorrow. to the reaction of Telefónica to the results of the first quarter, "Rodríguez concludes.