The Ibex falls 1.1% but saves the 10,000 points

The Ibex 35 has managed to reduce its losses to 1.12% and has recovered only just the psychological level of 10,000 points (10,025 points), after marking a minimum intraday in the 9,957 integers. The losses have been generalized in all the European stock exchanges.

Wall Street closed the last session in negative after the 'multiple' statements of Donald Trump. The American president said many things on Tuesday, such as he is not satisfied with the recent talks between the US and China.

In addition, Trump referred to the meeting with Kim Jong-un, the North Korean leader, scheduled for June 12, and said there is a possibility that it will not be held on that date as scheduled.

In this scenario, the New York Stock Exchange recorded moderate falls on Wednesday pending the publication of the minutes of the last meeting of the Fed. Investors expect them to confirm definitively the expected rise in interest rates expected for the month of June , which would be the second of the year. The debate now focuses on whether there will be three or four increases during 2018.

BUSINESS

Within the Ibex, the most bearish companies were ArcelorMittal, which lost 4.4%; and Repsol (-4%). The oil company had been in the last weeks one of the most bullish values ​​due to the strong oil rises, but this day has suffered a hard corrective on the part of the investors.

Repsol's shares have fallen by 6% in the first minutes of trading, and although they have subsequently recovered, they have registered strong selling pressure. Its market value has been reduced by more than 1,000 million euros in a single day and the fall of Brent oil (-1%, up to $ 78.74) is not enough to explain this strong stock market punishment.

In addition, the airline IAG has fallen by 2.7% and BBVA, again affected by the depreciation of the Turkish lira, has lost 2.4%. In addition, Acciona has lost 1.9%, followed by Mapfre (-1.9%) and Banco Santander (-1.9%). On the other hand, Iberdrola (-1.1%) and Telefónica (-1%) also recorded a bearish day.

In positive, very few values. Only Técnicas Reunidas (+ 0.6%), Grifols (+ 0.5%), Red Eléctrica (+ 0.4%), Inditex (+ 0.3%) and Mediaset España (+ 0.1%).

In the main board, the great positive protagonist has been Duro Felguera, which has exploded by 20% after having obtained the support of all the banks to its financial restructuring plan. In addition, Solaria has advanced by 4% and Tubos Reunidos by 3%. In the negative, Prisa and Adveo have fallen by 3%.

ITALY CONTINUES TO WORRY

The experts' focus is still on Italy. "The political drama in Italy continues," say the Danske Bank analysts in their daily report. The president of the republic, Sergio Matterella, could announce his decision on the approval of Giuseppe Conte, the candidate for prime minister, this same Wednesday or tomorrow Thursday. The problem is that the shadows hang over Conte after knowing that he could have lied in his resume.

It is even speculated that Luigi Di Maio, leader of the '5 Star Movement', could finally be Italy's prime minister. There is also speculation about the name of the finance minister, and Paolo Savona, an economist and executive who has repeatedly asked the Italian government to plan a possible exit from the euro. "The appointment of Savona can set off alarm bells in Brussels and will do nothing to improve the current market sentiment," the Danske experts point out.

In this scenario, Spain's risk premium has picked up 4% to 93.60 points, while Italy's risk premium has risen more than 7% to 190 points. In the currency market, the euro depreciated 0.61% to $ 1.1708, after having set a new annual minimum at $ 1.1687.

In addition, PMI services, manufacturing and European compound have been published today. The PMI composed of the Euro Zone in May has marked minimum of 18 months and has questioned the economic recovery. In addition, the UK CPI has continued to fall to 2.4% in April. In the US, both the PMI services and the May manufacturing PMI have exceeded forecasts.

TECHNICAL ANALYSIS OF THE IBEX 35

"Despite the significant falls on Wednesday, we can say that they closed relatively far from the minimum of the day, the minimum of the session has been marked at 9,957 points, if you remember, days ago we commented that there were no important supports until the area of ​​9,940-9,950 points, before resistance, so we can conclude that money has entered from the first levels of real support ", explains José María Rodríguez, analyst at Bolsamanía.

"In any case, we should continue to be cautious because our European neighbors seem to have entered, after a rally of 12% and to recover annual highs, in the reaction phase." In other words, the conditions for thinking that we have entered a short-term corrective period that simply adjusts / drains the excesses of the important accumulated increases since the end of March ", adds this expert.

"If this happens, it is about to see how our Ibex will be able to withstand this phase, because it has shown us many times that when it comes badly given, we usually do it worse than the rest, in any case, the price dictates. shown this Wednesday that has entered after attacking the first important support area ", concludes Rodriguez.