The Ibex 35 loses 3.8% this week and returns to February 2017 lows

The week ends again with losses in the global stock markets amid the fear of a trade war. The Ibex 35 has fallen 0.99% this Friday, accumulating a fall of 3.8% in the week, to 9,393 points, levels that the index had not seen for 13 months and a new annual minimum.

Only four values ​​in the Spanish selective have closed in green, with Cellnex as the most bullish (+ 1.88%). Also Sabadell (+ 1.49%), Mediaset (+ 0.89%) and Enagás (+ 0.57%) close with increases.

On the other hand, losses for the rest of the securities, especially Indra (-4.11%), which has fallen to about 7% in the session. In red follow the two steelmakers in the index, Acerinox and Arcelormittal, with falls of 3.6% and 3.3%, respectively.

Among the big values ​​are the losses of BBVA, which falls by 2.6%, although all the 'blue chips' close in red on Friday. Inditex (-1.49%) is still suffering after the publication of its latest accounts, which have caused analysts to lower their target price and forecasts of textile benefits.

In the main board, Metrovacesa recorded losses of 39 million euros in 2017, in line with what was reported during the IPO process. The shares of the real estate have risen 0.21%.

Meanwhile, Tubos Reunidos has risen 19.7% after trading again at 11:30 after concluding the auction of volatility, which closed with strong buying pressure.

TRUMP MAKES STOCKS MOVE

After this Thursday the US president, Donald Trump, announced tariffs to China worth 60,000 million dollars (of which, for the moment, the European Union has been excluded), now China’s answer is suspected and will have to be seen to what extent this situation can affect economic growth. The established order is broken up and the fear is that it ends up cracking completely. We will have to check what happens finally because, incidentally, some experts do not see this Trump move to be so unfair because, in fact, they believe that China is behaving in an abusive manner, bypassing the rules of competition.

What is clear is that this Friday we closed another disappointing week for the markets in which the Ibex, after rising moderately in the previous two, has clearly confirmed its bad moment. Throughout the week, analysts say, what has been shown is that the underlying tensions, far from dissipating, have intensified. "In the commercial sphere, what has happened has not been positive: the United States opens a new front with China while relaxing its confrontation with the EU, after granting a temporary exemption from the steel and aluminum tariffs that should have started today" says Michael Hewson, chief analyst at CMC Markets in London.

Therefore, markets have continued this Friday to be dominated by the fear of a trade war between China and the United States. The indexes close with losses similar to those of the previous day (the German DAX 30 yields close to 2%) after yesterday's 3% falls in the Dow Jones and 4% in the Nikkei. At the moment, China plans to respond with tariffs of 3,000 million dollars to the American imports.

As for the economic appointments of the day of Friday, few data in the agenda beyond the references of new homes in the United States. Of course, remember that the S & P will speak about the rating of Spain tonight. It is expected it will improve it to 'A-'.

TECHNICAL ANALYSIS

According to José María Rodríguez, technical analyst at 'Bolsamanía', the weekly 'oversold' levels show extreme readings, but even so they do not bounce back. The analyst points out that the next support is that of the 9,250 points, "price level that acted as resistance on several occasions throughout 2016 and later as support in February 2017."

On the 'blue chips', Rodriguez explains that "they are still weak", especially banks and steel companies. In particular, highlights the "special weakness" of BBVA: "It has taken all the supports in front and no longer presents anything in the area of ​​six euros," says the expert. For its part, Santander drops about 5% in the week.

"Now we only have to look at the important supports that the Wall Street indexes and the rest of our European neighbors present at the February lows," adds the analyst of 'Bolsamanía'. In the case of our index, it has already left behind the February lows several weeks ago and, on the resistance side, the most immediate is in the bearish gap of today's opening (9,487 points), although "the first one really " is at 9,811 points, last maximum decreasing.