The Ibex recovers the 9,400 thanks to the optimism surrounding the trade war

The Ibex 35 has risen 0.52%, up to 9,447.30 points, driven by optimism about the United States and China. The positive news about the trade war has started a wave of purchases after the information that China and the US have agreed to eliminate (progressively) the tariffs imposed during long months of disputes.

According to Reuters, China has made this information public and said Thursday that both parties must simultaneously cancel some tariffs to reach the so-called "phase one" trade agreement.

A spokesman for the Ministry of Commerce of China has said that the proportion of tariffs eliminated should be the same and should be done in phases. The market has welcomed this announcement.

Within the Ibex, ArcelorMittal has risen 6% to this information. In addition, it has presented results that, despite the losses, have been above expectations.

The day has left a new battery of results: Amadeus (+ 3.3%) has reported an increase in its adjusted profit of 11.9% until September; Meliá Hotels, Ezentis, Rovi or Sacyr have also revealed their performances this quarter.

On the other hand, although the political landscape does not leave a special mark on the Ibex, since the market does not expect the 10N elections to resolve the prevailing uncertainty, funds and analysis houses warn of economic risks. Specifically, BlackRock has raised the red flag on the incidence of Catalan separatism in Europe and has indicated that it may have an impact in some countries.

Finally, it should be noted that the European Union has cut growth prospects for the Euro Zone precisely because of commercial tensions. Regarding Spain, it has lowered its estimate of GDP for 2019 to 1.9%. It should also be stressed that the Bank of England has kept rates unchanged. Finally, German industrial production has fallen 0.6% in September, more than expected.

IBEX TECHNICAL ANALYSIS 35

"The Ibex has risen this Thursday without much conviction, but with an eye on the resistance it presents at 9,500 points. And above we have the annual highs (9,588) as well as the upper part of the bullish channel, now at 9,700 points ", notes José María Rodríguez, analyst at Bolsamanía.

"And there is not much more to say that we have not repeated over and over again in the last analysis, because at the end of the day we have the price in nobody's zone, halfway between the support it has at the base of the channel and the resistance that it presents in the upper part of it, and we must bear in mind that a potential fall towards the base of the canal would mean nothing, "adds this expert.

"Well, we know," Rodriguez concludes, "that prices within a channel are limited to moving from the base to the high end and when it is in the middle, as now, we can expect anything. But at least we have very clear the control zones below and above: the 9,200 and 9,700 points. As for the rest, we have new annual highs in Europe and historicals on Wall Street. "