The Ibex maintains 8,800 points after starting September

The Ibex has closed the first session of September with a slight rebound of 0.03%, bringing it to 8,815 points. The Spanish team has risen 0.5%, although it has deflated in the last stages of an atypical day, which does not have the reference of Wall Street. On the other hand, the rest of the European stocks have quoted in line with the Ibex, except for the Ftse 100, which has risen 1%.

At the business level, the news of the day has been brought by Iberdrola (+ 0.96%), which has sold a 40% stake in its large offshore wind farm in the United Kingdom, East Anglia One (EAO), for 1.6bn British pounds (about 1.8bn euros) to the Australian group Macquarie.

The increases of 3.61% in Mediaset, which has been the most bullish value of the Ibex, have also been focus of attention, after the Sand Grove Capital Management fund has reached 2.004% of the capital of Mediaset Spain. On the other side of the table, the most negatively affected of this session were Ence (-4.93%) and Bankia (-4.33%), on the day on which the judgment on the IPO has resumed Of the entity.

So, the picture looks much better than a month ago, with a solved Italian political crisis and no early elections coming up. However, the tariff give and take between China and the US continues to shake the markets with a new episode of tax exchange between the first two world powers this Sunday.

The Asian giant has reacted to the implementation of US 15% tariffs on Chinese exports with taxes on US products between 5% and 10%. However, the second world power has responded cautiously to the new taxes of the Donald Trump Administration, as it has only taxed a third of the more than 5,000 products listed in its latest announcement. These include soy and oil.

Another issue that continues to worry the markets and that will be the main protagonist this fall is Brexit. With its exit set for October 31 and the upcoming closure of Parliament decreed by British Prime Minister Boris Johnson MPs resume their activity on September 3 with little time to carry out any maneuver that could delay a Divorce without an agreement.

TECHNICAL ANALYSIS

"At the moment we are facing a simple rebound in the Ibex. Rebound that could be cut short at any time in view of the important daily overbought levels, although the weekly graph continues to show extreme overselling," said José María Rodríguez, analyst at Bolsamanía .

"In addition, our selective presents an important resistance, which was before a support, in the 8,900 points (the minimum of June). It does not seem that this can be easily overcome. Below, on the side of the supports, the most immediate is found in 8,600 points and below and of greater relevance in the 8,410 points: the minimum of August, "he adds.

"The fact is that while everything points to a simple rebound in the Ibex, for the rest of the European indexes the feelings are better. Especially in the face of the return figure of bullish implications that the Dax presents and that, if fulfilled , would take around 4-5% above the current price levels. Without a doubt, the Ibex is still the least interesting European index today, "concludes the analyst.