The Ibex saves the week to rise 0.2% on Friday despite the oil crisis

The Ibex 35 closes this Friday with a rise of 0.2% that allows it to end the week with positive balance (+ 0.36%) and strengthen the 9,200 points. And this, amid investor concerns over the oil crisis that leaves the United States and Iran on the brink of a war following the downing of a US drone by an Iranian missile in the Strait of Hormuz. The rest of European stock markets close the session with a mixed sign, amid geopolitical uncertainties and after the decisions of the central bankers this week.

The biggest rise of the Spanish index this week happened on Tuesday (+ 1.2%), a reaction to the words of Mario Draghi from Sintra on Wednesday, stating that the QE still has "considerable room for maneuver" and stressed that a drop of rates is one of the tools with which the ECB counts if necessary, encouraged the market. The market was also affected by Donald Trump's announcement on his Twitter account that he had had a "very good telephone conversation" with the Chinese president and will have "an extended meeting" next week at the G-20 in Japan.

The rest of the trading days have been falls for the selective this week and with special negative impact for banks on Thursday, after the uncertainty left by the Federal Reserve that kept interest rates unchanged at 2.25% -2 , 50% but eliminated from its statement on monetary policy the reference to be "patient". Now, the American central bank claims that "it will act as it corresponds to sustain the expansion".

This Friday, the best value of the Spanish selective was Ence (+ 6.2%) that rebounded strongly although it does not stop being "a drop in its bearish ocean", in the words of the analyst of 'Bolsamanía', J.M. Rodríguez. And on the other side, Acciona has dropped 2.3% after selling the rights to collect the claims by ATLL Concesionaria, in which the company holds a 76.05% stake.

TECHNICAL ANALYSIS

We closed the week "without being able to attack the important resistance area of the 9,335 points and let's not talk about the 9,410 points" (weekly bearish hollow at the beginning of May). Meanwhile the stocks of the Old Continent "close at the doors of the annual maximums", while our selective is "around 4% of the homologous levels" explains the expert.

And the reason "is none other than the structural weakness of the European banking sector." And as a lot of the weight of the Ibex resides in the banks, "we have the excuse to do a worse job than the rest of the European stocks". The Ibex rises 8% in 2010 vs. 17% of the FTSE Italian MIB, the Dax or the Cac 40. "But it's not only the banks' fault, since our Telefonica operator also has several sessions showing weakness."

Let's say that everything is "at the expense of what Inditex does" (that only above the 25.70 euros would confirm figure back up) "and the 'utilities' that continue to be very strong." Much would have to change "so that our selective attacks with force and with a firm step the resistance of the 9.335 points". But it is true that above this we would have, in theory, "a back figure with an aim (theoretical minimum) at the annual highs (9,588)," he adds.

OTHER MARKETS

Commodities have been the other major focus of the day. Oil moves more moderately after Thursday's gains: West Texas, benchmark in the US, advanced by 6%, exceeding $ 57. And this Friday, it advances 0.7%. For its part, the Brent, reference in Europe, rose 4.5% and brushed the $ 65 per barrel, while today adds 1% to $ 65.

In addition, gold has also been the protagonist since its price "has rebounded towards 3 o'clock in the morning," explains Ramón Morell from Experience Trading, and has risen to 1,412 dollars per ounce. That marks its maximum price in six years, "to later stay in lateral mode until now, "says the expert, now quoting at $ 1,404.60.

The turmoil in the markets did not cause alterations in Wall Street on Thursday. The market expects a rate cut in the month of July (almost 100%) and this feeling, following the message from the US Federal Reserve (Fed), has stained the US indices that have signed the penultimate weekly session with a 1% rise, with the S & P500 at historic highs.

The Asian stock exchanges moved between this optimism and the uncertainty of the umpteenth crisis in the Middle East and have finally yielded to cuts, with falls of 1% in the Japanese Nikkei and 0.4% in the rest of the parquet. The indexes of mainland China continue to rise, with a boom of almost 1% in Shenzhen and 0.26% in Shanghai.

In the currency market, the situation remains unchanged. The euro once again flies above the 1,13 dollars and the pound yields below the 1,27 dollars. In the United Kingdom, former Foreign Minister Boris Johnson and current Foreign Office head Jeremy Hunt have been the two candidates chosen by their fellow 'Tories' to move to the last phase of the primary elections to replace Theresa May as leader of the Conservative Party and Prime Minister of the United Kingdom.

The attention also goes to the bitcoin that has set a new annual maximum when reaching $10,000.