The Ibex falls below 8,700 points and closes its third negative day in a row

The huge wave of aversion against risk that was unleashed by the Chinese Popular Bank letting its currency fall to 7 yuan per dollar has once again affected the markets on Tuesday. The European stocks have attempted a rebound but in the final push they deflated (Cac: -0,01%; Dax: -0,6%; Ftse 100: -0,7%; Ftse Mib: -0,5%) while the Ibex has fallen 0.89% and closed at 8,699 points.

Germany has brought some hope. The latest macro data from the main economic force in Europe have been better than expected and have contributed to that mild rebound that was lived in Europe on Tuesday.

The values of the Ibex that have fallen the hardest were Meliá (-4%) and Ence (-3.5%) and the values that rose the most were Siemens Gamesa (+3.2%) and Cellnex (+1.6%).

Siemens Gamesa has rebounded with strength this Tuesday thanks to Goldman Sachs. The US investment bank highlights the "monumental buying opportunity" presented by the manufacturer of wind turbines at this time, which is loosely marked as the leader of the Spanish selective.

"The weakness of our selective is extreme" explained José María Rodríguez, an analyst at Bolsamanía. "It is not able to rebound in the slightest", with values ​​such as Telefónica and Santander.

Thus, "our operator no longer presents any support until the minimum of 2018 at 6.25 euros. And Santander was also not able to respect the important support it presents at the December minimums (3.69)," added the expert .

"The only thing to hold on to is the fact that BBVA has not confirmed (yet) the December lows," which Santander has done. "And there we have a divergence." In fact, it would not be the first time that BBVA "does not confirm the drilling of supports and a few days later the rebound is confirmed in the banks and therefore in the Ibex" he has detailed.

"But yes, let's not fool ourselves, every day that the deterioration happens it becomes more and more evident and the problem is that our selective no longer presents important support until the December minimum: the area of ​​8,285 points" concluded the Rodriguez.

Outside of our country, Deutsche Post has also stood out at the business level. The German postal company has risen on the stock market more than 2.5% on Tuesday after announcing that it expects restructuring measures and the rise in prices of German mail and packages to help it increase profits in the second half of this year.

While Rolls Royce (-6.8%) has presented its provisional results this Tuesday. Accounts in which the British company claims to raise its profit by 34% and reiterate its forecasts for the remainder of 2019.

ASIA MODERATES FALLS AND WALL STREET REBOUNDS

The new round of tit-for-tat tariffs between China and the US, which started last week after the announcement from US President Donald Trump of new 10% tariffs on Chinese products worth 300 billion dollars, has continued this morning. After the collapse of the yuan to a ten-year low and that Beijing has confirmed the veto of US agricultural products, the White House announced Monday its decision to designate China as a "currency handler."

This gesture is "one more step in the escalation of the conflict between the two countries," said experts from Danske Bank. The fall of the Chinese currency on Monday unleashed a wave of risk aversion that has had devastating effects on global stock exchanges. The worst part was for Wall Street, with falls of up to 3.5%, the biggest cut on a day in 2019. Europe did not catch a break, with cuts of more than 2% in the Dax or the FTSE.

The parquets of the Asian continent have not gotten rid of sales, although they have cut the decline at the end of the morning. The parquets of mainland China and Australia have taken the worst part, with losses of over 2% that mitigate up to 1.5% in Shanghai and 1.71% in Shenzhen. The ASX200, on the other hand, fell by 2.44%.

The Japanese Nikkei has fallen 0.65%, South Korean Kospi 1.64% and Hong Kong's Hong Seng 1%. In Southeast Asia, the indexes have fallen by 0.3% on average.

While the New York Stock Exchange has opted for the rises on Tuesday. Their indexes rebound after closing on Monday with sharp falls of 3%, in their worst session of 2019. The commercial war is at its peak ... and according to Goldman Sachs they are not even waiting for an agreement before the 2020 US elections.