Fourth consecutive day in the red for the Ibex

Another day, another fall for the Ibex 35. Despite having spent a significant part of the day on the right side of zero, the Spanish index finished just slightly lower by 0.01% at 9,507.4 points. The opening of Wall Street had a negative impact on Spanish stocks.

In Wednesday's session, the stocks related to materials led the table, but on Thursday they picked up the wooden spoon. Acerinox fell 6.72% to 12.36 euros. The company missed its basis for the short term. ArcelorMittal was the second worst performer with a fall of 3.47% to 7.45 euros.

Mediaset also found itself at the bottom part of the table. The telecoms company fell 3.24% to 10.9 euros. A fall similar to that of Atresmedia (-4.02% to 9.8 euros) in the general stock exchange. On Thursday it became known that Imagina, the group which controls the Spanish football rights, could well end up being taken over by a Chinese firm.

On the other side, energy firms had a good day at the office. Enagas led the advances with a 1.24% rise to 24.1 euros. Iberdrola (+1.1%), Gas Natural (+1.04%) y Endesa (+0.96%).

In European terms it was a mixed bag on Thursday. The Ftse 100 rose 0.03%, to mark another record high at 7,297.61 after thirteen consecutive days of gains. The Dax 30 in Germany however fell 1.07%. Automakers were the biggest culprits, with Daimler and BMW falling close to 3%, and Volkswagen also dropping 2.45%.

Towards the end of the day US carmaker Fiat Chrysler Auto was accused of cheating emissions, and as a result fell 16.14% in the Ftse MiB in Italy, which fell 1.7% overall. The Cac 40 in France dropped 0.51%.

In the foreign exchange market, the euro is now at $1.06. At the hour of closing in European markets, the currency rose 0.73% to 1.0659 against the greenback, a level not seen since the 8 December. On the other hand, the price of oil rose more than 1%. Brent crude was seen at 1.52% higher at $55.94.

ECB AND THE TRUMP EFFECT

On Monday the European Central Bank published the minutes of its meeting on 8 December. /the minutes show that the group debated about the result of the US election and the fiscal policy of incoming president Trump.

TECHNICAL ANALYSIS

Despite closing practically flat, José María Rodríguez, technical analyst from Bolsamanía, emphasised that the most telling point of the day was that every time the Ibex goes towards 9,400, more money enters the market.

"Even still we can't disregard the leak coming in the last few sessions has continuity in search of the support zone of between 9,200 and 9,250 points," Rodríguez said.

Meanwhile we are alert to actions on Wall Street, where little by little and without making much noise, the Dow Jones edges towards the magic number of 20,000. But not only that, "the index is getting close to the base of 19,718. Falling through this would be a damaging corrective movement, without doubt."