Ibex avoids further losses, but misses out on 8,700 points

The Ibex 35 has avoided making any losses in the Monday session, but failed to reach 8,700 points by the end of the day. The Spanish index has risen 0.22% to 8,658. Wall Street opened with gains in the United States, but mixed signals remain following Donald Trump's victory.

Within the Ibex, ArcelorMittal rose on Monday (+5.3%) to 6.69 euros, as did Acerinox, finishing 3.42% higher at 12.25 euros. The claims from Trump that he will commit to improving infrastructure in the United States have pushed both businesses higher. The latter company has risen over 10% since Trump's win last Tuesday.

However, it has been the banking sector which has led to the Ibex finishing higher, with advances from the likes of Bankia (2.73%) and Caixabank (2.16%). Santander also closed with significant increases. The bank finished 1.67% higher at 4.30 euros. BBVA also made a slim increase of 0.32%.

On the other hand, the energy sector has suffered once again. It is not having the best of years thus far, and now with the political and economic hurricane caused by Trump's victory, it looks set to lose further. On Monday, Enagas led the losses with a fall of 3.48%, followed by Aena (-3.37%) and Red Electrica (-3.28%)

European markets have been waiting on comments from European Central Bank president Mario Draghi in response to last week's events in the US, but he has yet to say anything. The CAC 40 in France rose 0.58%, the FTSE 100 also pushed higher by 0.42%, as did the DAX 30 in Germany (0.38%).

Macroeconomic references were hard to come by on Monday, even though Japan announced that its GDP growth would reach 2.2% for the fiscal year, better than originally expected.

The oil market has started the week with further rises, with European benchmark Brent Crude gaining 1.74% to reach $44 per barrel, and US benchmark West Texas Intermediate gaining 1.8% to $42.63.

The feeling of analysts is turning towards the main Spanish banks, with UBS responding with a reiteration of its recommendation to sell Santander and BBVA, but revising its forecasts. The Swiss investment firm improved its outlook from 4.50 euros to 5.40 euros for the Basque bank, while that of Santander has not improved much, going to 4.15 euros.

Bolsamania technical analyst José María Rodríguez pointed out Telefonica as an example of how the Spanish index could be doing better. "It's evident that the weakness in our market is not only confined to a couple of sessions, and until the markets calm themselves in Latin America, it seems to me that we will continue to slip further."