Ibex falls for third consecutive day

The Ibex 35 finished in negative for the third consecutive day. The Spanish index fell 0.3% to 9,366, in a mixed day for European stocks, with slight gains in Germany and the UK, while France had light gains.

The Spanish market keeps looking towards the evolution of Banco Popular. Since the confirmation of Emilio Saracho as president in place of Angel Ron, volatility has surrounded the bank, as it was corrected 1% after a 6.65% gain on Tuesday.

Another hot stock is IAG. The airline firm was the second highest value in the Ibex after the bounce of the pound, even though its shares were trimmed by 0.81%. The worst performers of the day were DIA (-1.92%) and Cellnex (-1.26%), while the best performers were ArcelorMittal (+2.5%) and Bankinter (+1.25%).

In Europe the villain of the day was Pearson, after the UK education company bombed by 30% after reducing its prospective profits for the next two years.

FROM MAY TO TRUMP

In the international environment, British prime minister Theresa May confirmed yesterday what the market was expecting, a Hard Brexit. She said that even though it would abandon the single market, it would work to achieve trade deals with the European Union and other countries.

Now investors will turn to the inauguration of US president Donald Trump on Friday. Markets will no doubt react to the first actions of the Republican and whether he implements his campaign promises.

In the macro side, the CPI of Germany which has been placed at 0.7% for December. It was followed by employment data in the United Kingdom, which has been better than expected. The CPI of the eurozone has finished with a rise of 1.1%, while the US closed the year 2.1% higher.

TECHNICAL ANALYSIS

"The Ibex 35 closed below the support and is fighting not to perforate the lows of last week (9,343). We need to be careful in this zone as it could lead to a lower mark of between 9,200 and 9,259 points in a rapid movement," said Bolsamania techncial analyst José María Rodríguez.