Ibex finishes its worst week since Brexit as Trump fears gather pace

The Ibex 35 closed its worst week since Brexit with a 4.45% loss, and now sits at 8,791.60. In the week of Britain's historic vote to leave the European Union, the Spanish index fell 6.9%. A combination of the uncertainty garnered by the judicial decision to put Brexit to parliament and increased likelihood of a victory for Donald Trump in the US contributed to market jitters.

In today's session investors are still waiting on the final decision to be taken in the United Kingdom over whether the parliament will have a say in Brexit. In addition, markets are waiting nervously on the outcome of the US presidential election, which takes place on Tuesday November 8.

The American economy created slightly fewer jobs than expected in October, but upwards revisions to the data for the prior two months offset the miss, while the rate of growth in earnings accelerated.
Non-farm payrolls increased by 161,000 during the reference month, according to the Bureau of Labor Statistics.

"Ultimately whether the numbers are good or bad is likely to matter much less than what sort of outcome we get from next week's U.S. presidential election," Michael Hewson

Also this week, the Federal Reserve decided to hold steady interest rates, with most analysts expecting the long-awaited rise in December.

"Ultimately whether the numbers are good or bad is likely to matter much less than what is driving the U.S. dollar, which isn't interest rate expectations at the moment but what sort of outcome we get from next week's U.S. presidential election," Michael Hewson, chief market analyst at CMC Markets, said in a note to CNBC on Friday.

Returning to Spanish affairs, after hitting the dizzy heights of 9,100 points last week, this week the Ibex lost not only that figure but even as far as 8,800 points. On Friday alone the index fell 0.99%, with Indra being the big faller of the session, dropping 3.59%.

Indra was joined in the bottom part of the table by IAG, falling 2.98% to 10.60 euros. Results were presented by Acciona and Amadeus, with the former doubling its profits for the first nine months of the year, and the latter being the biggest riser on the table after publishing strong results, gaining 1.5%.

Bolsamania technical analyst Jose Maria Rodriguez affirmed that "the new session of losses for the Ibex 35 mean that next week the index could see prices close to 8,670 and 8,680 points, pertaining to the trends seen between August and October."