Smooth rises in the Ibex, which looks at 8,400 with Telefónica as the main protagonist

The Ibex 35 closed on Wednesday with slight increases but without being able to conquer 8,400 points (+ 0.18%; 8,361 points). Telefónica has been the main protagonist of the day after selling its tower division for 7.7bn euros, with a capital gain of 3.5bn euros. The operator shoots up 10% after closing a large asset sale operation.

Undoubtedly, this transaction is the business news of the day and has had a significant impact on the price of the 'teleco'.

Although in the Ibex as a whole and in the European stock markets, the lack of trend is the protagonist, after a first upward week for the markets.

Regarding the coronavirus pandemic, it remains uncontrolled in Spain and Europe despite the start of vaccinations, which has forced our country and others such as Germany and the Netherlands to increase their restrictions.

On Wall Street, after the slightly bullish close of the previous session, the main indices have opened flat as investors remain aware of three factors: the recent rise in bond yields, the announcement of more stimulus by the future president , Joe Biden, scheduled for this Thursday; and the political chaos in Washington, with the impeachment of Donald Trump for encouraging the assault on the Capitol and to prevent it from occurring in 2024.

For their part, Asian stock markets have closed with a mixed sign, while infections in China increase for the first time since the pandemic began.

On the economic agenda, the industrial production for November in the euro zone has been published, which has risen by 2.5% and has far exceeded the expected rise of 0.2%.

And the December CPI in the US, a key figure for the behavior of bonds and for the monetary policy of the Federal Reserve (Fed), has risen by 0.4%, to close the year at 1.4%. Core inflation, which excludes food and energy, has risen 0.1% to 1.6% annually.

Both indicators have been in line with expectations, although investors anticipate that prices will rise in 2021, both due to higher economic growth and the base effect compared to 2020. In this sense, the Fed already indicated a few months ago that it will allow temporarily inflation above 2% to stimulate growth after the pandemic.

By technical analysis, the Spanish selective overcame the key short-term resistance of 8,322 integers in the weekly closing and the weekly bearish gap of mid-March, in 8,375 points, so it offers very good feelings.

Although "now we find another potential resistance zone at 8,460-8,500 points (61.8% adjustment of the entire fall that occurred during the months of February and March 2020)," says José María Rodríguez, analyst of Bolsamanía.

"And above the next control zone is in the weekly bearish gap of 9,890 points. In short, the Ibex has activated an important signal of short-term strength, but everything is still part of a rebound (reaction phase) within of a clear bearish fund holding ", he concludes.

In other markets, Brent oil rises 0.1% to $ 56.63, while the euro depreciates 0.23% to $ 1.2178. Furthermore, the profitability of the 10-year Spanish bond is trading at 0.1%.