Inditex and Telefónica support an Ibex weighed down by BBVA and CaixaBank
In the rest of European stocks there was also a predominance of red
The Ibex 35 has relied on the rises of Inditex (+ 1.43%) and Telefonica (+ 0.56%) to counteract BBVA's bearish pressure, which has dropped 3.27% following a Morgan Stanley report in which the US bank has cut the target price of the Basque entity. The Spanish selective finally fell a 0,06%, down to 9,085,6 points, after marking a intraday maximum in 9,156 integers and a minimum in 9,033 points.
IBEX 35
11.656,600
-
0,39%44,90
- Max: 11.674,00
- Min: 11.520,90
- Volume: -
- MM 200 : 11.125,61
The rest of the banks have fallen after the unfavorable report of Morgan Stanley. For example, Sabadell has fallen by 1.19%, Bankinter by 0.69% and Santander by 0.17%.
Special mention for CaixaBank, which has fallen by 1.7% after presenting its Strategic Plan for the period 2019 - 2021. The bank has not convinced the analysts after anticipating that it will close 800 branches in Spain and that it will cut its workforce in an equivalent manner .
Another value that has also burdened the Ibex has been Repsol. The oil company has fallen by 1.22% and has lost the level of 15 euros per share, despite the rebound in crude oil on Tuesday (Brent advanced 0.6% to $ 60.87).
In addition, the pessimism of investors over a possible trade agreement between the US and China, after the words of Donald Trump in which he predicted more tariffs on Chinese products, has affected some companies (ArcelorMittal has dropped a 3, 3%) such as CIE Automotive (-3.93%), 'red lantern' of the index.
On a positive note, Telefonica continued to rise on Tuesday after yesterday's highs motivated by several aspects (from the rumors of divestments to reports pointing to the sectoral concentration) and before the meeting of executives held at the end of the week (between on the 29th and 30th) and in which he will outline his objectives for the coming years.
As for Inditex, it has a positive streak, preparing for the presentation of its results on December 12th. Although the most bullish values of the Ibex have been Cellnex Telecom (+ 2.86%) and Siemens Gamesa (+ 2.46%).
ITALY AND BREXIT CONTINUE TO WORRY
Still no news from Italyregarding the reduction of the deficit target, something that was speculated on yesterday and that served to inflame the market.
"We see it as difficult for the populist (Italian) government to lower its public deficit target without making changes to the main expenditure items of its accounts, it would be like achieving 'the squaring of the circle.'" However, in the latest statements by the leaders Italian populists at least there is a certain inclination to negotiate, which is something, "say the experts of Link Securities.
Likewise, Brexit continues speculation regarding the obstacle it must overcome, passing the agreement through British Parliament. It seems that the Conservative deputies would have offered their support to ratify the pact in exchange for May's resignation. In the foreign exchange market, the euro depreciates by 0.3%, to $ 1,1294 and the pound falls by 0.5% to $ 1.2748.
TECHNICAL ANALYSIS OF THE IBEX 35
"The Ibex closes without significant changes, but the most important thing is that it does so without departing from the resistance it presents at the highs of the beginning of the month, at 9,232 points, and you know that above this level we will have a first growing maximum after seven consecutive decreasing highs, "says José María Rodríguez, analyst at Bolsamanía.
"With this, we do not want to say that we have seen the end of the correction, but it would be the first time in a long time that we see our selective doing something different, and above that we have the resistance of 9,360 points, which is where the bearish guideline passes since mid-May, "he adds.
