The Ibex rises 0.18% despite the Telefónica falls

Barclays experts have cut their rating of Telefónica from 9.3 euros to 9 euros. The shares of the company have downwards and have been among the most bearish of this session dropping 1.56%.

DIA was the value that fell the most after falling 2.11%. The food chain is news after Goldman Sachs has once again raised its presence in the group, to 8.28%. In addition to Telefónica, Red Eléctrica is among the most bearish, losing 1.4% after Renta 4 cut its target price.

Cellnex has also been among the most bearish on Tuesday, after Atlantia has highlighted launching a takeover bid for 100% of the company. For its part, Grifols has also ended in red after buying 100% of the German company Haema AG for 220 million euros.

The Ibex has also been held back for a large part of the session by Inditex, which has reached 1%, although it has finally closed with a slight fall of 0.04%.

In earnings, CaixaBank stood out, with increases of 2.24%; Repsol, which has risen 2%, and Arcelormittal, which has revalued 1.9% in the session. Part of the losses have also been reduced thanks to the rest of 'blue chips', such as BBVA (+ 0.9%).

In the main board, Duro Felguera shoots up 39.5%, although it has also been a day of rises for Tubos Reunidos (+ 15.7%). To a lesser extent, earnings for Sniace (+ 0.92%) after presenting its strategic plan 2018-2020, and for Audax (+ 4.59%), which has signed with Cox Energy a large long-term solar energy contract term.

EUROPE AND USA, WAITING FOR THE FED

What is evident is that cautiousness continues to prevail in the markets (the rest of the European markets are up 0.5% on average) due to the uncertainty generated by that meeting of the Federal Reserve (Fed) that begins today and whose conclusions will be known tomorrow - a rate increase of 25 basis points is expected - and before the European Summit on Thursday on Brexit that will be reached with an agreement on the table, but still with many fringes to close (especially the one that has to do with the border with Northern Ireland).

Michael Hewson, director of analysis of CMC Markets in London, insists on the idea of ​​trade tensions and trade war that Donald Trump has raised with tariffs on imports of steel and aluminum and the measures he wants to impose on China. "Investors are wary of the prospect of recent tensions on trade spreading further into the economy as Friday's deadline approaches," Hewson says. The Washington Post has published that it will be this Friday when Trump officially announces that package of 60,000 million tariffs against 100 products of China.

Otherwise, the technology sector is in the spotlight after the very strong falls yesterday from Facebook after the scandal of data theft, and that dragged the Nasdaq. To this is added that the technological giants face a 3% tax on their income as a result of the new proposal of the European Commission (EC), which has contributed to the downward pressure on them.

As for the agenda of the day, today the meeting of finance ministers and governors of central banks of the G20 in Buenos Aires has ended, with the signing of a document in which free trade will be defended and warning of the danger of a commercial war. Likewise, regarding the macro data of the day, inflation in the United Kingdom rose by 2.7% in February, below the 2.8% expected and the previous 3.0%. For its part, the German ZEW in March stood at 5.1 points compared to 17.8 in the previous month and 13.0 estimated.

TECHNICAL ANALYSIS

In the opinion of José María Rodríguez, technical analyst of 'Bolsamanía', the rises of the Ibex on Tuesday "could go completely unnoticed." The analyst explains that the index closes away from the lows of the day and draws a small 'hammer', a figure that "under normal conditions should bring us rebounds in the short term." However, the expert recalls that the index continues to list closer to support (9,500 points) than resistance (9,940 points), so it could still return to annual minimums.

Regarding the 'blue chips', Rodríguez points out that "there is not much to emphasize". On BBVA, he explains that it is "in full support area" and does not rule out trying to seek the resistance of seven euros "as long as it does not pierce the level of 6.5 euros." Santander, on the other hand, "continues without giving signs of real strength beyond the typical punctual rebounds".

Finally, on Telefonica the expert says that it is giving "signs of short-term weakness when drilling the support of eight euros" and about Inditex he adds that it is "the one that keeps on liking".