The Ibex bounces 1% thanks to the 'Bolsonaro effect' in Santander and Telefónica

Bankia has been the most bearish value after quarterly figures, while Grifols (+ 8.81%) has shot up due to the good results of its study against Alzheimer's, followed by ArcelorMittal (+ 4.09%) and ACS (+ 3.53%).

Despite the concerns that the new Brazilian president raises regarding his xenophobic far-right rethoric, the market has received with optimism his victory because he has promised to reform the pension system and apply policies more friendly to companies than his opponent, Fernando Haddad, replacement for Lula at the head of the Workers' Party.

As for Bankia's results, its profit up to September improved by 0.6% to 744 million euros. Analysts talk about results that meet expectations for profit. "The credit quality indexes are evolving positively and the CETI FL capital ratio remains above the sector average", say the Bankinter experts. However, the entity has dropped 2.86% and has been the 'red lantern' of the Ibex, followed by Acerinox (-1.67%) and Amadeus (-1.3%).

In Spain, Unicaja (-0.92%) and MásMóvil (-3.19%) accounts have also been published. In the main board, the earnings of Gestamp (+ 6%), Prisa (+ 4%) and Atresmedia (+ 4%) stood out.

Outside of our country, HSBC results were published, among others. In addition, IBM has announced in the US the largest purchase of its history to pay almost 30,000 million euros by the enterprise software company Red Hat, which shoots 50%.

SHORT WEEK

This is going to be a somewhat atypical week because of the bank holiday in Spain where many will elongate it into a long. Even so, it should be remembered that the Ibex does not shut down this week.

On the political front, in Spain, the Catalan crisis returns to the forefront on the day that marks the one-year anniversary of the flight to Brussels of the ex-president of the Generalitat, Carles Puigdemont.

In Germany, this Monday there is talk of local elections over the weekend but, above all, the announcement of Angela Merkel, who will not be eligible for re-election as president of the CDU and has confirmed the end of her political career when her term expires current, within three years.

TECHNICAL ANALYSIS OF THE IBEX 35

"The Ibex tries to place itself within the bearish channel that drilled downwards last week closing the bearish gap of 8,806 points, it can be said that it is the first sign of strength we have in a long time. The correction has come to an end, it is simply too early to know, "explains José María Rodríguez, analyst at 'Bolsamanía'.

"The next real resistance and the one that can make us think that, perhaps, something may be changing is found in the bearish gap of 9,163 points, above this level (in closures) we will also be going over the last decreasing maximum. (9.140) Although we will not have anything confirmed until we do not jump above the bearish guideline that joins the decreasing highs from May and that at this moment passes through the 9,500 points."

In the expert's opinion, "the graph that best explains the rebound this Monday is the Euro Stoxx 50. This presents an impeccable bearish channel from the highs of the end of January and last Friday's price pulverized (intraday) the base of it.

"Therefore," Rodríguez concludes, "the key to all the European stock exchanges is in the Euro Stoxx 50 (SX5E) and the level of 3,100 points, or in other words, to the extent that we will trust the possibility that the bounce back that started today will continue in the next sessions and even weeks "