The Ibex falls 0.36% holding out for updates on US-China trade war

At the business level, Indra (+ 2.53%) led the increases in the index after receiving a positive recommendation from the French bank Société Générale, followed by Red Eléctrica (+ 1%) and Acciona (+ 0.96%).

By contrast, Cellnex has fallen 1.38% after announcing a bond issue worth 700 million euros. In addition, the airline IAG has dropped 2.46% and continues its slump of recent weeks. Among the large stocks, Repsol sold 1%, followed by Inditex (-0.98%) and BBVA (-0.79%).

In other markets, Brent oil rises 0.4% to 65.14 dollars, while gold marks 6-year highs after rebounding 1% to 1,434 dollars per ounce. In addition, the euro falls in value 0.1%, to $ 1,1384. For its part, the Spanish risk premium remains at 71 points and the yield on the Spanish 10-year bond continues to set minimum records, falling to 0.37%.

TENSION BETWEEN IRAN AND THE US

The other issue that generates tension is Iran and the latest sanctions that the United States has imposed on the country. The Trump Administration has imposed specific sanctions against Iran's supreme leader, Ali Khamenei, and eight senior officials of the Revolutionary Guards, and will freeze additional "billions of dollars."

A decision that has already been answered by the president of Iran, Hasan Rohani, who has said that there is "mental retardation" in the White House. The oil prices relax this Tuesday after the increases recorded in the last session in this situation in the Middle East. At this time it falls an average of 0.6%.

Meanwhile, central banks continue to be protagonists. Its accommodative policies are serving to support the stock markets and Donald Trump wants to make sure that the Federal Reserve (Fed) stays on track. The US president has repeated his criticism of the US central bank and insisted that the monetary authority "raised interest rates very fast" despite low inflation and that other countries were producing quantitative easing policies. "Think about what could have been if the Fed had done the right thing," he said.

All in all, one of the appointments of this session is the appearance of the Fed president, Jerome Powell, who will speak at 7:00 pm Spanish time. "The focus will be, in particular, on any indication of whether the size of the first rate cut will be 50 basis points or 'only' 25 basis points," say experts at Danske Bank.

Back in Europe, the United Kingdom remains in focus. The favorite candidate to replace Theresa May, Boris Johnson, has said on the BBC that he believes the British Parliament will now support a Brexit without agreement. Johnson explained that his strategy is to use the threat of a Brexit without agreement to persuade the European Union (EU) to renegotiate the terms of the pact and eliminate the controversial Irish border boundary.

TECHNICAL ANALYSIS OF THE IBEX 35

"The Ibex tries to hold on to the most immediate support, the one that joins the minimums that have been increasing since the beginning of June, and that pass approximately by the lows of today's session (9,120), and on the resistance side we have the 9,335 points. Forget the weekly bearish hole of 9,410 points that we have referred to several times in recent weeks, "explains José María Rodríguez, analyst at Bolsamanía.

"Otherwise everything remains the same, with the banks still very affected, so much so that on Tuesday some have set new annual minimums. Among these were Bankia, CaixaBank and Unicaja, furthermore Bankinter and Liberbank are also about to mark new annual minimums." BBVA and Santander still have some cushion", adds this expert.

"As for the Dax and the S & P 500, the first of them has stopped dramatically against the resistance that it presents at the annual highs: the highs of May at 12,435 points, while the S & P 500 exceeded only just last week the previous historical maximums and we have now turned to the downside, a correction that should not worry us at all, "says Rodríguez

In his opinion, "we have done as much as we can this week, waiting for the reaction of the market to the G20 this weekend and any meetings that may happen there, in particular any statement before the meeting between Trump and Xi Jinping. As for oil, it seems to relax but nothing is further from reality, in theory we are facing the typical 'throw back' to the new support of 64 dollars (future Brent continuous), before resistance, and the logical thing is that from here try to restructure upwards with a target towards the resistance of 70 dollars / barrel ".