The Ibex slows its falls and holds the 9,200
Viscofan, Ence and Ferrovial fall hard
The Ibex 35 has managed to reduce its initial falls (which reached -0.83%) and has closed with a shy cut of 0.09% and completes five consecutive falling closes. Despite this, ithas saved the 9,200 points. The rest of European places have closed in positive after Wall Street's good performance on Wednesday. Within the Spanish market, many values have fallen sharply (especially Viscofan, Ence and Ferrovial) in a new day marked by business results. These falls come after the sharp declines recorded yesterday on both sides of the Atlantic and after Asia has replied this morning with important cuts that were further pressed by a Trade balance data in China which was worse than expected. The market is very aware of what happens with the trade war.
IBEX 35
11.473,900
-
0,33%38,20
- Max: 11.485,70
- Min: 11.446,20
- Volume: -
- MM 200 : 11.299,24
Bolsamanía experts believe that the Ibex could proportionally drain the entire rise from the December lows. "A 50% retracement of the entire rise of the last climb corresponds to a fall to the area of 8,950 points, while if it were 61.8%, the correction would take it to the area of 8,800 points" , they explain. "What is evident after the movement yesterday is that we will not have any sign of strength in the Ibex as long as we do not close / cancel the bearish gap of 9,410 points," they add.
As for the commercial war, the big issue in the markets right now, it is worth remembering that negotiations are resumed in Washington tomorrow, with the threat, which is likely to be fulfilled, of an increase in tariffs on Chinese products of 10% to 25% this same Friday.
"The focus will now be on the two days of scheduled talks in Washington between US and Chinese officials." Given the continued signs of risk aversion in the markets, investors hold their breath as they wait for signs of serious progress in these talks. The likeliness for the two powers to solve their problems in the next two days of talks is quite small, "says Jasper Lawler, head of analysis at London Capital Group.
TELEFONICA AND RESULTS
At the corporate level, investors are pending in Spain of Telefonica (up 0.5%), which has announced this Wednesday, two days after publishing its results, the sale of its data centers with a capital gain of 260m euros.
In addition, today we are witnessing a new avalanche of results. In Spain, Amadeus (+ 4%) earned 9.5% more in the quarter. Ferrovial, meanwhile, falls sharply (-3%) after announcing, yesterday at the close, heavy losses in the quarter. Viscofan sinks 9% also after bad results. In addition, it should be noted that Cellnex continues to advance after announcing yesterday the purchase of 10,700 sites and a closing of the quarter without losses.
Outside Spain, Commerzbank has announced a profit of 120m euros in the first quarter, above the 115 expected by consensus but falling from 262m a year ago.
Meanwhile the German company Siemens has risen 5% on the stock market after presenting results and knowing that an energy company that includes Siemens Gamesa will go public. The engineering and energy group obtained a profit of 2.8bn euros in the first half of its fiscal year, 31.8% more than in the same period of the previous year.
TECHNICAL ANALYSIS
According to José María Rodríguez, a technical analyst at Bolsamanía.com "in some way it can be said that, in theory, the conditions for a short-term rebound are now in place, and there are several reasons for this. The price has revealed for us on Wednesday a small 'hammer' that occurs near support (as the 9,200 points where the MM200 passes) and after a correction close to 5% from the annual highs (9,588) that were reached in the session of April 23 ".
"In addition to the significant daily oversold levels observed in the stochastic moment oscillation, it can therefore be said that in theory the conditions are starting to rebound in the next sessions, as the most important resistance at the present time is the bearish hollow of the 9,410 points, price level from which it was turned downward with force this Tuesday "he concluded.
