The Ibex falls 1% and loses the 9,000 due to bad Brexit forecasts

Within the selective Spanish, Acciona (-5%) has fallen sharply after announcing an opa on its investee Nordex, German wind group that controls 30%. In addition, large securities such as Inditex, BBVA, Telefónica and Santander have yielded more than 1%.

On the positive side, few titles. The most bullish has been Cellnex (+ 2%), after communicating before the opening the purchase of the telecommunications division of Arqiva for 2bn pounds. And in the Continuous Market, Duro Felguera (+ 12%) has continued to shoot at the possible sale of its Defense subsidiary.

At the international level, Samsung has advanced a third-quarter net profit drop of 56% compared to the previous year. In addition, the Hong Kong stock exchange has withdrawn its bid on LSE.

In other markets, Brent oil falls 1%, to $ 57.77, due to the forecast that the demand for oil will continue to fall due to the global economic slowdown. In addition, the euro falls in value 0.1%, up to $ 1,0986, while the pound falls by 1%. In Spain, the risk premium remains at 72 points, while the return on the 10-year bond stands at 0.13%.

SYNCHRONIZED DEACELERATION

During the night, the PMI Caixin of China was published, which remained at 51.3 when economists expected it to remain stable at 52.1. "The reference was the lowest in the last seven months," explains David Madden, an analyst at CMC Markets.

In addition, the new managing director of the International Monetary Fund (IMF), Kristalina Georgieva, has indicated that the world economy has entered a phase of "synchronized deceleration" as a consequence in part of the paralysis of trade due to trade tensions.

The cumulative impact on the global economy could mean the loss of 700bn dollars (637,000 million euros) in 2020. According to the IMF, a deterioration in activity greater than expected may make it necessary "a coordinated fiscal response".

BREXIT AND THE TRADE WAR

An agreement on Brexit is "essentially impossible." This is what British Prime Minister Boris Johnson has said to German Chancellor Angela Merkel. In a telephone conversation held this morning, Merkel has put Johnson as an indispensable condition that Northern Ireland must remain in the customs union of the European Union (EU).

On the trade war, according to the Chinese newspaper South China Morning Post, Deputy Prime Minister Liu He will head the delegation of China to the US, but without the title of 'special envoy', indicating that he does not have a specific assignment from President Xi Jinping. The forecasts on possible progress in the negotiations are very low, which is causing 1% falls on Wall Street.

IBEX TECHNICAL ANALYSIS 35

"We must recognize that our Ibex is moving in a fairly orderly and predictable way since last week, both at the time of falling and at the time of rebounding. That said, what the price has told us is that at the moment it cannot cope with the most immediate resistance, the 9,040-9,050 points that we have referred to in recent days. This does not mean that it cannot go forward. It has simply stopped where it was expected to do so, "argues José María Rodríguez, Bolsamanía analyst.

"And now we are in a moment of maximum indefinition. Why? Very simple, because on the one hand the Ibex has slowed the falls, to the tick, at the level of adjustment / recoil of 61.8% of the whole rise from August's lows. Our European neighbors have done the same thing, but from a little below, halfway between 50% and 61.8% of the adjustment / setback of the last big bullish momentum, which means that any possibility that we have seen of the minimum of the correction has happened because the minimums of last week are respected at 8,850 points, "adds this expert.

"That said, we now have as resistance, the highs of this Tuesday at 9,070 and above the bearish gap of 9,166 points. Finally, I like where we have the daily stochastic moment oscillator, that is clearly oversold and about to cross over. So let's say that the sensations are not bad as long as all the indexes respect the minimums of last week, "Rodríguez concludes.