The Ibex loses 0.94% amid oil chaos and the pressures from the banking sector
Oil jumps after the drone attack on Saudi Arabia
The Ibex has yielded 0.94% on Monday, to 9,052 points. The selective has been weighed down by two factors: the pressure of the financial sector (all banks have closed in red) and the chaos experienced in the oil market. It is not good news that the oil market is out of control and that this is accompanied by growing geopolitical tensions. The 'black gold' has recorded on Monday the biggest surge in its history (it has shot up 19%) after the attack perpetrated this weekend by drones against Saudi Arabia and has finished with half of its production.
IBEX 35
11.711,800
-
0,47%55,20
- Max: 11.767,60
- Min: 11.679,60
- Volume: -
- MM 200 : 11.134,59
Experts point out that throughout the day oil will correct (up 10% at the close of the European market) because the US has said it will make its reserves available to stabilize prices and because Saudi Arabia has said it will back in full production in a short time.
This oil rally has left two very different scenarios. On the one hand, Repsol has benefited and has been one of the most bullish companies of the Ibex with a rise of 1.07%. On the other is the IAG airline group, which has been one of the most punished by yielding 2.14%.
US President Donald Trump has directly accused Iran of the attacks and said he is "locked and loaded" ready to respond. The increase in geopolitical tensions between the two powers is something that the market definitely does not like, especially after the rapprochement between these two countries that had occurred after the G7 summit in France. Thus, the rest of European exchanges have also closed with falls that have hovered around 0.5%.
THE MARKET WAITS FOR THE MEETING OF THE EDF
It starts like this for a week that in itself was already very moving. On Wednesday the Federal Reserve (Fed) rate decision will be known, which is expected well after the recital given last week by the ECB. The market expects the Fed to reduce reference rates by a quarter point.
There is also a rates meeting of the Bank of England , on Thursday. This Monday, British Prime Minister Boris Johnson and the President of the European Commission, Jean-Claude Juncker, are scheduled to meet to renegotiate the Brexit agreement.
Finally, from the business point of view, DIA (-3.3%) published results on Monday. The company has increased its falls to 418.7 million in the first half.
TECHNICAL ANALYSIS
"New session without implications of any kind in our selective. Actually you just have to look at the graph to understand that nothing has happened here despite all the news about the vertiginous oil rally," says José María Rodríguez, analyst at Bolsamanía .
"The Ibex continues to quote comfortably above the short-term upward guideline, which links the successive growing minimums since mid-August. As long as it is respected we will not have the slightest sign of weakness within the current structure of the prices, "he adds.
Therefore, we continue to leave the door open for it to end in the coming days at the resistance zone of 9,410 points: the weekly bearish gap at the beginning of May. That's where the key to everything is," concludes the analyst.
