The Ibex is not able to reconquer the 9,400 points despite the push in Telefónica

Japan reported Friday that its industrial production decreased 4.2% in October, much worse than expected and the largest month-on-month cut since January 2018. The fall could mean that industrial production will decrease 4% in the October quarter to December compared to the previous quarter, they point out from Capital Economics.

The tranquility prevails in the European stocks after Wall Street's day off on Thursday. Today the stocks only open there half a session, which helps to foster that calm. Investors are on vacation and Americans take the opportunity to go shopping for Black Friday. The expectations for this Christmas holiday season are good.

Within the selective, the increases in the operators stand out, with MásMóvil registering advances of more than 4% and Telefónica, 1%. Energy and other securities, such as Merlin or Red Eléctrica, are also listed in green.

Returning to macro data, the November CPI for the Euro Zone rises to 1% year-on-year compared to the 0.9% estimate. The underlying CPI rises to 1.3% compared to the 1.2% forecast. As for the unemployment rate in the euro zone, it drops to 7.5% in October from the previous 7.6%. It should be remembered that during the weekend we will have the Chinese PMIs in November. "We expect a major drop in the Caixin manufacturing PMI as it has jumped to very high levels. On the other hand, we expect the NBS PMI to rebound as it fell to a very low level last month. Therefore, the two PMIs point at opposite directions and we believe that the truth is at the intermediate point, as other indicators point out, "explain the experts at Danske Bank.

Regarding the technical aspect of the Ibex, it is worth noting its inability to break resistance despite the fact that it advances by 1% in the week. "It is never good to get tired resistance, because it takes away 'momentum' / inertia to the market with the danger of turning down sooner rather than later," warns José María Rodríguez, analyst at Bolsamanía. "But it is also

TELEFÓNICA, DÍA, PHARMAMAR ...

This Friday, investors are still focused on Spain on those companies that have moved prominently this week. Telefónica (+ 1%) remains in the spotlight following the announcement of that future plan that has been warmly received by the market. The operator continues to quote negatively in the accumulated of 2019.

The behaviour of Continuous Market values are also in the news, such as DIA (+ 2%), which after going up 80% in three sessions has dropped another 80% in another three days and has marked new historical lows. Equally interesting is the behavior of PharmaMar (+ 5%), which has been rising strongly in the first part of the week, but this Thursday fell 6%. The company accumulates increases close to 100% during the year.