The Ibex (-0.1%) takes a break and loses the level of 9,400 points to a minimum

This Wednesday, they have highlighted the increases in Indra (+ 3.6%) after publishing their results yesterday and after Credit Suisse raised its target price. MásMóvil also rises (+ 4.64%) after closing the sale of its network of 940,000 homes to Macquarie. On the opposite side, large values ​​such as Repsol (-2%), Telefónica (-1.5%) and BBVA (-1%) have fallen.

Globally, trade negotiations between the United States and China remain one of the main focus of attention in recent days. The Asian giant is pressing Donald Trump to reduce the tariffs he imposed in September before signing a "first phase" of the agreement between the two largest economies in the world.

UN economists have pointed out that the trade war between China and the US is a reality in which everyone loses. For now, they estimate that it has cost China $ 35 billion in the first half of this year, while American consumers and businesses have to bear the burden of more expensive tariffs.

For its part, Reuters has published that the decision of what will be the location of a 'future' meeting between Trump and Xi has become an obstacle to the signing of the agreement. Meanwhile, it seems that the market is optimistic and forecasts are created that there will be a preliminary agreement this month.

RESULTS, UNITED KINGDOM, GERMANY ...

Business results are also at the center this Wednesday. The French entity Société Générale has reported a fall in net profit in the third quarter of 34.8%, to 854 million euros. For its part, Adidas has increased sales by 6% and has obtained a flat profit. In addition, BMW and Marks & Spencer have also presented results.

On the other hand, British Prime Minister Boris Johnson will formally announce today that general elections will be held on December 12 in the United Kingdom. In addition, Germany has been in the news twice. On the one hand, its finance minister, Olaf Scholz, commented that "the time has come" to create a European deposit guarantee fund after years blocking this initiative.

And on the other, the International Monetary Fund (IMF) has lowered its forecast of growth of the eurozone to 1.2% due to the German economic weakness. The expectation is that the Teutonic country will grow 0.5% this year, three tenths less than the previous forecast.

Finally, as for the macro data of the day, the PMI services of the Euro Zone in October have generally gone above expectations and also above the forecast. This has been the case in all countries except in Spain, where it has remained at 52.7 (below the previous data and the estimate).

IBEX TECHNICAL ANALYSIS 35

"The Ibex has stopped at the gates of the numerous resistances that it presents in the range of 9,500-9,600 points. And this does not have to be bad, at all. The problem at this moment is that if we fall to the base of the bullish channel (9,180-9,200) nothing would happen here. The trend is still bullish, although this is much more evident in any of the leading indexes we look at (Dax, Cac, Euro Stoxx, FTSEMIB), "explains José María Rodríguez, Bolsamanía analyst.

"And Wall Street is in absolute free climb which is better not to speak of. So, in summary, we must know that while the fortress, the 'momentum' (or cruising speed) cannot be more bullish, we must be clear that a correction of a certain intensity would not change things in the least, "adds this expert.

"I am without a doubt that the important resistances will be overcome in the next weeks in weight indices such as the STOXX Europe 600, the EURO STOXX Banks or the EURO STOXX adjusted by dividends (SX5T). We are talking about resistance breaks with important implications bullish in terms of medium and long term, "concludes Rodriguez.