Ibex falls 2% in a week marked by Turkish crisis
The index has come down after the first leg of the session due to the fall of the lira
- The selective has confirmed the breakdown of key support at 9,470 points at the weekly close
This Friday was a key date for the Ibex 35. In the first section of the session it hesitated between the ups and downs, and finally decided on the red, burdened by the fall of the Turkish lira, which has dropped 8%. Thus, the index has yielded 0.11% at the close, to 9,417.3 points, which represents a fall of 1.92% in the accumulated of the week.
IBEX 35
11.656,600
-
0,39%44,90
- Max: 11.674,00
- Min: 11.520,90
- Volume: -
- MM 200 : 11.125,61
With this, the Ibex returns to close at annual lows (March 26, is 9.381 points), from where on Thursday it managed to bounce back 0.43%. In addition, it has finally broken the key support of 9,470 points, which implies that things have been truly affected because the Spanish index will resume the bearish trend, which has as a first stop the area of 9.300-9.350 points and that could take it back to the 8,500 points ", according to José María Rodríguez, technical analyst at Bolsamanía.
VALUES
All in all, the most bullish value of this session was the supermarket chain DIA (+ 2.06%). It was followed by Grifols (+ 1.99%), which has been largely unmarked in the session as the best company, and by Siemens Gamesa (+ 1.92%). On the other hand, the falls were led by Cie Automotive (-2.36%), Mapfre (-1.13%) and Bankia (-1.10%).
However, it is worth highlighting the case of BBVA, which this Friday returned to falls (-0.86%) after the rebound of the previous session. The bank is the most exposed in Europe due to its participation.
OTHER STOCKS
Outside Spain, the rest of the stocks have also closed in red also dragged down by Turkey, with moderate drops between 0.1% and 0.4%. Meanwhile, Wall Street lists moderate earnings at the close of the Spanish market after last night it bounced with enthusiasm, as the Dow Jones increased in value by 1.6%.
In Asia the stock markets have rebounded, the promise between the US and China to resume talks on the tariff dispute have lifted the spirits in the stock markets. The Nikkei has risen 0.47%, although the Chinese exchanges have not been so fortunate, which have exceeded 1% in Shenzhen. Experts will point out that the boost received from the fact that they are back at the negotiating table, for the first time since June, is not enough to erase the threat caused by the depreciation of the Turkish lira and the fears of contagion in emerging markets.
TURKISH CRISIS
However, the Turkish lira moderated its comeback this Friday, after increasing in value 25%. The currency has been given after the US Treasury Department. The US has announced that it will impose new sanctions on the Ottoman country if it does not free the imprisoned evangelist pastor. And also after a decision by the president of the United States, Donald Trump, in which there has been much talk of "destroying" Turkey.
Albayrak has ensured that Turkey will emerge "stronger" from the current period of volatility, noting that the Ottoman country will not consider the imposition of capital controls or the option of requesting assistance from the International Monetary Fund (IMF).
