The Ibex (-0.9%) loses 9,100 points under pressure from BBVA, Santander and Germany

Within the Ibex, the sharp cuts in ArcelorMittal (-5.73%) and BBVA (-4.38%) stand out. The bank has recognized that the drop in interest rates creates an opportunity to study the purchase of entities in Spain. Santander, Bankia, Bankinter and Sabadell have also yielded strongly.

Regarding Germany, data on the services sector and the manufacturing sector has disappointed once more, which fuels the fear of a recession in the main European economy on the market. "Germany is today one of the members of the euro area most affected by the economic slowdown," said Mario Draghi, president of the European Central Bank (ECB), during his speech at the Committee on Economic and Monetary Affairs of the European Parliament.

"The momentum of growth in the euro area has slowed significantly, more than we had previously anticipated," added the Italian central banker.

THOMAS COOK BANKRUPTCY

In addition, the United Kingdom has been another clear protagonist. The Labor Party has started its annual conference this weekend. According to Reuters, the party is expected to decide on Monday between two Brexit policies: campaign to remain in the European Union (EU) in the face of a second referendum or postpone the decision on what position to take until after an election.

In the business field, the bankruptcy of tour operator Thomas Cook has made the headlines, which means that hundreds of thousands of travelers have been left stranded and waiting for the Government to intervene to return them to their country. The CEO of the company, Peter Fankhauser, has apologized to the clients (600,000 people affected) and the staff of the group. He also said that it causes him a "deep regret" that the company has not been rescued by its creditors. Within Ibex, Amadeus (-3.7%) or Meliá Hotels (-0.69%), have been the most affected companies as a result.

Meanwhile, Brent oil falls 0.3%, to $ 64.27, amid the volatility generated by the tense situation in the Middle East. The US Secretary of State, Mike Pompeo, said Sunday that Washington wants to avoid a war but that it is deploying more troops in the Gulf region as a measure of "deterrence and defense" after attacks on refineries in Saudi Arabia.

IBEX TECHNICAL ANALYSIS 35

"We started the week with falls, but without any sign of any kind as far as the technical aspect is concerned. At the end of the day, if we look at the daily chart what we have are impeccable minimums and maximums rising from the lows of August. The most immediate support is found in the lows of last week: 8,960 points, and above, on the resistance side, the highs of last week (9,211) and above the weekly bearish gap of the 9,410 points reached at the beginning of May, "explains José María Rodríguez, an analyst at Bolsamanía.

"In any case, the key (as always) is Wall Street. Looking at the S&P 500, at the moment it is not able to attack the resistance of 3,028 points, the historical highs. And it has a small support around the corner in the minimums of last week (2,978). The perforation of this would leave the door open to a movement that will fill the upward gap of 2,938 points (support). This could end up pushing Europe a little lower, and still nothing would really change, since Europe accumulates a rise close to 10% from the lows of August with hardly any breaks, and we already know that even to continue climbing positions we need some correction from previous excesses, "adds this expert.