The Ibex 35 loses 1% and the 9,700 points dragged down by the banks

New sanctions announced from the United States to Turkey have burdened BBVA, the most bearish bank in the Ibex 35 this Thursday. The bank has dropped 2.8% after the Turkish lira has set new lows against the euro. The country is the third market for the entity, after Mexico and Spain.

Also highlighted in red were the losses of ArcelorMittal (-3.04%) or of Acerinox (-2.06%) and Bankia (-2.06%), although all banks end up with significant falls. The losses of Telefónica (-0.85%) and Inditex (-0.86%) have pushed the index even further towards the red. In green, only a few values, among which Colonial (+ 1.33%), Grifols (+ 0.64%) and Red Eléctrica (+ 0.58%) stand out.

In terms of business news, Mediaset closes almost flat (-0.06%) after announcing that it buys Eurocup 2020 rights. In the main board, Duro Felguera manages to increase 1.42% to 0.028 euros, after the last crashes. For its part, Liberbank (-0.78%) closes down despite Moody's has improved their 'rating'.

COMMERCIAL STRESSES

"The White House announcement that Trump is considering raising tariffs to 25% on Chinese imports worth $ 200 billion cushioned market sentiment, limiting movements behind the words of the Federal Reserve. This is a sign that business tensions are increasing rather than decreasing, "says Jasper Lawler, an analyst at the London Capital Group.

The market fears the new escalation of tensions. All of Europe closes in red (DAX 30: -1.5%, Footsie 100: -1%, CAC 40, -0.7%), while Wall Street struggles between losses and gains.

BANK OF ENGLAND AND RESULTS

Meanwhile, the date of the day was the Bank of England meeting. The central bank, as expected, has increased interest rates from 0.5% to 0.75%. The decision to increase rates by a quarter of a point comes late in 2018. After the first boom in more than 10 years in November 2017, the market had anticipated that the next step in the normalization path would take place at the beginning of 2018 , with the objective of leaving room for more increases before the Brexit date arrives.

Together with all this, the business results continue to be protagonists in the session. Société Générale has improved its profit in the second quarter to 1,160m. Barclays, on the other hand, has returned to benefits thanks to the improvement in its trading unit. ING has also presented its accounts, and has announced a 4% improvement in the benefit.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst of 'Bolsamanía', remembers that, if the Ibex drilled the 9,800, it could mean that it walks towards the next support, that of the 9,645 points. "And the lows of this Thursday we have seen in the 9.666.6 points", points out the expert. Now, the analyst explains that the important thing is that this support is not pierced, since the next one is at the base of the triangle, at 9,480-9,500 points. Above, the resistance of 10,030 points. "In other words, the Ibex continues to fit into the triangle," Rodríguez explains, adding that the base's perforation or the upper part's overcoming "will be what tell us something about the next movement in trend."

"If we look at the European index par excellence, the Euro Stoxx 50, this Thursday's falls fit perfectly to what would be the typical 'throw back' move to the top of the bearish channel that surpassed the rise last week." , adds the analyst, that is to say, that the falls of this session fit "within the normal parameters". Of course, the Ibex is still weaker than its neighbors.