The Ibex still without strength despite marking annual highs

In the Spanish market, Liberbank (+ 17%) has been the absolute protagonist of the session. 'Expansion' has published that Abanca wants to launch an OPA on it and, although Liberbank has denied negotiations, Abanca has admitted that it has stood its ground with the main shareholders of the entity and that it pays to pay a price of 0.56 euros per share , which means a 40% premium.

Within the Ibex, Indra (+ 3.2%) was the most bullish value of the day, followed by Meliá Hotels (+ 1.6%) and ACS (+ 1.4%). Among the large securities, Inditex rose 0.4%, Endesa 0.2% and Iberdrola 0.1%.

By contrast, Siemens Gamesa falls 2% and is the most bearish value, followed by Ence Energía (-1.5%) and Bankia (-1.3%). In addition, Santander fell by 0.3% and Telefónica by 0.2%.

In addition, this Friday we continued to publish business results. Cellnex (-1%) reported losses of 15 million in 2018 due to the costs of the ERE in its Spanish subsidiaries. Revenues grew 14% and EBITDA increased 18%.

NEGOTIATIONS BETWEEN CHINA AND THE USA

This Friday investors are still pending negotiations between China and the US, which today live a new chapter. Donald Trump is scheduled to meet in Washington with Chinese Vice Premier Liu He.

Both parties are preparing several documents of understanding on various issues such as intellectual property rights, the forced transfer of technology and cyber theft, services, currencies, agriculture and elimination of tariffs on trade.

The two largest economies in the world seek a pact before the March 1 deadline. If everything goes according to plan, Trump will extend that date to set a meeting during the month of March with his Chinese counterpart, Xi Jinping, in which both presidents signed the final agreement.

ACTS OF THE BCE, BREXIT ...

Today we are still talking about the contents of the ECB's minutes, which suggest that the liquidity tap could be reopened to European banks as soon as the March 7 meeting. The maximum monetary authority of the Euro Zone is very concerned about the short-term economic slowdown, as this document has shown. In this scenario, the ECB considers that the technical analyzes to prepare a new round of long-term liquidity auctions must be carried out "quickly".

As for other highlights of the day, it should be noted that Bloomberg reported the European Union (EU) expects Theresa May to request a three-month delay for Brexit, citing two officials of the bloc. EU officials say the three-month extension would come within the framework of its most optimistic scenario. The pessimist supposes an abandonment of the United Kingdom, the next March 29, without agreement.

Regarding macro data of the day, the German business confidence of February fell to the minimum since December 2014, due to the increase in concern in German companies before the weakness of the economy. According to the German Economic Research Institute (IFO), the index of business confidence in the whole country worsened in February to 98.5 points, from 99.3 points in January.

TECHNICAL ANALYSIS OF THE IBEX 35

"There is no way, we have seen the maximum of Friday's session at 9,239 points, and as can be seen on the daily chart, it is the fourth time that the Ibex has touched the resistance zone of approximately 9,260 points. In theory, closing above with ease and at closing prices should be interpreted as a sign of strength, and if it is able to jump over clearly, it will be, more than anything because it would serve to build a new growing minimum and that always it's positive, "says José María Rodríguez, an analyst at Bolsamanía.

"But we would get tired, just look at the daily overbought, ideally, if it finally wants to break with force it would take a short break to take a breath and the next attempt, with more relaxed oscillators it would break through with force", adds this expert.

"What matters most to us is the price and only the price, a closing above 9,300 points (and if it is in weekly candles better) we must believe the rupture and it will take its time to reach the minimum theoretical projection of rise, in the 10,000 points ", concludes Rodríguez.