The Ibex (+ 1.3%) another bullish session leaves it within reach of annual highs

The stock markets have been boosted by the PMI services for the month of March in China, which has risen to 54.4 from 51.1 in February and has risen above the estimate of 52.3. The positive reference has raised the optimism of investors, as it moves away from the fear of a global economic slowdown.

Another positive reference has been that of the March PMI services, which have come out in general (less in the UK) better than expected in Europe, both in Germany and in Spain, France and Italy.

CHINA IMMINENT AGREEMENT - USA

Also, this morning there was talk of an "imminent" agreement between China and the United States. The Financial Times has pointed out that US and Chinese officials negotiating this issue have resolved "most of the outstanding issues." However, they are still negotiating how to implement and enforce that agreement.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will resume negotiations with Chinese Vice Premier Liu He in Washington on Wednesday, shortly after both parties reported on the progress of the negotiations. talks in Beijing last week.

This favourable is added to the latest in Brexit, which can be considered more or less 'positive' since the possibility of a Brexit without agreement has been avoided.

Theresa May will ask the European Union (EU) for another extension that would extend the process until May 22, before the European elections. The British prime minister seeks that this new extension is "as short as possible" and speculates that the EU will grant it but tightening conditions.

"It would be a good thing if May and Corbyn were able to find a common space, but we still cannot rule out a Brexit without agreement, but we remain optimistic that the politicians will go as far as necessary to avoid it," experts say. Danske Bank. Both leaders are scheduled to meet on Wednesday.

SANTANDER AND OTHER VALUES

In Spain, investors have been focused on Banco Santander. The entity, which has held its Investor Day in London, has said it will invest 20bn euros in digitization up to 2022. It also recalled that it expects to place hits goal of 'pay out' between 40% and 50% in the medium term and has indicated that it will cut its operating costs by 1.2 billion in the medium term.

Santander has risen 2% in the Ibex, in line with the good performance shown by all banks of the selective, especially Sabadell (+ 4.65%), given by the good news in the UK which also favored the airline IAG (+ 4.46%). On the negative side, only Viscofan (-2.24%) and Grifols (-1.33%) closed.

In other markets, Brent oil fell 0.4% to 69.08 dollars, while the euro increased in value 0.25% to 1.1235 dollars. For its part, Spain's risk premium drops slightly to 114 points, while the yield on the Spanish 10-year bond rebounds to 1.14%.

TECHNICAL ANALYSIS OF THE IBEX 35

"The only negative of the session on Wednesday is that we have left a large bullish gap (1%) at 9.363 points, and although not all the gaps are filled or closed, experience tells us that the vast majority do. And, in addition, in the short term, this means that we can soon attend a specific correction that will at least direct us to the 9,400 points area before continuing to climb positions ", explains José María Rodríguez, analyst of Bolsamania.

"But for the rest, the sensations at this moment are still good, we continue with the impeccable minimum and maximum increases, with the stochastic oscillator clearly turned upwards from important oversold levels and, therefore, the possibility of looking for the area of the 9,600-9,650 points (the upper part of the bullish channel in recent months) is a more than likely scenario.The danger would come from the drilling of the 9,100 points, price level that is now quite far ", concludes this expert.