The Ibex deepens the falls after the bad US manufacturing data
MásMóvil reports strong increases after its agreement with Orange
After opening the session in positive, the Ibex has been deflating little by little, until the bad data of the manufacturing sector in the US was released and the 'red numbers' took over. The Spanish selective yields 0.8% at this time and stands at 9,160 points, with drops in almost all values. MásMóvil (+ 15%) is one of the few exceptions, rising 15% after closing a global agreement with Orange and raising forecasts.
IBEX 35
11.436,400
-
-0,27%-30,90
- Max: 11.474,90
- Min: 11.399,10
- Volume: -
- MM 200 : 11.289,95
Despite the seasonal guidelines, the truth is that in the first stages of this month the expectations are good. "We would have to very badly to not attack the significant resistance of 9,410 points soon," said José María Rodríguez, technical analyst at Bolsamanía. A weekly closure above these levels would undoubtedly be a sign of strength of our selective, emphasizes this expert.
China and the US continue to receive attention ahead of the meeting between both powers that is expected in the coming days. The White House commercial advisor and architect of the commercial war with China, Peter Navarro, has said that the latest news indicating that the US was considering the exclusion of Chinese companies from its stock market is false, which improves the feelings of the next face to face meeting.
Back in Europe, British Prime Minister Boris Johnson has given several interviews. Johnson has said he still plans to suspend Parliament to launch a new legislative agenda, but will make sure to do so in line with the recent Supreme Court decision. The prime minister has also indicated that he already expected criticism from all those who oppose Brexit and that "he doesn't care in the least."
Regarding macro data, manufacturing PMIs in Europe have continued to fall in September. The PMI in Spain has registered its worst mark since April 2013. In the Euro Zone, the PMI falls to a minimum in October 2012. On the other hand, the CPI for the Euro Zone stood at 0.9% in September and marked 2016 lows.
