The Ibex closes flat in a new day of falls for the electric companies
The selective can't decide between testing supports or attacking resistances
The Ibex 35 closed Tuesday flat (+ 0.00%), again below the 9,500 points that it reached during the morning, with the push of Inditex. Even though the push added added 1.8% this Tuesday, the Ibex has deflated from the highs this morning, also pushed by the strong bounce of 10% of Zalando. On the upper side of the table we also found IAG and Arcelormittal. The group of airlines has increased in value by 1.3% on the same day that Lufthansa announced that in the first quarter of the year it has recorded losses due to the high price of fuel.ArcelorMittal has risen 1.6% after a report by Deutsche Bank reiterates its support for the firm but cut its target price.
IBEX 35
11.377,100
-
-0,05%-5,50
- Max: 11.442,40
- Min: 11.295,00
- Volume: -
- MM 200 : 11.067,09
The focus today is again on the macro references from Germany, with the ZEW of April. The economic sentiment index stood at 3.1 points in April. This supposes a strong rebound comparing it to the previous index last month at -3.6 points. In addition, it beat the expectations of analysts, who expected it to be 0.8 points. However, the ZEW has still decreased to 5.5 points from 11.1 the previous month.
Also in the macro area, the ILO unemployment rate in the United Kingdom, corresponding to February, remains at 3.9%, as expected and unchanged from the previous month. Average earnings of workers excluding premiums rose by 3.4% in February compared to 3.5% previously and in line with expectations.
The results are also another important element in this day. Investors will be especially focused on the Netflix results, which will be published at the close of the US market. Bank of America gained 6% more in the first quarter, up to 7.3bn dollars. Revenues, which were particularly worrying after the drop in Goldman and Citi, have barely registered changes and have adjusted to market forecasts.
On the other hand, Johnson & Johnson's profit fell 14% in the first quarter. The company's revenue fell to 20.02 billion dollars. However, the figure exceeds the analysts' estimates, which put them at 19.6bn.
All in all, the Ibex remains in 'holiday', very calm and 'subscribed' to moderate movements. "The daily overbought is still there, and let's not talk about the weekly, and so it is difficult to continue climbing positions energetically," says José María Rodríguez, an analyst at Bolsamanía. "The loss of 'momentum' is more than evident and this is only corrected by falling with some violence or waiting it out by deploying a wide lateral," he adds.
