The Ibex goes over 9,900 points after Trump-Kim Jong-un summit and Fed hopes

The stocks of the Old Continent have started the day with enthusiasm after the 'success' of the summit at the highest level between the president of the United States, Donald Trump, and the leader of North Korea, Kim Jong-un. The American president has declared, after the meeting, that "everything has gone better than imagined" and has pointed out, after meeting Kim, that they will have "an excellent relationship".

Trump and Kim Jong-un have signed a joint statement after their meeting in Singapore. In general terms, Donald Trump has conditioned the withdrawal of sanctions to the denuclearization of North Korea while Kim has pledged to it vaguely.

"The world looks nicer when Trump and the North Korean dictator shake hands, right? At least that's what the markets are saying today. Both leaders have shaken hands, Trump said he has forged a good relationship with Kim Jong-un and he has said that the meeting is a good prelude to peace, "says Ramón Morell, ETX Capital expert.

ALCISTAS Y BAJISTAS

Back to the Ibex, the values ​​that have risen in value this session have been DIA (+ 1.30%), Bankinter (+ 1.21%) and Meliá Hotels (+ 1.71%).

Also Grifols (+ 1.09%) was one of the best values ​​of the session, after receiving a good rating by Berenberg analysts, as well as Inditex, which tomorrow will present the results of its first fiscal quarter.

Mapfre has risen 0.86% despite Barclays analysts have stated in a report that the insurer has more weaknesses than strengths. In addition, Telefonica has risen more than 0.3% after the announcement of the launch of the O2 brand in Spain.

Meanwhile, the companies that have fallen this session the most were Técnicas Reunidas (-1.66%), ACS (-1.37%) and Indra (-1.32%). Likewise, Mediaset has fallen to 0.85% after losing the support of Kepler's analysts, despite the fact that the television network will broadcast the Russian World Cup 2018.

OTHER STOCK MARKETS

The rest of European markets, like the Ibex, have started on Tuesday with more force. However, towards the end of the session their earnings deflated, and they have even closed the session with a mixed sign. Thus, the German Dax 30 has fallen slightly while the French Cac 40 has dropped 0.38%.

Meanwhile, on the other side of the Atlantic, Wall Street registers a mixed sign at the close of the Spanish market, as the Dow Jones index eases slightly.

LOOKING TOWARDS THE FED

As for the agenda of the day, this Wednesday we have known the inflation data of May in the United States. This has marked maximum of six years, since the Consumer Price Index (CPI) has rebounded by 2.8% year on year. In addition, it should be noted that the unemployment rate in the United Kingdom remained at 4.2% in April. For its part, the German confidence (ZEW) in the Euro Zone has fallen to 2016 levels.

However, the eyes of investors are already heading towards the United States. Specifically, they look at the Federal Reserve (Fed), which this day has begun its meeting, which will continue tomorrow, when it will announce its decision on interest rates.

TECHNICAL ANALYSIS

For José María Rodríguez, a Bolsamanía technical analyst, "the Ibex has moved this Friday within a fairly narrow price range, with a maximum of 9,961 points in the session, coinciding with the resistance zone that gives it the level of adjustment / retreat of 61.8% of the entire previous fall, which led to the index from 10,290 to 9,400 points in three weeks, from which it follows that, in theory, if it were able to overcome this resistance with strength and in closing prices the next level would be at 10,060 points, where the MM200 passes. "

"And above and of greater relevance we still have the origin of the movement, the 10,290 points, that's where the key to everything is"; adds the expert. "The 10,000 points are nothing, a simple round number, beautiful and psychological, but we do not have any resistance at this time, although the May maximums are." After all, we could go back to the May highs. have minimum and maximum increases since the end of March and so does not fall, "says Rodriguez.

"For a greater sign of strength, it would be good if Santander closed the bearish gap as early as two weeks ago at 4.89 euros, closing above would mean canceling the bearish gap that it filled last week without success. Telefónica does not drill the 'soportzo' that presents in the annual minimum, the 7.45 euros ", concludes the technical analyst.