The Ibex (-0.8%) falls to 9,500 and breaks its bull run of 10 sessions

Regarding Santander, the bank chaired by Ana Botín has dropped 2.15% and has been the most bearish value of the Ibex, after Kepler analysts have cut their rating by 20% to 3.90 euros per share.

The firm considers that it has "tight capital" to deal with the litigation arising from the acquisition of Banco Popular and adds that this operation will not improve the generation of profits of the Cantabrian entity.

Other large stocks that have registered a negative day were Inditex (-1.87%) and Iberdrola (-1.64%), in addition to Endesa (-1.29%), BBVA (-0.76%) and Telefónica (-0.31%). And Naturgy has dropped 0.76% on the news that it has started staff cuts.

On the upside, Repsol's gains (+ 1.82%) stood out. The oil company has been the most profitable value of the Ibex, animated by a new rebound of oil. Brent crude advanced 2.5% to $ 80.80, the highest of the last four years.

In the OPEC meeting this Sunday (Organization of Petroleum Exporting Countries), the cartel decided, for the time being, not to increase production, contravening the claims of Donald Trump. Together with Repsol, Amadeus (+ 1.41%), Indra (+ 0.58%) and DIA (+ 0.58%) led the purchases.

COMMERCIAL STRESSES

In the geopolitical scene, on Monday the tariffs, valued at 200 billion dollars, that Donald Trump has imposed on products imported from China have come into force. This fact increases the risks that the commercial war will be more and more intense, although it is certain that the markets have learned to coexist recently with the tensions between both powers.

The rates, which affect furniture or appliances from China, are 10%, but will rise to 25% by the end of the year. This is the third installment of tariffs on China within a Trump strategy based on pressuring Beijing to change the business practices that, according to the US president, harm the companies of his country.

In response to these latest tariffs, the Government of Xi Jinping has announced that it will impose taxes on 5,207 US imports worth about 60,000 million dollars. Products such as liquefied gas, coffee and various types of oil will have a 10% tariff, while a tax of 5% will be imposed on products such as frozen vegetables, cocoa powder or chemical products.

"Operators in Asia and Europe will be cautious about the coming into force of the new tariffs today, both continents are more exposed to world trade than the United States. (...) It's been a slower-than-usual start to the week, with the markets of Japan, China and South Korea closed, "said Jasper Lawler, an expert with the London Capital Group.

MACRO AND SPAIN DATA

At the macro level, the IFO index has fallen to 103.7 in September, but has exceeded estimates. In the United States, it should be remembered that this week there is a meeting of the Federal Reserve (Fed). The consensus expects an increase in interest rates by 25 basis points and that the central bank will open the door to another increase in December.

Finally, an annotation on the situation of political uncertainty in Spain, which has increased after PP and Ciudadanos have knocked down the PSOE amendment to pass the Budgets. This increases the possibility of early elections.

Finally, in the currency market, the euro rised in value 0.14% against the dollar, up to $ 1,1767. And in the debt market, the yield on the 10-year Spanish bond remains at 1.428%.