The Ibex minimises losses at close: yields 0.45%, but increases by 0.8% in the week

Indra Sistemas was the most bullish value of the day, rising 1.7% and recovering practically everything lost in the previous day. It was followed by IAG (+ 1.5%) and Ferrovial (+ 0.9%). On the other end of the selective CIE Automotive dropped by 2.5%, Acciona was left 2.5% and Viscofan delved into the losses suffered on Thursday closing with a fall of 2.1%.

Inditex continued its falls for the third consecutive day, from the presentation of results that have not convinced the market, falling at the close by 1.8% down to € 24.55 per share, which represents a weekly loss of more than 7% in the value with the highest market capitalization of the selective.

After supporing the Ibex on Thursday, the big banks closed in red with BBVA yielding 0.5% and Santander 0.3%. Sabadell announced this morning the sale of 80% of Solvia to Intrum with a capital gain of 138 million and closed with a rise of 0.5%. Bankia, which has confirmed that it is in negotiations for the sale of a portfolio of foreclosed real estate assets and portfolio of doubtful loans, lost 0.75% at the close.

On the other hand, Red Eléctrica closed Friday with a rise of 0.5% after announcing that it has reached an agreement with Bow Power to acquire 100% of CCNCM for 205 million dollars, including debt. It supposes the first great strategic operation with Jordi Seville like president of the company.

TECHNICAL ANALYSIS

"Good weekly close after all in the Ibex 35. And not because we close in green (discretely) in the accumulated week, it is because the weekly minimums (8,644) respect the important support we have in the annual minimums marked in October at 8,627 points ", explains the Bolsamanía technical analyst, José María Rodríguez.

"The Ibex has respected the annual minimums in this last stake of the market, which neither the Dax nor the Cac 40 nor the Euro Stoxx 50 have done. Only the Ibex and the Italian index (FTSE MIB) have respected the minimums of October Although to be able to think that we are before something more than a simple rebound we would have to jump over the 9,250-9,300 points".

"But as I always like to remind investors, we do not do well in getting ahead of events and let it be the price that tells us what to do and when, and in the meantime, everything is part of a simple rebound within an impeccable corrective phase", concludes Rodríguez .

CHINA CONCERNS THE WEST

Losses in Spain and the rest of European markets came today after major declines in Asia after the publication of a series of disappointing macro data in China. The reading of the investment in fixed assets was 5.9% and economists expected 5.8%. Industrial production stood at 5.4% while it was forecast at 5.9%. On the other hand, retail sales stood at 8.1% compared to the estimate of 8.8%. "Investors were scared with thelargely disappointing figures, and there was a sell-off in Asian markets during the night," explains David Madden, market analyst at CMC Markets in London.

The economic slowdown in China, one of the derivatives of the trade war, is something that worries and frightens the markets, which fear that this will end up confirming as they have been pointing out many of the latest data.

The market continued digesting on Friday the words of Mario Draghi, president of the European Central Bank (ECB). The ECB confirmed that the bond purchase plan will end this year, as expected, and everything seems to indicate that Draghi will leave his post (his term ends in October next year) without a rate hike (although some point that the first will take place in September of next year). "Draghi staged an appearance that was not very smooth, he lowered the growth forecast and warned that 'the risk is shifting to the downside,'" says Madden. The euro was pressured by his words.

Regarding Brexit, the European Council has ended and several important aspects related to Brexit remain on the table. On the one hand, Jean-Claude Juncker has reported that the European Commission (EC) will present next Wednesday, December 19, the contingency plans in which Brussels works to face the eventuality of a chaotic Brexit by the lack of agreement on divorce provisions. On the other, the European Council concluded with a text adopted by the 27 in which they stress that the agreement for Brexit "is not open to renegotiation".