The Ibex bounces back after a session marked by nervousness and volatility

The most bullish value of the session was Repsol (+ 4.19%) after the rebound in oil prices. In the upper part of the table, Grifols (+ 3.33%) and Acciona (+ 2.80%) followed. In contrast, the 'red lantern' of the session has been Inditex, which has fallen more than 2.3%. They have been followed by the airline holding IAG (-1.49%) and Merlin Properties (-0.92%).

For its part, Gas Natural Fenosa has slightly risen in value (+ 0.24%) after its new CEO, Francisco Reynés, has defined a new organizational structure for the company to strengthen business areas and simplify them.

OTHER STOCKS

Outside Spain, green numbers have also predominated in the main European markets, except for the French Cac 40, which has lost 0.4% (France's GDP grew by 0.2% in the first quarter of the year compared to 0, 3% estimated).

It is worth noting that, after the bump on Tuesday in Europe, it was followed by a corresponding bump in the United States, with falls in the Dow Jones of 1.6% and 1.16% in the S & P. However, Wall Street also bounces this Wednesday pending the volatility that Europe has experienced. And in Asia this dawn, more of the same. Average cuts of 1.5% in the main indexes, with a feeling of uncertainty that dominates everything.

POLITICAL PANORAMA

In the latest news in Italy and Spain, we find that '5 Star Movement' and the 'Northern League' are in talks again to reach an agreement 'in extremis' and thus avoid the repetition of elections. Meanwhile, in Spain there is speculation about the negotiations between Pedro Sánchez and Albert Rivera to move the vote of no confidence forward. According to different media, Sanchez could set a date for the elections and, in that case, Rivera would support the motion.

"Everything (what happened yesterday) seems to be due to the mess that is being mounted in Italy with the formation of government after the last elections, it is not that this time this management is not easy, it is always very complicated to form a government in Italy. ...) It is that this time the coalition of anti-system parties that tries to form it can represent a danger for the permanence of Italy in the European Union and, consequently, for the survival of this macro-state, and the stock exchanges do not want this uncertainty and that's why they fall, "says Ramón Morell, an expert at ETX Capital.

Jasper Lawler, responsible for analysis of London Capital Group, highlights that in the last day the tables were changed and it was the problems of Europe that jumped to the other side of the Atlantic, penalizing the stocks there. "The fact that the interim prime minister of Italy, Carlos Cottarelli, has not presented a list of ministers to the president of the republic, Sergio Mattarella, is not a good omen, nor the warning of the head of the Italian central bank that Italy could to be on the verge of losing the confidence of the investors. "Both facts generated nerves to the markets", indicates Lawler. According to Reuters, there is now the possibility that Mattarella will dissolve Parliament in the coming days and send the Italians to the polls on July 29. It will be necessary to see if the negotiations between the 'M5E' and the 'Northern League' avoid this.

EURO AND MACROECONOMY

All this situation has made the euro, in the words of Jasper Lawler, " suffer a beating." The single currency has fallen to 10-month lows, to levels of 1,151, while the yield on Italian bonds has soared. "This Wednesday, investors will remain cautious about any event in Italy, but they will also pay attention to the full macro data calendar, German inflation data could help raise the common currency. GDP and the US PCE ", point from the London Capital Group.

In Spain, the CPI increased 0.9% in May compared to the previous month and increased its interannual rate nine tenths, up to 2%, its highest level since April 2017, according to the leading indicator published by the Institute on Wednesday. National Statistics Office (INE).

TECHNICAL ANALYSIS

For José María Rodríguez, a technical analyst at Bolsamanía, "this Wednesday's session has no technical implications whatsoever, but even if it had risen or fallen sharply, everything would remain more or less the same."

"Because the control areas are at the annual minimums (9,327) and resistance to the bearish gap this Tuesday at 9,765 points," explains the expert. "If we drill the year's minimums clearly, the next objective is at 8,950-9,000 points (61.8% of the total increase from the Brexit minimums) and above, on the resistance side, yesterday's bearish gap, as long as it does not close (or what is the same is canceled) we will not have the slightest sign of strength in our selective, even in the short term, "adds the technical analyst.

"If we look at the European stock exchanges, we have the Dax and the Euro Stoxx 50 futures in the support zone: 12,600 and 3,380 points respectively, as long as there is no drilling there is hope (more in Europe than in our Ibex) ", concludes Rodríguez.