The Ibex 35 barely holds the 9,800 burdened by Iberdrola

The Spanish index barely holds the 9,800 points and it doesn’t make it to the 9,900 resistance, stopped by the losses of Iberdrola (4.1%). The electric company has published results today and it earned 2.804bn euros over 3.7% more than in 2016. Nevertheless it was less than expected (2.841bn).

In red also, Acciona (-2.13%), ACS (-1.82%) and Siemens Gamesa (-1.71%) that have fallen after JP Morgan cut its rating to underperform from hold.

DIA has been another of the lowest figures of the session. It drops a 1.49% waiting for its results on Thursday, like Telefónica (-0.18%). The falls of another blue chip of the Ibex, like Inditex (-1.1%), BBVA (-0.8%) or Santander (-0.39%) has also damaged the index performance.

In green, Meliá Hotels has led the rises after increasing in value a 2.64%. It’s followed by Bankia (+1.2%) and Enagás, that rises a 0.83%) up to 20.68 euros after Deutsche Bank has given a 113% potential although it has brought down the target price oto 23.5 euros.

WALL STREET AND EUROPE

After a session of red numbers for Wall Street on Thursday, the Ibex 35 and the DAX 30 are the only big European indexes that have closed in red. On the other hand the CAC 40 and the FTSE 100 have risen 0.5% and over in the case of the British stocks.

MACROECONOMY

In the macro scenario today, the manufacturers and services PMI of the EuroZone have been made known and are worse than expected. The services PMI in the Eurozone has been 56.7 versus the 57.6 expected. The manufacturers PMI was at 58.5 versus 59.3 estimated. And also the publishing of the proceedings of the latest meeting of the Fed. With European stocks closed it will be the most relevant figure of the session. “The proceedings could give us a global vision on the different opinions within the Fed. In particular, we are interested in what they have to say on the tax reform and whether it will cause a rise in the interest rates of the three that are expected for 2018”, point out the experts at Danske Bank in their daily report. “We hope there is a rise in rates in the next Fed meeting in March”, the add.

TECHNICAL ANALYSIS

According to José María Rodríguez, technical analyst of Bolsamania, the session this Wednesday has neutralised the Tuesday rises. The Ibex 35 keeps holding a resistance in 9,900 and a support in 9,580 points, with an extension to 9,555 points. “If we look at our European neighbours we can see that the rebound could still go further up”says the expert.

Nevertheless, he points out that we don’t have a return figure so we “leave the door open to the Ibex and the rest of the stocks to get a move on and attack the supports on the annual lows of February 9”. In his opinion it would be the key, since “if we were to reach these lows that work as a support or go through them we will have some implications or others”.