The Ibex (-0.5%) and the rest of Europe close in red after the ECB measures

The central bank has announced a new round of financing for financial institutions.

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Bolsamanía
Bolsamania | 07 mar, 2019 09:49 - Actualizado: 18:20
mario draghi euro portada

The Ibex 35 has fallen 0.5% at the close, below 9,300 points, a new annual maximum has been published in 9,366 intraday intraday in a day of great volatility in the main European parks which have also closed in red. The turning point for the selective and the rest of the markets of the continent has been the announcement from the European Central Bank (ECB) on the reduction in the growth forecasts of the Eurozone and the start of a new round of liquidity for the Bank, which it has called TLTROIII.

IBEX 35
11.435,700
  • -0,28%-31,60
  • Max: 11.474,90
  • Min: 11.399,10
  • Volume: -
  • MM 200 : 11.289,95
17:35 23/12/24

The market expected it, as well as the banks, so they should have reacted positively to the new stimulus program, which will start in September and end in March 2021.

The ECB has significantly cut its growth forecast for the euro zone, so now it is the entity chaired by the Italian Mario Draghi estimates that the growth of the Gross Domestic Product (GDP) of the Eurozone will be 1.1% in 2019, compared to the 1.7% expected last December. By 2020 it is down to 1.6% (from the previous 1.7%) and, by 2021, it remains at 1.5%.

Within the Ibex, the result has been that banks have led the losses, with Sabadell (-7.2%), Bankia (-5.3%) and CaixaBank (-3.9%) standing as the most bearish values ​​of the stock market, Santander (-3.5%) and BBVA (-2.8%), also closing with significant losses. In the same line, the European banking sector closed with a fall of 3.35%.

In the face of the day, we find in the energy sector, which has taken the top positions of the selective and has countered the laws of the banking sector, with Iberdrola (+ 3.5%). They were followed by Endesa (+ 3.3%) and Naturgia (+ 2.8%).

TECHNICAL ANALYSIS

The Bolsamanía technical analyst, José María Rodríguez, says that the volatility experienced on Thursday by the Spanish banking sector has been part of a "block movement" at European level. "In fact, the European banking sector has dropped by 4%," says Rodriguez.

"This is in another way, the possibility that Santander might not end up surpassing the resistance of 4.39 euros In fact, we say in recent days that we do not believe in the movement of the Ibex if Santander does not break said resistance ", explains the analyst.

"Now what we have in our Ibex is a narrow side, a very clear support at 9,200 points and resistance at 9,365 points, and until the price does move from there we will not have a clue as to what to expect ", concludes Rodríguez.

HUAWEI SUESTHE UNITED STATES

Beyond Mario Draghi's press conference, which has been monopolized by the current situation in the markets, another of the news of the day is the decision of the Chinese tech firm Huawei to sue the United States for considering illegal the sanctions imposed on it. and that the company's products for security reasons.

This new escalation of tension between the US and Huawei occurs when an imminent commercial agreement with China is expected and doubts about this agreement increase.

Huawei President Guo Ping has pointed out that Donald Trump's law "is not only illegal, but also that Huawei can not participate in fair competition, which will ultimately harm users".

Brexit, the other great issue that has remained a market focus in recent months was also in the news after The Daily Telegraph sources affirmed on Wednesday that the Government of Sanchez was blocking Brexit negotiations.

As for other issues of the session, the GDP of the Euro Zone of the fourth quarter has risen 0.2%. In addition, the Technical Advisory Committee of the Ibex meets at the close of the market. No changes are expected in the composition of the selective.

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