Ibex rebounds 0.4% from the annual low zone

The selective has lost the key support of 9,470 points

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Bolsamanía
Bolsamania | 16 ago, 2018 09:48 - Actualizado: 17:54
cbturquia99 short1

The Ibex has rebounded this Thursday (+ 0.43%), up to 9,427 points, from the area of ​​annual lows (those marked on March 26, at 9,381 points) during the Turkish crisis. The selective has been, partly, driven by the BBVA stock rebound, which has led the rises. Even so, the index has not managed to recover the support of 9,470 points.

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

BBVA is the most exposed entity in Europe to the situation in Turkey. Therefore, this Thursday it has benefited from the fact that the Turkish lira has managed to put some distance in between with the low exchange of 7.24 units for each 'greenback', the worst of its history experienced on Monday, in the middle of a diplomatic and commercial crisis with the USA. The comeback is due to the actions of the Central Bank of Turkey, which propped up the currency with the promise of all the necessary liquidity, limit the bearish positions through currency swaps and also Qatar's assistance, which has been committed to invest 15,000 million dollars in Turkey. The currency has stretched its rebound this Thursday and so its decline in August is limited to 10%.

Following the bank chaired by Francisco González, the best values ​​have been Caixabank and IAG. For its part, the falls were led by ACS, Siemens Gamesa and Ferrovial.

In the case of the 'red lantern', the Florentino Perez construction company has suffered on the market after the loss of concessions from its partner Atlantia in Italy due to the bridge disaster in Genoa, where it was working before the tragic accident.

The only great value or 'blue chip' of the Ibex that has been dyed red this session has been Inditex, which dropped 0.8%, to 27.27 euros per share.

OTHER STOCKS

The main European stocks have also dressed in green this Thursday, with increases between 0.5% and 1.3%. In addition, Wall Street bounces with enthusiasm, as the Dow Jones index revalues ​​close to 1.4% at the close of the Spanish market.

However, the surge in sales has continued on the Asian stock markets, where declines also prevail. The Nikkei has managed to cut its losses of more than 1% in the session, up to 0.05%, while the Chinese stock exchanges ended with mixed earnings, after the news that the US and China will start a new round of talks on their commercial relations, which has boosted the currencies of the emerging countries, very damaged by the falls of the Turkish lira, by over 30% this month.

WHAT TO EXPECT FROM THE MARKETS

In addition to Turkey and possible moves around the Sino-US trade dispute, analysts' attention is also shifting to Italy, where Italy's Prime Minister Giuseppe Conte has announced that his government will initiate the administrative procedure to withdraw the concession to Autostrade per l'Italia, responsible for the A10 motorway and the Morandi bridge that collapsed on Tuesday in Genoa.

The Executive has held an extraordinary Council of Ministers in Genoa to analyze a "tragedy" in which, according to the latest report, at least 39 people lost their lives.

At the macroeconomic level, a series of macroeconomic references of interest for investors were published. One of them was the Eurozone trade balance for the month of June, which posted a surplus of 22,500 million euros.

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