The hangover of the ECB and the US employment figures drag the Ibex down to red
Practically all the stocks quote in red
The Ibex (1.3%) has fallen had on Friday and has accumulated a weekly fall of -1.49%, falling under the support levels of the 9,200 points. It was dragged down mainly by the banking sector that suffered on the second consecutive day due to the European Central Bank’s cut of its economic forecasts. This Thursday's data on employment in the United States, which has registered a timid advance of 20,000 jobs, has only increased the downward pressure on all European markets.
Cellnex Telecom (+ 1.8%), Enagás (+ 0.8%) and Indra (+ 0.7%) were the three most bullish values on a day in which almost all the Ibex has been dyed red at the end, without the positive counterweight exerted yesterday by the energy sector as a whole against the banks’ failures.
The most pronounced falls of the session were carried out by Bankia (-4.8%) and the rest of banking entities have also closed in red, with Santander (-2%) and BBVA (-1.6%) closing the session registering significant losses. As the most bearish value, ArcelorMittal (-3.2%) has appeared, followed by Técnicas Reunidas (-3.4%), always vulnerable to the news of trade talks between the United States and China.
In the Continuous Market, DIA has once again become the protagonist after firing 6% after the CNMV admitted the request for an authorization made by L1 Retail, LetterOne's retail subsidiary, on Friday to conduct a voluntary public offering of acquisition of DIA shares.
Outside the Ibex, oil has led a fall of about 2% on Friday, both West Texas and Brent, after having known that the Norwegian sovereign fund will stop investing in oil companies by order of its government.
PROGRESS IN COMMERCIAL NEGOTIATIONS
On the other hand the negotiations between China and the United States have taken this Friday a step towards the agreement to end the trade war between the two after the Asian country proposed to gradually improve the protection of intellectual property and put an end to forced transfers of technology from US to Chinese companies, according to Market News International.
Finally, note that Theresa May continues to fight so that the vote on her Brexit plan next week is not an absolute defeat for her, as expected. It should also be noted that China's exports published this Friday fell by 20% in February. The commercial data of the Asian giant have been much worse than expected and the stock markets there have suffered a sharp drop.
TECHNICAL ANALYSIS
"The Ibex closes below the support of 9,200 points, now resistance, drawing us a small 'double ceiling.' At the same time, the index drills the most immediate bullish direction, which joins the lows increasing since the end of December. This with the moment turned downward and far from reading any overweight levels, which means that in theory the conditions are in place to continue betting on a short-term corrective movement for the next sessions / weeks ", explains José María Rodríguez, technical analyst at Bolsamanía.
"Corrective movement that, in theory, would come to drain / adjust the important rises since the end of December. At the present time the clearest support zone is found in the vicinity of 8,800-8,900 points.It is important that Santander does not pierce the support that it presents at 3.95 euros, drilling it would be a worrying sign of weakness for the banking sector as a whole and therefore for the Ibex ", concludes Rodríguez.
