Ibex falls below 10,500 again despite performance of steel firms

IAG picked up the wooden spoon after falling 1.97% to find itself just above 7 euros. Grifols was the next worst performer after falling 1.89% to 23.84 euros. The lower podium was completed by Mapfre, which fell 1.78%.

During the session Tecnicas Reunidas, which eventually lost 1.23%, had led the losses.

Steel firms were the main success for the Ibex today. The good performances of ArcelorMittal (+1.63%) and Acerinox (+0.94%) was not enough to prevent the fall of the index. Mediaset was the second biggest riser, after advancing 1.08%.

Among the bluechip stocks, only Telefonica was able to finish higher after gaining 0.06% to 9.01 euros. On Monday, the telecom giant fell below 9 euros, although it finished above. Investor pressure has increased the firm’s capital to 2.6%.

However, Inditex was the biggest faller among the heavyweight stocks, after a loss of 1.2% to 33.34 euros. Banco Santander closed 0.79% lower, despite Citigroup increasing its profitability to 24% after the purchase of Popular.

In the general stock exchange, Almirall once again tanked, this time by 10%, after lowering its forecasts for 2017. This leads to the company accumulating a fall of 29% in the first two days of the week. Atresmedia gained 4.22% after a favourable sentence from Mediapro on Prisa. Liberbank fell 0.53% to 0.94 euros. On Thursday, the CNMV will decide whether to restrict short positions on the bank.

OTHER MARKETS

Mixed bag for the rest of the European markets. The FTSE 100 fell 0.3%. Pearson and Marks & Spencer closed with losses more than 4%. The first for the sale of a stake in its business and the other for a fall in sales. The CAC 40 was also in the red, losing 0.22%, while the DAX 30 gained 0.23%.

While Wall Street saw moderate losses while investors wait on Fed chair Janet Yellen’s speech on Wednesday. Snapchat’s fall to annual lows, and lower than its original market price was notable, while Amazon was 0.6% lower on its annual Prime Day.

Oil reversed its early losses to gain more than 1%. Brent crude rose 0.9% to $47.30 per barrel, while West Texas rose 0.8% to $44.78. In forex, the euro rose 0.3% to $1.1433.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst at Bolsamanía, said that the movement seen on Tuesday in European markets was so-so.

Days after we said that our neighbours would set the course for the Ibex to adjust itself and close below the support of 10,377 points, “we have closed close to the support and it makes us think that the equities in Europe will fall, at least in daily terms,” Rodríguez said. As this gap is weekly there is still the possibility that it is totally filled.