The Ibex recovers the 10,200 thanks to the upwards trajectory of Europe

Siemens Gamesa has been the most rising value of the day after going up a 6,98% after Citi advised to buy the company’s stocks. Nevertheless, the company still accumulates a downfall of more than 40% in this past year.

As for the rest of the values that have gone up the most, we can find Bankia (+2.38%) and Técnicas Reunidas (+2.18%). The banking center has been added again to the green numbers after yielding during the last session and pushing the Ibex towards the losses. Sabadell (1.91%), Bankinter (+0.87&) or CaixaBank (+2.15%) were placed in the past session among the worst values of the index.

Endesa has been one of the values that has been revalued in this session, a 1.46% after S&P has raised its long-term credit rating from “BBB/positive perspective” to “BBB/stable perspective”. On its part, ACS has closed the rise with 0.33%. Its German subsidiary, Hotchief, has landed the works contract in United States for 81 million euros.

As for the losses, Mapfre was the worst performer of the day (-0.98%), followed by Amadeus (-0.56%)and Aena (-0.41%).

And as for the European stocks, the Ibex has led the earnings, followed by the German Dax 30 that rises over a 0.2%. Only the Footsie 100 has closed in red with loses close to 0.4%

THE POLITICAL NEWS SETS THE AGENDA

Brexit and the tax reform in the US are still key subjects. On the first topic, it has been said that Jean-Claude Juncker fears a collapse of the British government before an agreement is reached. Theresa May has to make a deal with her Irish government allies about the Northern Irish border and it looks like it’s going to be difficult to achieve before the European Union’s key meeting next Thursday.

Finally, in the United States news about the tax reform adds up with the information on the spending limit which deadline date is tomorrow.

MACROECONOMICS AND FOREIGN EXCHANGE

As for the agenda of data of the day, Germany’s October industrial production has gone up a 2.7%, under the 4.7% that was expected. On another note, the third trimester GDP in the Euro Zone went up a 2.6% versus the 2.5% that was expected. Furthermore, the Treasury has placed in Spain 4,144 millions in debt, long-term at at lower rates.

About bitcoin, the cryptocurrency is still unstoppable and has already conquered the 16,000 dollars in spite of the many voices that warn about the dangers of these type of investments. On its part, the euro yields a slight 0.05%, up to to 1.1792 dollars.

In the commodities market, West Texas petrol goes up a 0.96% up to 56.52 dollar. And Brent goes up 1.18% up to 61.94 dollars.

TECHNICAL ANALYSIS
According to Bolsamanía analyst José María Rodríguez, today’s session brings us closer to the resistance levels for the Ibex, at 10,323 points, highs of last week. However, the “key resistance” is at the November highs of 10,600 points, and the most important thing is that the prices start to edge toward that without making too much noise. “Finishing above this level we would have a clear round figure with a direct objective at annual highs.”
Regarding companies, Rodríguez added that Telefonica “after months and months of long and continuous slides downwards, it could be starting to wake up once and for all and carry the index towards 10,600 points.” In his opinion, Telefonica “would give us a small ‘double floor’, that perhaps will end up being the main one once again.”