The Ibex stops at a step from 9,800 points after a strong rebound

Back to the Ibex, only one figure has closed with falls. Abertis has dropped a 0.26% down to 19.45 euros. On the other hand, the rises of Mediaset should be highlighted, the company has gone up a 4.9% and Endesa has risen in value a 3.22%. The energy company has received a positive review from JP Morgan and has risen its recommendation to overweight.

A good session for the five blue chips of the index. We have to talk about Inditex after a few sessions with general falls, this Monday have gone up a 1.72%. Deutsche Bank bets on the textile company again and has improved its recommendation to buy.

The banks have also listed important rises. Banco Santander has rebounded a 2% and BBVA a 1.6%. On the other hand, Bankinter and CaixaBank has gone up 1.8%; Banco Sabadell, a 1.7% and Bankia a 1.14%.

On the main board, Metrovacesa has rebounded a 3.5% after the British fund Schroders has declared the 4.3% of its social capital. Schroders has added to Santander and BBVA, banks that maintain as first shareholders of Metrovacesa after their placing on the stock, with a participation of 53.31% and 20.85% respectively.

OTHER MARKETS

The rest of the stocks of the Old Continent have closed with important rises. The German DAX 30 has risen in value a 1.6%; the French CAC 40 has gone up a 1.53% and the FTSE 100 a 1.3%. Also at the time of the Spanish close, Wall Street was listing rises under 1%. The New York indexes reacted on Friday from its averages of 200 sessions.

“Today there isn’t great global daa and the focus is on the feeling of risk in the markets after the share falls last week”, point out the Danske Bank experts in their daily report. On the other hand Michael Hewson, chief analyst at CMC Markets in the UK has admitted the rises in Europe suppose a breather after the two weeks of strong falls. The expert adds that this “late rebound of the US markets can’t hide that Wall Street and the rest of the world stocks have lived its worst fortnight in the last decade”. According to Hewson, after constant earnings in the stocks and a low volatility through the years, the situation shows a “complacence that has remained some time and that has been broken due to a rise in volatility”.

In the business sector, Heineken has published its results with an improvement of 25.6% in earnings in 2017. Also, Monte dei Paschi drops a 5% in stocks after announcing on Friday losses going over what was expected.

Also in statements to CNBC on Sunday, Christine Lagarde, general director for the IMF said “there has been a market correction of 6% and 9% and described it as a welcomed correction”.

Likewise, investors are also keeping an eye on US news where Donald Trump is going to reveal an infrastructure pan of 200,000m dollars. The plan seems to make a stand to Democrat critics in Congress, to whom it won’t offer enough funds, according to Reuters.

TECHNICAL ANALYSIS

José María Rodríguez, technical analyst in Bolsamanía, the Ibex has started the week improving positions from the important zone of the 9,600 points, before a resistance. “For now it looks like the rebound could continue to the 9,900 resistance or maybe even the 10,000”, says the analyst.

If we take a look at the two biggest banks of the country, the interesting thing right now is that last week the basque entity closed at 7,009 euros, it didn’t go through the important support of 7 euros while the Cantabrian entity looks like it found its support in the base of the rising channel through which it has been moving since September. “Or said in other words, there is a big chance we have seen the end of the falls and therefore we are in something else other than a rebound so we have to respect last week’s lows in the Ibex and in the heavy figures”, concludes Rodríguez.