Sat. Mar 28th, 2020

The Ibex breaks the trend of three weeks to the rise after falling 1.3%

El Ibex rompe la tendencia de tres semanas al alza tras caer un 1,3%

The IBEX 35 closed this Friday with a 1.3% fall, which prevented the week closed positive, and broke the streak of three consecutive weeks of increases. Last Friday it finished in 9.267 points and this Friday it has put an end to the week in 9,129 points, which is a 1.5% decrease in the week. In this way, the Ibex moves away from its maximum since October and registers minimums below 9,200 points.

The regression of this Friday has been motivated by the 20% collapse in China's exports and for him bad job data in the United States, where only 20,000 jobs were created.

These two bad macroeconomics contributed to increase the pessimism in the market, after on Thursday the president of the European Central Bank (ECB), Mario Draghi, announced that he does not foresee a rise in interest rates until at least 2002 due to the bad economic forecasts in Europe.

In this way, the session began already marked by the 2% drop in the Nikkei and the 4.4% fall of the Shanghai Stock Exchange. The opening of Wall Street was in the same trend, with a fall of 0.8% of the Dow Jones. Against this background, the falls were expanding in the Spanish stock market as the session progressed.


The banking, very penalized

The banking sector returned to stand this Friday as the most penalized. Bankia fell 4.76%, the biggest drop in the session. Sabadell lost 3.19%, followed by CaixaBank (-2.67%), Santander (-2.02%) and BBVA (-1.59%). Also notable were the decreases in Técnicas Reunidas (-3.35%), ArcelorMittal (-3.22%), IAG (-3.19%), CIE Automotive (-2.70%) and ACS (-2.44%). ). Iberdrola was also not saved from losses and its shares were left behind 1.15%. Repsol lost 2.05% and Inditex was down 1.67%.

In contrast, Telefonica rose 0.26% and Enagás saved 0.82%. Day shot up 5.99%, after the CNMV admitted the OPA of LetterOne for the company.


The door opens to a correction

Experts stress that the fact that the Ibex has once again lost the key area of ​​9,200 points and fails to consolidate above these levels opens the door to further cuts in the coming sessions.

"For the coming week is key for our selective return to recover the area of ​​9,200 points, because otherwise we could return to the bearish area of ​​the entire 8,800," says Jorge Lopez, an analyst at XTB.

The rest of the main European stock markets have also ended with losses: -0.74% for London, -0.52% for Frankfurt and -0.7% for Paris.

In the secondary debt market, the Spanish risk premium stood at 99.3 basis points, with a yield of the 10-year bond of 1.053%. The euro against the dollar traded at 1,1243 'greenbacks'.

On the other hand, the price of a barrel of Brent quality oil, reference for the Old Continent, stood at 64.72 dollars, moving away from its annual maximums, while Texas was placed at 55.22 dollars.

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