Tuesday, March 5, 2019

The Ibex-35 closes down but holds on the 9,100 points

The Ibex-35 closes down but holds on the 9,100 points

Bankia, Sabadell, Bankinter, Inditex and Telefónica collaborated to maintain selective Spanish

   Red numbers on the Ibex-35 after two consecutive promotion sessions. But the index managed to stay above the 9,100 points . At closing it gave a final change in the 9,136.4 points, with a cut of 0.21%.

The selective Spanish helped him contain the declines of some banks, such as Bankia, which gained 1.05%, while Sabadell scored 0.68%. Bankinter, meanwhile, added 0.17%. In addition, some of the major securities , such as Inditex and Telefónica, which contributed around half a percentage point , collaborated with the indicator .

   On a negative note, Cie Automotive fell the most , with a 3.02% cut. The risk of the United States establishing new tariffs after the report commissioned by Donald Trump on this industry, which has already been prepared, continued to weigh on the European automotive sector. Then ArcelorMittal, Cellnex and Meliá were placed, with losses of more than 1%.

The values responsible for the selective declines were probably Santander and BBVA, which fell by 0.87% and 0.73%, respectively. Repsol also quoted, leaving 0.56%, while Iberdrola was down 0.19%.

Across the Old Continent dominated the falls . Only the German Dax was saved, which gained 0.09%. Meanwhile, the PSI-20 of Lisbon fell by 0.08%. The French Cac 40, on the other hand, fell by 0.15%. The Ftse Mib of Milan and the British FTSE 100 fell by about half a percentage point.

Wall Street and the results
Wall Street did not help much to the Old Continent. After the long weekend in the United States (yesterday was a party and there was no stock trading), the indexes of the New York Stock Exchange were practically flat. This, after the publication of the results of the WalMart distribution chain, which were well received, because their titles were the ones that rose the most in the Dow Jones, with gains of almost 4%. The company has had its best last quarter of the year in a decade. It also accompanied the macro, with the confidence index of the property development sector rising from 58 to 62 points and beating expectations.

But in the United States, after the good tone on the negotiations around the commercial war, the fears that there is no agreement for March 1 and then raise tariffs automatically reappeared. In addition, there are uncertainties regarding what the Federal Reserve members can say this week about the evolution of the American economy and the monetary policy decisions that they would see better. And this, coinciding with the publication, tomorrow, of the minutes of the last meeting in which the authority decided not to move the price of money. The text could give clues about the possibility of an increase in March or that the interruption in the normalization process of monetary policy continues.

Although it was not just that it was on the other side of the Atlantic what weighed on the Stock Exchanges of the Old Continent. There were also domestic issues. For example, the disappointing results of HSBC, as well as the insistent statements of the European Central Bank regarding the economic weakness and the probable delay of the rises in interest rates. In this sense, we returned to see little reassuring economic data in Europe. Thus, the Zew index of confidence in the German economy disappointed in its assessment of the current context, despite placing slightly above expectations in its chapter of expectations, although, yes, in negative territory. To this we must add the uncertainty around the Brexit, whose official date is dangerously close, without there being an agreement or a plan to delay it.

In the currency market, the euro recovered positions against the greenback: at the close of the European session, it added 0.16%, to the level of 1.1329 units. In the debt market, the yield on the 10-year American bond declined from 2.66% to 2.64%. The German title remained stuck at 0.10% and that of its comparable Spanish, at 1.20%. With this, the risk premium was placed at 110 basis points.

In the commodities market , the Brent barrel, a benchmark in Europe, cut slightly after five consecutive sessions of advances: at the close, it was down 0.35% to 66.27 dollars. The barrel of West Texas, a benchmark in the United States, however, rose 0.86%, to exceed 56 dollars. The price of gold chained its fourth day of promotions to reach 1,340 dollars an ounce, maximum since April last year.

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