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Weekly immobilism in the Ibex awaiting central banks and results


The Ibex closed last Friday at 9,573 points and starts this Friday from 9,572 points. Beyond the somewhat more prominent uploads of the last session, the truth is that the selective has almost not moved throughout these days, being very cautious and waiting for business results (which start next week in Spain) and central banks (the ECB meets next Thursday and the Federal Reserve on Wednesday, January 29). The signing of the 'first phase' agreement between China and the US, as many anticipated, was discounted, and now investors focus on the accounts and what they have to say Lagarde and Powell about his monetary policy for this year.

During the night, a series of macro references have been published in China that confirm, according to experts, that the economic outlook has bottomed out and that have taken Asian places to a mixed closure. GDP grew 6% year-on-year in the fourth quarter, unchanged from the previous quarter. Both industrial production and retail sales surprised upwards with 6.9% and 8.0% annually, respectively. This Thursday, retail sales and the Philadelphia Fed index also surprised favorably in the US. "However, the revisions of the latter's previous publications and the inherent volatility blur the landscape a bit and still leave us a bit obscure in terms of the growth of private consumption in the US," said Danske Bank experts.

As for other data of the day, today the CPI for the Euro Zone in December will be published and industrial production of the same month in the US.

For the rest, experts point out that US stock exchanges have reacted better than European ones after the signing of the 'first phase' agreement. At the same time, they point out that the new historical highs in the United States and the positive session in Asia will have a favorable follow-up this Friday in Europe. For now, futures come with increases of 0.5%.

"Part of the reason for the poor performance of markets in Europe is the weak nature of any recovery in the region, and Some concern that President Trump can turn his attention to Europe on the commercial front. If the EU sought to maintain a low profile in this regard, it certainly has a fun way of demonstrating it after EU trade commissioner Phil Hogan has criticized US trade policy for being short-term and focusing only on winning The next elections. He has also declared that they will go to the WTO if the preliminary agreement signed between China and the US generates 'trade distortions' to the detriment of Europeans, "says Michael Hewson, director of analysis at CMC Markets in London. Hogan has also addressed the prime minister of the United Kingdom, Boris Johnson, for his insistence that the term of this year's transition period be not extended, accusing him of 'brinksmanship' (of making confrontation policy).

As for the technical aspect of the Ibex, the selective continues to respect supports (9,468 points) and that is good news. "The daily oversold is very strong and this should, at least, lead to a rebound of a certain magnitude. In fact, it can be said that once again we have the clear path to try with the resistance of the 9,700, "Rodriguez emphasizes.

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