Stock markets started Thursday buying the idea that the ECB would continue on the path of monetary flexibility, long dismissed and which, a few hours later, was confirmed. The 25 basis point cut signaled by Christine Lagarde, president of the organization, did good to European indices, with revaluations of around 1% in cases such as the Ibex 35, which leave The national index reached the annual price highs it had reached in June.
The Ibex 35 once again takes the lead of this session, with the strongest increase among its peers on the Old Continent, of 1.05%. A rebound that leaves the national index only 1.4% from the annual highs (at 11,444 points). The pan-European stock market is also among the most bullish of the day, with a rise of 1%.
Over the year, the Ibex 35 has already increased by 12.8%, which is double the profitability of the EuroStoxx 50, which is gaining 6%, and stands as the most bullish market on the continent, above the Italian market which has held most of this value. the year.
Leading the day’s gains is Inditex, with a 2.6% rebound that left the textile company at new historic highs after the strong rebound it also experienced on Wednesday, after the presentation of its second fiscal quarter results. ArcelorMittal occupies second place in the Ibex 35 with the largest increase since mid-August, with 2.3%. CaixaBank completes this top 3 with an increase of 2%. Fluidra and Rovi were, however, the only stocks to have lost more than 1% during Thursday’s session, where 11 stocks posted increases of more than 1%.
From a technical analysis point of view, Joan Cabrero, advisor to Ecotrader, indicates that these latest increases leave the index in a consolidation phase. “Everything indicates that in the short term the Ibex 35 has peaked at 11,436 points and from this environment a phase of correction of the previous increase could have begun. The first important support is located at 11,000 points, corresponding to an adjustment of the 38.20. “% of the increase described and I doubt that it will be able to contain the selling pressure if we look at the behavior of its main European and North American counterparts that have already lost supports similar to the 11,000 of the Ibex 35”, argues the expert.
