The Ibex opens undecided after the strong advance of the past week – Investing.com Spain

MADRID (Reuters) – The opened with trend flat Monday as the market searches for new references that determine the direction of the bags after, a rise of 6.5 percent in the past week, with the values of raw materials to the upside with the advance of .

The barrel, climbing more than 5 percent after an international agreement to cut crude oil production, driving up on Monday to the oil company Repsol (MC:) (2 per cent), the steel ArcelorMittal (MC:) and Acerinox (MC:) (3 and 2 percent, respectively), and engineering group tecnicas Reunidas (MC:) (2 percent).

In the absence of references macro relevance, the investors will look to Chinese data on Tuesday and the US Federal Reserve, which meets Wednesday with the expectation that they will raise rates of interest.

“The key will be in the tone of the message in regard to the evolution of its economy, which we believe will be moderately optimistic, in both is growing at a good pace, it creates employment in solid form and maintains conditions inflationary rather than controlled,” said Renta 4, (MC:) in a daily report.

One of the reasons of uncertainty is located in the recapitalisation of Italian bank Monte Paschi, which the market expects to be rescued with taxpayers ‘ money italians after the refusal of the ECB to extend the term to carry out a capital increase.

In the Spanish banking sector on Monday, Santander (MC:) and BBVA (MC:), showed minimal variations and a great deal of volatility, as happened with other great values such as Telefonica (MC:) or Iberdrola (MK:).

Inditex (MC:), which on Wednesday published results on a quarterly basis, fell 0.8 percent, after accumulating so far this year, a rise of 1,94 percent, compared to the fall of 3,92 percent in the Ibex.

The first thing on Monday, the Ibex-35 rose 0.09% to 9.177,5 points, while the index of large european values fell 0.06 per cent.

(Information for Tomas Cobos; edited by Jose Elias Rodriguez)

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