The IBEX rose during the session on Wednesday as he markets continue to fight a bit of work between €7800 and €7600. Currently, it is index is going sideways after having a fairly nice rally during the summer. However, we are currently waiting to see if the Spanish government asks for a bailout. The longer that the government takes, the less risk appetite in the general there will be. Of course this will have a negative effect on the IBEX, and because of this we are very neutral about Spanish stocks at the moment. We believe that the consolidation between the 7600 and 8200 levels will continue.