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The Ibex falls 3% in a week marked by the bad macro and the oil rally


This Friday closes a week that has been marked due to bad macro data and oil recovery. While last week it was the strong economic measures taken to curb the virus that stood out – it closed higher for the first time since mid-February – during this week there have been fewer announcements of measures and more weigh to what extent the coronavirus is impacting and will impact the economy. In parallel, crude oil has been a clear protagonist, with a very strong rebound caused by Donald Trump's intervention in the price war between Saudi Arabia and Russia. Brent has recovered to levels of $ 28.

The Ibex falls 3% in the accumulated of the week waiting for what happens this Friday. Wall Street futures are now down 1.5% and in Asia red has also dominated. European futures leave a slight 0.2%. Today the macro data will be back in focus, with PMI services in Europe in March and non-manufacturing ISM in the US, as well as the publication of the employment report in the United States.

"The number of unemployed today It is outdated since it was compiled before the US economy was hit by the coronavirus. Yesterday's weekly unemployment figures give a more accurate picture of the significant increase in unemployment in the US, "analysts at Danske Bank explain.

As for oil, the US president got this Thursday 30% would skyrocket with a single tweet suggesting a deal between Russia and Saudi Arabia.

"I just spoke to my friend MBS (Mohamed bin Salman, crown prince) of Saudi Arabia, who has spoken to (Russian President Vladimir) Putin," the US president tweeted. Hinting that they had reached an agreement to end the price war, he stated: "I hope they will reduce by about ten million barrels, perhaps much more" their production. "It could even go as high as 15 million barrels. Good (excellent) news for everyone! "He added.

Meanwhile, on Thursday the number of one million infected worldwide by the coronavirus was exceeded. Bloomberg writes that, in Europe, As the curve flattens out in Italy, the death toll in Spain shows that blocking measures are unlikely to end soon. The UK has continued to see an increase in deaths, but the focus there is on the Government's response and continued pressure on it to expand evidence at a much faster rate. In addition, meetings have been canceled and it appears that leaving the European Union may be delayed, adds the agency. France, for its part, is preparing more stimuli,

Returning to the Ibex, and regarding its technical aspect, Bolsamanía analysts continue to point out that it is necessary to be alert to a possible abandonment of 6,500 points. "If we leave this price level behind, it is very likely that we could end up seeing an extension of the falls to the 6,000 point level. The key support is at 5,814 points," explains César Nuez, an analyst at Bolsamanía.

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