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The Ibex moves smoothly while witnessing a historic collapse of the services sector


He IBEX 35 advances 0.4%, to 6,600 points, in 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, during this one 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. The crude Brent it shoots up 11%, up to $ 33.42.

The Ibex falls about 3% in the accumulated amount of the week, waiting for what happens this day, marked by very negative macro data. After the terrible references of employment on Thursday in the US and Spain, today the PMI services in Europe. In Spain, it has plummeted to 23 from 52.1, anticipating an unprecedented recession. In Italy, has sunk to 17.4 from 52.1.

In the USA, the unemployment rate In a month it has gone from 3.5% in February, lows of 50 years, to 4.4% in March, highs of 2017. The American economy destroyed 700,000 jobs last month, seven times more than anticipated. Furthermore, the ISM services It has fallen to 52.5 from 57.3, although it has been well above the expected drop to 44. In any case, analysts anticipate that it will collapse in April.

By values ​​within the Ibex, the most bearish are Repsol (-4%) e Indra (-3%), while the most bullish are Cellnex (+ 4%) and MoreMobile (+ 4%). In other markets, the euro depreciates 0.58% and changes to $ 1.0793 and the profitability of Spanish 10-year bond relaxes up to 0.70%, while the Spanish risk premium slightly up to 117 points.


As for oil, the President of the United States got this Thursday that 20% would skyrocket with a single tweet suggesting a deal between Russia and Saudi Arabia. OPEC + has announced a meeting for Monday.

"I just spoke to my MBS friend (Mohamed bin Salman, crown prince) of Saudi Arabia, who has spoken to (Russian Vladimir) Putin president," 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.

Returning to the Ibex, and regarding its technical aspect, Bolsamanía analysts continue to point out that we must be vigilant to a possible abandonment of 6,500 points. "If you 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 expert at Bolsamanía.

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