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The Ibex maintains the rebound, although it deflates, supported by Repsol and Endesa



The Ibex and the rest of the European stock markets rebounded this Tuesday, although the majority rose more than 1% and the Ibex deflated at this time (+ 0.8%). The Spanish selective leans to rise in the significant increases in Repsol and Endesa (after publishing results). Outside our country, the accounts of BNP Paribas (reduces the benefit by the impact of the Covid-19 by 33%).

The United States managed to recover this Monday and end the day positive, while in Asia green numbers have also dominated. The Spanish selective is away from the support of 6,580 points, which is good. Still, Bolsamanía experts recommend caution. "It should be especially cautious and more if we refer to the Ibex, which as we already know has lagged far behind on the rebound. And, if now comes the start of a new corrective phase, we may suffer more than the others"warns José María Rodríguez, analyst at Bolsamanía.

As for the macro data of the day, Spain's unemployment rises in April by 282,891 people, its biggest rise in this month in history. Today the ISM non-manufacturing is also published on the other side of the Atlantic. We recall that tomorrow the PMI services in Europe will be known and that they are expected to be "catastrophic".

The bounce on the oil price last session contributed to the recovery on Wall Street, according to experts, and that rebound continues on Tuesday. The Brent barrel is trading at $ 28.31 and the West Texas at $ 21.65.

"The rebound in the price of crude oil was largely driven due to expectations of a rebound in demand as governments continue to prepare for the gradual easing of blockades. Italy and Spain have relaxed some restrictions, while the UK government has outlined its latest guidelines of what is required for a limited resumption of the economy, "explains Michael Hewson, chief analyst at CMC Markets in London.

It should also be noted on Tuesday that the German Constitutional Court has given its verdict on the public debt purchase program launched by the European Central Bank (ECB) in 2015, called PSPP for its acronym in English. In it, it is collected 'one of lime and one of sand'. On the one hand, it has ruled that the program launched by ex-president Mario Draghi does not conform to German law. But the justice of this country has also specified that the decision does not affect the stimuli of the issuing institute or the European Union (EU) in the context of the coronavirus crisis.

In the chapter on tensions between China and the United States over the Donald Trump Administration's accusations of the Asian giant, which it points to as the cause of the virus, China has answered that these accusations are a "strategy" to cover up Trump's "incompetence". Be that as it may, the market is much calmer when both countries are in tune. Such a direct confrontation foresees the worst when, in a future that now seems far away, both resume that now forgotten trade war and their plans to iron out rough edges.

Otherwise, the Reserve Bank of Australia (RBA) it has kept rates unchanged at 0.25%. The agency has seen some better in financial markets in the past month, with credit markets open to more companies and bond yields returning to very low levels.

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