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The Ibex leaves 4.5% in the week and falls below the level of 6,500 points

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Despite starting the positive session, the IBEX 35 it has fallen 1.08% and has been below the level of 6,500 points (6,474 points). The red numbers have arrived after confirming Germany that your economy contracted 2.2% in the first quarter due to the impact of the Covid-19 pandemic, its biggest drop since 2009. In the whole of the week, the Spanish selective has fallen by 4.5%.

In the rest of Europe, the main exchanges have closed divided. The close to 1% rise in the Dax is surprising, after the GDP figure in Germany. Strong rises also in London and falls in Paris.

For their part, the Asian stock markets have closed with moderate advances after learning that April retail sales in China are down 7.5% (almost in line with the expected drop of 7%) and that the industrial production of the Asian giant in the same period has rebounded by 3.9%, above the expected 1.5%.

However, the April retail sales in the United States they have plummeted 16% in April, well above the 12% anticipated, which has led to more sales in the market. This has caused Wall Street to trade at this time with losses of more than 0.5%.

COMPANIES AND OTHER MARKETS

Within the Ibex, the most punished value has been Amadeus (-5.12%), followed by Inmobiliaria Colonial (4.11%) and Naturgy (-3.67%). On the earnings side, the most prominent company has been ArcelorMittal (+ 4.25%), ahead of Viscofan (+ 2.81%) and Meliá Hotels (+ 2.22%).

In the continuous market, Duro Felguera has made headlines after communicating that Dubai Bank has executed guarantees contributed by the company worth 47.8 million in the contract for the expansion of the Jebel Ali 'K' Phase III power plant. Its shares have soared 32.43%.

In other markets, the Brent oil It has rebounded 1.5% at the close of the market in Europe, up to $ 31.60, in the hope that the partial reopening of the economies will reactivate the declining world demand. Furthermore, the euro it has appreciated 0.04% and changes to $ 1.0808, after the publication of the GDP of the Euro zone in the first quarter, which has marked a record contraction of 3.8%.

According to the Spanish economy, Deutsche Bank considers it may suffer a "major shock" than expected because of the coronavirus crisis. The German bank that believes that in the worst case scenario GDP would contract this year to 19.5%, and the deficit could rise to 19%.

TECHNICAL ANALYSIS

"But it could not be the closing of the Ibex. At the lows of the session and with a negative balance accumulated in the week of -4.5%. This Thursday we lost the support of 6,580 points and now we only have that of the 6,420 points. That is to say, we either rebound strongly now (it does not seem the most likely scenario) or we are going to the March lows, "he points out. José María Rodríguez, analyst at 'Bolsamanía'.

"And I do not rule out that, as everything is wrong, with banks and tourism-related companies at the forefront, that they drill and go to the 5,200-5,250 point zone: the 2002 lows. of this extreme weakness we can see it in Banco Santander, which is trading six cents from the 2009 low at 1.77 euros, "adds this expert.

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