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The Ibex will seek to continue rising while the US-China tensions persist



Tensions between China and the United States return to the spotlight this Monday. The White House national security adviser, Robert O'Brien, said this Sunday that China is likely face sanctions by the US if it passes the Hong Kong bill, and warned that it could lead to residents and businesses fleeing the city and ending the city as a world financial center.

The new bill proposed by China, which would allow it to replace the Hong Kong local government, is raising concerns about the repression of freedom, and was one of the issues that starred in the markets at the end of last week. Furthermore, US President Donald Trump continues to attack China with the coronavirus. Trump has stated that the Asian giant I could have stopped the coronavirus "if I wanted to". "It has reached the whole world, but it has not affected China very much," he assured.

With everything, European futures come with increases of 0.9% this Monday. Today there is no Wall Street as it is a holiday for 'Memorial Day', so the session is expected to be calmer for this reason. On the agenda for the day are the data to be published from Germany, like the first quarter GDP or the IFO for May.

"We have seen a slight rebound in some polls and that could also be seen in the IFO expectations index, although still a long way from aiming for a quick V-shaped recovery"the Danske Bank experts point out.

From a technical perspective, nothing has changed significantly when it comes to Ibex and nothing will change insofar as we are unable to overcome the resistance of 7,210 points (April highs). "Only above said resistance the rebound started from the March lows would have continuity, with a target of 8,000 points, the level of adjustment / fall of 50% of the previous strong fall. The shyness of the rebound is what leads us to consider the possibility of a relapse towards 5,810 points, the annual lows"says José María Rodríguez, analyst at Bolsamanía.

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