The Ibex has lived this Friday flirting with red and green throughout the session. Before Wall Street opened, it was trading at a gain of 0.7%, but has quickly returned to losses after observing the 2% drop in the US parquet floor. At the closure, the Spanish selective has left 1.26%, up to 7,178 points, and it has expanded its weekly losses to 3.18%.
The same has happened in the rest of the European squares, which have turned around after the start of the listing of the US indices. Finally only London FTSE has managed to finish positive, with a profit of 0.2%.
Back to the Spanish selective, banking has been the most punished sector. Four banks have been among the six worst values (Sabadell: -4.59%; Santander: -3.06%; Bankia: -2.48%; BBVA: -2.38%). In between, Melia Hotels and Repsol have sneaked in, which have decreased by 3.17% and 2.88%, respectively. Conversely, the most bullish value has been Almirall, which has risen 2.27% after Sell your Ansiolin medicine to Neuraxpharm in Italy.
This Friday the President of the European Central Bank (ECB) also spoke, Christine Lagarde, who has said that the worst of the crisis has probably passed. However, he added that 'status quo' unlikely to recover prior to the pandemic.
The health crisis remains the major concern of investors. The good news is that the European Medicines Agency supports the use of remdesivir, the Gilead Sciences drug, against Covid-19. The bad news is that the jump in the number of Covid-19 cases in the US continues – in states such as Arizona, Florida, Texas and California – a direct result of the relaxation of the restrictions. Texas and Florida authorities have made the decision to stop the reopening of their economies. Connecticut, New York, and New Jersey will require people traveling from coronavirus hot spots to self-isolate for two weeks.
"The easing of restrictions has undoubtedly caused a jump in economic activity, but now we are seeing examples of how the health crisis is affecting the reopening of economies and investors are monitoring the situation," explains David Madden, analyst at CMC Markets in London.
OTHER MARKETS AND TECHNICAL ANALYSIS
In the raw materials market, the barrel of Brent crude, Europe's benchmark, fell 0.85% at the close of the Spanish market, to $ 40.70. On the other hand, in the currency market, the euro has depreciated 0.07% and has changed to $ 1,1209. In addition, the Spanish risk premium has been around 93 basis points.
And regarding the technical aspect of the Ibex, Bolsamanía analysts recall that it has support in the 7,062 points, while its main resistance is in the 7,663 points, highs of the bearish gap that was left last day 11.
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