It could be said that the week has been quiet, but also that there has been a drop to the bottom in the Ibex promoted by that fear that the economic recovery will not be as fast as some expect. After some good PMIs and a good German IFO, the European Central Bank (ECB) warned that this is not enough sample to think about a fast recovery, and He said that growth will remain weak for a considerable time.
This Thursday, the positive evolution of the macro was twisted with Weekly Unemployment Claims Figures Worse Than Expected and a fall in GDP on the other side of the Atlantic of 5%, in line with expectations. On the other hand, banks rose sharply there after the Federal Deposit Guarantee Commission It will confirm that it will allow financial institutions to make larger investments in funds, such as venture capital funds, more easily. Additionally, banks will not have to set aside cash for derivatives traders between different affiliates of the same company, which could free up more capital. This advance in banks led to the increases, of 1% on average, on Wall Street this Thursday.
The health crisis in the US is a problem that has investors on edge, but yesterday it had little impact on the markets. Lately there has been a jump in the number of Covid-19 cases in states like Arizona, Florida, Texas and California, and the increase in cases is the direct result of the relaxation of the restrictions. The authorities of Texas and Florida 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.
As for the appointments this Friday, the president of the European Central Bank (ECB) will speak today, Christine Lagarde.
As for 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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