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The Ibex will seek to extend the hikes supported by good data in China


The Ibex and the rest of the European stock markets will try to extend the increases on Tuesday (futures: + 0.1%). Wall street It also ended yesterday with increases despite the chilling balance of the impact of the coronavirus – it has already killed 500,000 people worldwide – and before the hikes at Boeing, which announced it will re-manufacture its controversial 737 Max, the main protagonist of several tragic accidents.

Asia has also done well this morning and is that today the Manufacturing PMI for June, which stood at 50.9 versus economists' estimate of 50.4. PMI readings above 50 signify expansion, while below this level indicate contraction. In May, the manufacturing PMI stood at 50.6.

However, data from this Tuesday in Japan showed that industrial production in May fell 8.4% month-on-month compared to the estimate of -5.6% and the previous figure of -9.8%.

As for other highlights of the day, Today the GDP for the first quarter in Spain is published.

Regarding the evolution of the coronavirus pandemic, more governors in the US are receding or delaying reopening plans as Covid-19 cases rise throughout the country. Tedros Adhanom Ghebreyesus, director general of the World Health Organization (WHO), said Monday that the pandemic continues to accelerate and that, without more collaborative global intervention, "the worst is yet to come."

Otherwise, today ends a month in which the bags have continued to advance, but they have done so with less conviction. Failing to see how it behaves this Tuesday, the Ibex rises this month by just 2.5%. Technically, the index continues to elude support at 7,062 points. However, the Spanish selective continues offering a complicated technical aspect and it will continue as long as it remains trading below the resistance of 7,600 points, warns César Nuez, analysts at Bolsamanía.

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