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The Ibex 'passes' by Telefónica and strengthens in the green after the progress of Moderna


The Ibex strengthens in the green along with the rest of Europe (+ 1%) despite the setbacks of Telefónica. This Tuesday it was learned that CaixaBank has reduced its historical participation in the operator to below 5%. As for the rest of the squares of the Old Continent, most of them maintain notable increases supported by the good news related to vaccines against Covid-19.

US pharmacist Moderna has reported that the vaccine it is working on has generated a robust immune response in a human trial, raising hopes. On the downside, unfavorable news about the coronavirus continues, 'spiced' by China's tensions with the world.

The WHO warned this Monday that too many countries go in the wrong direction, and said things will get worse and worse unless governments take the appropriate measures. "Exists a growing concern due to the fact that certain parts of the world are receding in terms of reopening their economies, "says David Madden, analyst at CMC Markets in London.

Hong Kong has reintroduced some restrictions, and the Australian state of Victoria has halted the reopening of its economy. In the US, Florida closed bars and restaurants again, and Philadelphia will ban major public events until February.

In addition to health problems, markets also have to deal with mounting political tensions related to China. US Secretary of State Mike Pompeo said Tuesday that China's land claims in the South China Sea are "completely illegal". The Chinese government claimed that The US is intentionally distorting the facts. For its part, yesterday the United Kingdom ordered the withdrawal of all Huawei 5G equipment by 2027.

"China's international relations have been under strain since the introduction of the controversial national security law (in Hong Kong). It is not a big surprise that the US and the UK are trying to apply some pressure to the Beijing administration in light of what is happening in relation to Hong Kong, "they point out from CMC Markets.

This Wednesday it publishes its results Goldman Sachs. In the macro data chapter, the CPI in the United Kingdom rises 0.1% monthly in June compared to -0.2% expected and 0.0% previously. Today the Fed's Beige Book is released in the US. Also, note that the Bank of Japan has cut its forecasts for economic growth and has kept its monetary policy unchanged.

By last, attentive to the OPEC + meeting to decide on production cuts. Oil is now up more than 1%.

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