Around 1.6% the Ibex has risen in the week despite the fact that the falls were imposed this Friday, it closed with a decrease of 0.46%. The selective ended last session with slight decreases after the European Central Bank (ECB) kept its monetary policy unchanged. The organisation's president, Christine Lagarde, encouraged the European Union to approve an "ambitious" Reconstruction Fund with "urgency". Today begins the two-day summit for leaders to reach a pact. There are many doubts about whether it will finally come. Investors will be very aware during the weekend of what may happen.
"We are not confident that an agreement will be reached this weekend, but we hope that is reached before the European Commission begins its summer holidays in August"say the experts at Danske Bank.
The debate over grants versus loans, the key to distribution, as well as the overall size of the recovery fund will be the main points of debate. The current proposal of 750,000 million euros is divided between 500,000 million euros in grants and 250,000 million euros in loans.
Meanwhile, Covid-19 cases continue to spread at a worrying rate, especially in the United States, but also in other parts of the world. "States like Texas rumored to be closing again today", they add from Danske.
In the data chapter, the euro area CPI for June increased 0.3% monthly compared to the 0.3% forecast and 0.0% previously. In the United States, keep an eye on the University of Michigan Consumer Sentiment Index. As for the results, on Fridays there is more tranquility on the other side of the Atlantic. Netflix falls 7% in pre-opening after communicating, after the closing, that in the last three months it has gained 10.1 million users worldwide. However, the streaming giant expects to get 2.5 million new subscribers in the third quarter, well below the 5 million forecast by Wall Street. In addition, Netflix announced a profit per share of $ 1.56, below the expected $ 1.82. The income, for its part, did exceed expectations, reaching 6,150 million, slightly above the 6,090 expected.
Finally, an allusion to the tension that has been unleashed between Russia and the United Kingdom. UK has said that Russian state supported hackers are trying to steal research on vaccine and treatments for Covid-19 to academic and pharmaceutical institutions around the world.
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