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The Ibex and the rest of Europe will seek the rebound with the PMI in the spotlight


The Ibex and the rest of European stocks will try this Friday follow the behavior of the US and Asia and bounce (futures: + 0.35%) after the decreases of the last session by the pessimism shown by the Federal Reserve (Fed) in its latest minutes. Today investors will be very aware of the preliminary PMI, manufacturing and services, for the month of August, a very relevant reference to observe to what extent the economy is recovering from the crisis.

"Major European economies will release their August Manufacturing and Services PMI reports. On manufacturers, the France, Germany and UK reports are expected to remain at 53.7, 52.5 and 53.9, respectively. In terms of services, the French, German and British updates are expected to be at 56.3, 55.1 and 57, respectively, "explains David Madden, an analyst at CMC Markets in London.

In the United States, the manufacturing and services PMIs will also be known. The consensus estimate is 51.9 and 51, respectively. For his part, US existing home sales report is forecast to be 5.38 million. "Keep in mind that the latest building permits and home startup reports were well received," adds Madden.

This Thursday, the weekly unemployment claims were known on the other side of the Atlantic, which rose and exceeded one million people (against expectations of a drop compared to last month), although continuing requests were down slightly, to 14.8 million. In addition, the business outlook for the Philadelphia Federal Reserve experienced a larger than expected setback.

For now, and waiting for what I do this Friday, the Ibex is left more than 2% in the week. It is important to see if the selective manages to finish the week above 7,000 points. At the moment, it starts from 6,993 points today after losing this level last day.

For the rest, the focus remains on the tensions between USA and China, with the US Government refusing to acknowledge the claims of the Chinese Ministry of Commerce that negotiators from Washington and Beijing will return to the table to discuss the two countries 'phase one' trade deal in the coming days.

In Europe, Russian opposition leader Alexei Navalny was hospitalized on Thursday on suspicion of poisoning, and German media report that A plane has been chartered to take President Vladimir Putin's most prominent critic to Germany for treatment.

The minutes of the last meeting of the European Central Bank they showed this Wednesday that policy makers debated the flexibility of the historic Pandemic Emergency Purchase Program.

Finally, remember that Pfizer and BioNTech said yesterday that the vaccine for Covid-19 that they are jointly developing is on track to undergo a regulatory review as early as October. The news helped boost US stock markets.

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