The falls in American technology, the confrontations in the Brexit negotiations, the words of the European Central Bank (ECB) … nothing has had much of an impact on the Ibex throughout this week (it fell 0.4% today, to 6,970 points). "Everything remains the same"says César Nuez, an analyst at Bolsamanía and head of Trader Watch, and this is probably the phrase that best sums it up.
The selective Spanish remains in an "eternal" lateral movement, trading in the vicinity of 7,000 points, without confirming even the slightest sign of strength that would make us think about a recovery in its price series, explains Nuez. "Under, key support is at 6,788 points, while from above we will not see a sign of strength again until it is exceeded the resistance of 7,321 points", Add.
Meanwhile, as expected, the ECB did not offer news on Thursday, with Christine Lagarde sending a message of confidence to the markets spare recovery. All of Europe this Thursday remained considerably indifferent to the words of the body, and ended with moderate falls.
On the other side of the Atlantic, Wall Street ended the session with falls of 1.5% on average (-2% on the Nasdaq). Democrats have blocked the aid plan in the Senate to alleviate the effects of the Covid-19 proposed by the republicans. They argue that this measure is too poor for the damage caused by the pandemic. In Asia, the session ended with a predominance of green numbers.
In the United Kingdom, in addition to being aware of the development of growing tensions with the European Union (EU), investors are paying attention this Friday to GDP estimate for July, which has risen 6.6%, below the 6.7% expected and 8.7% of the previous month. "Given the high uncertainty of Brexit at the moment, we do not expect the publication to have a significant impact on the pound"Danske Bank experts point out. In Germany, the August CPI stood at -0.1% per month compared to the -0.1% expected and the previous -0.5%. In Spain, the CPI for August stands at -0.5% and has been negative for five months.
Finally, it should be noted that investors are already looking to next week, when there is a meeting of the Federal Reserve (Tuesday and Wednesday), meeting of the Bank of england (Thursday and options and futures expiration ('quadruple witch hour'), on Friday.
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