The Ibex has started the day with strong falls, but has managed to partially recover and closed on Friday with a rise of 0.63%. A bittersweet hike if you take into account that it has plunged 6.4 %% in the week. Europe has reacted after giving in at the beginning of the session due to the declines in Wall Street due to the setbacks in big technology after publishing good results. Profits are taking place after the significant annual increases accumulated by Manzana or Amazon.
This puts the lace to a disastrous week, especially for the Old Continent. The second wave of coronavirus in the Old Continent and the closures, which in countries like France are already the same as in March -that is, with citizens at home-, have made investors in particular, and citizens in general, very nervous. It seems that, as much as it may not like it, and given the tremendous increase in Covid cases in the world, It is a reality that we can all end up locked at home like in spring. This is what economists wanted so much to avoid because it will mean a new economic blow. The uncertainty is maximum, and pessimism, too.
This week has also been marked by the avalanche of results, especially in Spain. The last time we lived a week like this (in the second quarter), the Ibex also suffered. The accumulation of accounts shows the bad evolution of the figures of the companies, and this also stresses investors. This Friday, another avalanche. The accounts of BBVA, CaixaBank, Sabadell…
At the macro level, today the GDP of Spain, Germany, Euro Zone … in the third quarter. The consensus forecasts a strong rise compared to the second quarter.
Regarding the technical aspect of the Ibex, the selective ended this Thursday breaking the support of 6,421 points. "The Spanish index seeks to cover the downward gap left at 6,230 points, without ruling out much less a continuation of the falls to the level of 5,814 points, lows for the month of March, "explains César Nuez, an analyst at Bolsamanía and head of Trader Watch.
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