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The Ibex gives up positions this Friday, but ends the week with strong increases of 6%


The Ibex has lost positions this Friday (-0.78%. 6,870 points) after a very positive week. The selective It has accumulated increases of 7% in the four previous days. Within the index, the increases in ArcelorMittal (+ 2.38%) and PharmaMar (+ 2.89%) and the falls of large stocks such as Sabadell (-3.98%), Telefónica (-3.46%) and Acciona (-3.29%).

Investors continue with an eye on the evolution of vote counting on the other side of the Atlantic. It seems that Joe Biden will finally be president of the United States no matter how much Donald Trump refuses to accept it and has raised a legal battle to defend that he is the winner.

The current US president has appeared in the last hours from the White House and has launched unsubstantiated allegations of voter fraud, according to the American media. "If you count the legal votes, I win easily. If you count the illegal ones, the ones who have arrived late, they can try to steal the elections from us", he has said. His words have been highly criticized by all the mediaeven conservatives. Fox has even cut the appearance. "Trump lies about the count", headlines The New York Times on its digital cover.

"We still don't know who has won the presidential election, but everything seems to indicate that Biden might be able to do it. Even more interesting, the Senate election is still very close (…) If the Democratic Party has a majority in the Senate , it is much easier for him to approve both a short-term aid package and larger changes in economic policy"Danske Bank analysts explain.

The Federal Reserve (Fed) is the other protagonist of the last hours. The agency has not touched rates or announced more monetary stimuli as it is waiting for it to finally be known who will be the president of the United States and for politicians to reach an agreement on the fiscal package. Analysts did not expect new measures at this meeting. However, they acknowledge that The US central bank will have no choice but to launch a new monetary bazooka to contain the effects of Covid.

This Friday is published on the other side of the Atlantic the employment report for the month of October in which it is the most outstanding reference of the session. At the business level, results will be known, but more slowly after a week also marked by business figures.

"The US employment report is expected to show that the recovery in employment continued, but that employment remains significantly below February level, putting politicians under pressure to work on another aid package to support businesses and employees, "Danske Bank experts say in their daily report.

On the technical aspect of the Ibex, has managed to overcome the resistance of 6,800. "The selective has revalued strongly in the last five days (+ 8%), which brings its price closer to the key resistance of the 7,024 points. Exceeding this price level would be good news that could make us think of an attack on the average of 200 sessions, an average that is more or less at 7,200 points", says César Nuez, an analyst at Bolsamanía and head of Trader Watch.

. (tagsToTranslate) Ibex (t) gives (t) positions (t) this (t) Friday (t) but (t) ends (t) week (t) strong (t) rises (t) Category: All (t) Category: Market Report (t) Category: Europe Report (t) Category: International News (t) Category: Market Report – close (t) Category: Pulses (t) Category: Pulses Europe (t) Category: Market Pulse

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