The rebound in the banking sector this Monday continues to boost the Ibex, which this Tuesday opened with rises of almost 1% to exceed 7,100 points in the early stages of the session. European stock markets also continue to rise, despite trade tensions between China and the US that have resulted in tit-for-tat sanctions against diplomats and high-ranking personalities from both countries.
All Ibex stocks are in the green, with notable increases in IAG, which rose almost 5%, followed by Meliá (+ 3.09%), in the roller coaster of volatility to which these stocks are accustomed. ACS has risen close to 3%, while Banco Sabadell, which closed with a 9% boom on Monday, is up 3%. "Despite the significant increases in recent days, everything remains exactly the same, nothing has really changed. Only above 0.40 euros will we begin to look at the title with different eyes," writes José María Rodríguez, technical analyst at Bolsamanía. As for the Ibex rises, the expert warns that "in the very short term, everything indicates that we are experiencing a small rebound that fits perfectly within what would be a small and simple 'pull back' without importance."
In the field of macro references, the unemployment rate in the United Kingdom has fallen to 3.9% and later the data from the ZEW survey of business confidence in Germany and the euro area will be released.
The Turkish lira, closely followed by BBVA's exposure to the currency, is back in the news after the Central Bank of Turkey announced that it will cut liquidity limits offered to primary traders by half, following the new all-time lows in the Ottoman currency against the US dollar and the euro last Friday at 7.355 per dollar and 8.70 per euro, on which the currency has continued to hover. The country's president, Recep Tayyip Erdogan, said on Monday that he wants to cut interest rates further, even after a series of cuts this year amid attempts by central bankers to combat the economic impact of Covid-19. The market, by contrast, expects rates to be raised as a measure to contain the currency's decline.
In Asia, the Japanese stock markets have posted increases of 1.84% in the Nikkei and 2.45% in the Topix, while in mainland China the advance has been more limited, with rises of 0.3% and 0 , 11% in the Shanghai and Shenzhen compounds. The South Korean Kospi rose 1.68%, while the ASX200 rose 0.8%.
Investors seem unfazed by the tensions between China and the US, which are centered on Chinese tech companies and the war on TikTok. In addition, Beijing has imposed sanctions on 11 US citizens, including Senators Ted Cruz, Marco Rubio, Tom Cotton, Josh Hawley and Pat Toomey.
The move is a clear retaliation by the Chinese government and came after Washington said last week that it will impose sanctions on 11 people, including Hong Kong leader Carrie Lam, for their role in monitoring and "implementing the policies of Beijing's repression of freedom and democratic processes ".
