American technology companies are in turmoil and the market does not like that for all that it implies. This Tuesday the Nasdaq fell more than 4% and the pressure is clear on the rest of the world stock markets (Ibex: -0.18%. 6,942 points). The other negative news of the day is AstraZeneca's decision to stop the study of the vaccine for Covid-19 after a patient fell ill without explanation. Two negative elements for an Ibex that does not raise its head and that this Tuesday fell almost 2% in the middle of the tension that exists in the negotiations resumed this week for Brexit. There is already open talk of a no-deal exit, which is also bad news.
- 11.473,900
- 0,33%
The continued fear surrounding the tech sector is being a key point this week. In the middle of this issue are relations between China and the United States, which continue to deteriorate. Donald Trump has spoken of "decoupling" the US economy from China, as he wants his country to be less dependent on the nation. China is the workshop of the world, since its manufacturing cost is very low, so it will not be easy to undo this link, analysts say.
Trump wants US companies to bring jobs to the US, and he may again threaten those that don't. It appears that the movement is aimed at gaining support before the presidential elections. "The relationship with China is being strained and that was a factor behind the declines on Tuesday," explains David Madden, an analyst at CMC Markets in London.
While all this is happening, Republicans and Democrats have not yet agreed on an aid package to alleviate the effects of Covid-19. Republicans in the Senate are believed to be able to push for a $ 300bn package, and the vote could take place on Thursday.
China released the CPI data for August this morning. The reading was 2.4%, which met the expectations of economists. The July report was 2.7%. The reading of the Production Price Index for August was -2%, in line with forecasts. The previous level was -2.4%.
As for the rest, investors are already looking to this Thursday, when the meeting of the European Central Bank (ECB) is held. This is the typical week of a monetary policy meeting of the agency: fraught with doubts and uncertainties, raising hopes that Christine Lagarde will be generous. No changes in monetary policy are expected at this meeting but, as always, it will undoubtedly serve as a catalyst for the market, for better or for worse.
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