The Ibex and the rest of Europe are recovering from the falls this Tuesday, supported by the good news related to the vaccines against Covid-19. US pharmacist Moderna has reported that the vaccine it is working on has generated a robust immune response in a human trial, raising hopes. On the downside, unfavorable news about the coronavirus continues, 'spiced' by China's tensions with the world.
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The WHO warned on Monday that too many countries are going in the wrong direction, saying things will get worse and worse unless governments take the appropriate measures.
"There is growing concern that certain parts of the world are backing down in reopening their economies," says David Madden, an analyst at CMC Markets in London.
Hong Kong has reintroduced some restrictions, and the Australian state of Victoria has halted the reopening of its economy. In the US, Florida closed bars and restaurants again, and Philadelphia will ban major public events until February.
In addition to health problems, markets also have to cope with mounting political tensions related to China. US Secretary of State Mike Pompeo said Tuesday that China's land claims in the South China Sea are "completely illegal." The Chinese government claimed that the US is intentionally distorting the facts. For its part, the United Kingdom yesterday ordered the withdrawal of all Huawei 5G equipment by 2027.
"China's international relations have been under strain since the introduction of the controversial national security law (in Hong Kong). It is not a big surprise that the United States and the United Kingdom are trying to apply some pressure to the Beijing administration to the light of what is happening in relation to Hong Kong, "point from CMC Markets.
This Wednesday Goldman Sachs will publish its results. In the macro data chapter, the CPI in the United Kingdom rose 0.1% monthly in June compared to the -0.2% forecast and 0.0% previously. Today the Fed's Beige Book is released in the US. Likewise, it should be noted that the Bank of Japan has cut its forecasts for economic growth and has kept its monetary policy unchanged.
Finally, stay tuned to the OPEC + meeting to decide on production cuts. Oil is now up around 0.5%.
