The Ibex and the rest of Europe regain ground after a bearish opening, with declines of 2%, due to yesterday's steep falls on the other side of the Atlantic (Dow Jones: -1.99%; S&P: -2.14%; Nasdaq : -2.67%). The fear caused by the rise in inflation - the US CPI for April soared 4.2%, its biggest rise since September 2008 - has the stock markets stressed, although the European markets have managed to 'save the furniture'.
- 11.953,200
- 1,36%
The vice president of the Federal Reserve (Fed), Richard Clarida, was somewhat surprised by the magnitude of the jump in inflation figures yesterday, but insisted that the upward movements in prices are temporary.
Rising prices reflect growing consumer and industrial activity following last year's global hiatus to fight the coronavirus pandemic. But investors are concerned that this increase could disrupt the recovery or prompt central banks to withdraw stimulus and raise rates.
"There is no doubt that we have seen big gains in commodity prices in the last 12 months. If you look at a commodity index, specifically the Refinitiv CRB index, which is up almost 90% from the April lows of April. 2020, the gains seem spectacular, but they must be placed in the context of an index that recovers from a minimum of 25 years, and that has returned to reach levels last seen in 2015 ", explaine experts from CMC Markets in relation to those rises in commodities, which are contributing to inflation concerns.
TELEFÓNICA AND REPSOL, LEADING
Within the Ibex, the falls in Repsol have stood out, which has announced the purchase of 40% of a renewable company in the US without disclosing the amount of the acquisition.
For its part, Telefónica has rebounded 4% in the early stages of the session after announcing a 118% rise in profit in the first quarter. However, the value has turned down and has once again lost the 4 euros that it had exceeded at first.
In addition, many companies have presented results today, such as Audax, DIA, Técnicas Reunidas (You can check all the accounts in the Bolsamanía results directive).
On the other side of the Atlantic, the weekly unemployment claims have been published, which are of particular interest after the disappointment in the employment data for April, which was released last Friday. A drop was expected to 490,000 which has finally been a bit higher, to 473,000.
PUTS 8,800 POINTS TO THE TEST
The Ibex managed to finish the day above 9,000 points yesterday. However, Bolsamanía experts recalled before the opening that the index left a bearish gap on Tuesday and that "we could be facing a more severe correction."
"For the next few days, we do not rule out ending up seeing an attack at the level of 8,800 points. We will only see a sign of strength with the overcoming of the resistance of 9,149 points, annual highs," explained César Nuez, an analyst at Bolsamanía and responsible for Trader Watch.
The Spanish index has fallen to 8,800 points this morning and, for the moment, has respected them and has even rebounded from that price level. This, in the short term, is a sign of strength for the selective, although we will have to wait for the weekly closing tomorrow to calibrate its technical aspect.
OTHER MARKETS: MUSK REFUSES PAYMENTS IN BITCOIN
The euro appreciates 0.15% and trades at $ 1.2087. Oil fell more than 2%, to $ 67.90 for Brent and $ 64.60 for West Texas.
Gold and silver fell to $ 1,813 the first and $ 26.90 the second.
Bitcoin falls below $ 50,000 ($ 48,672, -10.3%). The strong cuts in 'crypto' are motivated by a tweet from Tesla CEO Elon Musk, who said that the company has now decided not to accept bitcoin as a payment method because of how much it pollutes. 9.7% ($ 3,645).
The yield on the 10-year US bond stands at 1.695% and that of the 10-year Spanish bond has risen 6% to 0.6%.
