The Ibex continues to fall this Friday (-0.4%. 7,209 points) and is dangerously close to the base of the short-term bullish channel. Being a dynamic support, now the base goes through the environment of 7,100 points. Bolsamanía experts warn that the falls of the last days (losses of over 2% in the accumulated index of the last four sessions), after failing in its attempt to attack the resistance of 7,664 points, are bringing it closer to these levels. At the same time, they emphasize that, to the extent that these 7,664 points are not exceeded, we will not have any sign of strength in our selective in the short term.
- 11.953,200
- 1,36%
The week has been marked by the shortage of benchmarks and the fear that the economic recovery will not be as fast as expected. Next week the business results season begins in the United States, while the European stock markets also begin with it, which will gain special strength in the last two weeks of July in Spain. There is uncertainty and caution about what may happen, however much analysts say the bad news is already out of the picture.
All in all, the decreases were imposed this Friday in the Old Continent after the mixed closure, with a predominance of red numbers, yesterday on Wall Street, and after a session of general cuts in Asia.
The news in Spain and at the European level is the failure of the Pedro Sánchez government in its attempt to have Minister Nadia Calviño take over the presidency of the Eurogroup. She was the clear favorite and has finally been overtaken by the Irish candidate, Pachal Donohoe. Since the creation of the organization, no Spanish has managed to preside over it, although they have tried. Jean-Claude Juncker from Luxembourg (2004-2013), Dutch Jeroen Djisselbloem (2013-2015 and 2015-2018) and Portuguese Mário Centeno (2018-2020) have been in charge.
On the other hand, investors are already looking at next week. In addition to business results, there will be a European Central Bank (ECB) rate meeting and, as always, there is a lot of interest in what it can say or do to face the current crisis. Fear is growing as outbreaks increase worldwide. The death toll rises again and the possibility of a new closure of the economies is there. This Thursday, the US registered more than 60,500 new cases of Covid-19, a new record. In addition, it is reported that Hong Kong schools will close again for health reasons, and Australia wants to stagger the return of its citizens to the activity.
Finally, remember that this Friday there is an Ecofin meeting.
