The Ibex closes the week where it started despite its lurches and volatility

The European stocks were animated again yesterday after a dovish message from the European Central Bank (ECB) that helped to reassure the market. Christine Lagarde, president of the ECB, said that the "discussion about a reduction in PEPP purchases is premature", and now all attention is focused on what may happen at the June meeting.

Within the selective, the increases in Bankinter or Fluidra stood out, while Viscofan was the worst title on the selective after publishing results for the first quarter. In the Continuo, Codere has sunk more than 17% after announcing that the bondholders will control 95% of the company.

BIDEN AND TAXES ON THE RICH

Stock markets ended in declines across the Atlantic on Thursday as Joe Biden plans to raise taxes on high incomes.

The US president intends to increase the tax rate on capital gains to 39.6% for Americans who earn a million dollars a year or more, from the current rate of 20%. Some wealthier citizens would see their rates rise to 43.4%.

"This had the effect of overturning what was already a fragile rebound, pushing US stocks to their lows for the week, with Nasdaq leading losses," CMC Markets analysts explain in their daily report.

"While it could be argued that the prospect of a tax hike is never welcome, and a doubling of a key tax rate even more so, the likelihood that something of this nature will pass an evenly divided Congress is almost impossible. However, in these times of great uncertainty, it doesn't take much to scare investors into what can already be considered a very hectic week. The reality is that taxes can go up, but not as much as it is said, "says Michael Hewson, director of analysis at CMC Markets.

THE CRITICS OF SPANISH BANKS

Spanish banks have been clear protagonists this week. Thus, the publication of its results for the first quarter has started, with the Bankinter accounts, but, above all, they have put on the table the total number of employees they plan to do without ... and the criticism has not been long in coming.

The Government has criticized the banks for the bonuses paid to managers when CaixaBank announced this week an ERE that would affect 8,291 employees and BBVA another that would leave 3,789 employees out of the entity. Adding up the layoffs from all the banks, we are talking about a figure that would exceed 19,000 people.

The unions on Thursday asked the Executive to intervene in the "obscene" ERE of the bank.

PMI: IMPROVEMENT OF THE SERVICES SECTOR

On a macro level, preliminary April manufacturing and services PMIs have been released, showing that the euro zone's services sector returns to growth (50.3) for the first time in eight months.

In Japan, the services PMI was at 48.3 (the same as the previous month) and the manufacturing one at 53.3 compared to the previous 52.7.

Finally, remember that this Friday the FDA is scheduled to rule on the Johnson & Johnson vaccine.

OTHER MARKETS

The euro trades at $ 1.2049. Oil is trading flat, with Brent at $ 65.36, Brent and West Texas at $ 61.51.

Gold and silver registered moderate movements, with the first at $ 1,785 and the second at $ 26.15.

Bitcoin falls 7%, below $ 50,000 (49,229), and Ethereum plummets 10%, to $ 2,248.

The yield on the 10-year American bond stands at 1.547%.