The Ibex 35 has risen strongly by 3.21%, to 7,055.70 points, with strong increases in stocks such as Arcelor, Meliá, Colonial, Bankia or Cie, but also in most blue chips. The whole of Europe has come up waiting for what the Federal Reserve (Fed) has to say this afternoon.
- 11.523,700
- -1,29%
Investors remain conditioned by what happens on the other side of the Atlantic, where the GDP for the first quarter has been published (-4.8% vs. -4% expected). In addition, the good results of Alphabet (Google) allow Wall Street to expand its historic rebound from the lows of March.
Equally, the results have been protagonists. In Spain, we have seen the results of Bankia (its profit in the first quarter has fallen by 54% after provisioning 125 million for the Covid-19), Iberdrola (it shoots 30% the profit after selling Gamesa), Naturgy and REE, among others.
"After the abundance of political measures announced since March, we expect today's (Fed) meeting to be relatively quiet, with no major political announcements ... We will be watching what you have to say about the economic outlook and market conditions, as well as any possible adjustments to existing credit facilities, "analysts at Danske Bank explain.
As for the data on American GDP, it has been a first look at the impact of the pandemic on economic growth. US GDP has contracted 4.8% in the first quarter of the year. This figure contrasts with the 4% contraction anticipated by analyst consensus due to the impact of the coronavirus crisis on the world's largest economy.
Although the effects of the outbreak will begin to notice even more in the second quarter of the year. By then, one of Trump's advisers has forecast a 30% contraction. For its part, the German Government has anticipated that the German GDP will contract 6.3% in 2020 and that it will also drag the recession into the world economy, with a drop in global GDP of 2.8%.
In Spain, after the phases announced by the Government on Tuesday to reopen the economy, it has been published that retail sales plummeted 14.1% in March.
In other markets, oil shoots up after lower than expected inventory data. The West Texas barrel rises 33%, to $ 16.50; and Brent rose almost 13%, up to $ 23.13. In addition, the euro appreciates 0.33% and changes to $ 1.0853, while the yield on the Spanish 10-year bond has continued to relax to 0.79%, pending the meeting held on Thursday the European Central Bank (ECB).
TECHNICAL ANALYSIS OF THE IBEX 35
"The Ibex closes very close to the maximum area of this month, the rebound highs at 7,210 points. And now it is time to think about 7,440 points, the last bearish gap which in turn coincides with an adjustment of 38.2 % of the previous fall. And above, the 8,000 points (decrease of 50%) ", explains José María Rodríguez, analyst at Bolsamanía.
"Meanwhile, the Dax and S&P 500 are already very close to the 61.8% retracement level of the previous slump. In theory important resistance zone. From which it is easily deduced that, although it is true that we have margin In order to continue climbing positions, we are much weaker than any of our European neighbors. This means that we will suffer more than the others, "adds this expert.
