The Ibex 35 has risen 1.78%, to 6,731.80 points, after marking an intraday high of 6,790 points and while investors value the news about the reopening of European economies. In Spain, this Sunday the children have started to go out, and from next May 2nd walks and outdoor sports will be allowed. Italy plans to resume construction and industry on May 4, reopen stores on May 18 and bars on June 1. Little by little, the return to normality improves the stocks' mood. The sooner we return to our normal life, the sooner the economy will recover. However, prudence must continue to prevail. It remains to be seen if, as confinement is restricted, deaths continue to decline and the virus gradually subsides.
- 11.531,600
- 0,50%
Starting Tuesday, a series of events will begin that will mark the week. From tomorrow until Thursday, the Ibex banks will publish their results for the first quarter (Santander, on Tuesday; Bankia, on Wednesday; and BBVA, Sabadell and CaixaBank, on Thursday). In addition, there are central bank meetings. This Monday there was one in the Bank of Japan, which has reported unlimited purchases of public debt in response to Covid-19. The conclusions of the Federal Reserve (Fed) meeting will be known on Wednesday and the European Central Bank (ECB) will speak on Thursday.
Likewise, many very relevant macro references will be published, with the EPA and the GDP in Spain, the GDP of France and Italy, the GDP of the Euro Zone and the United States ... In addition, the unemployment rate in Germany will also be known and also the manufacturing and services PMIs in China.
"All of them will shed light on the economic damage caused by the virus (...). We expect a contraction in the GDP of the US and Europe in the first quarter of around -4% from -2% quarter-on-quarter, respectively," analysts at Danske Bank.
In another order of things, oil falls again this Monday (WT: -11%, $ 15.03; Brent: -3%. $ 20.64) after rebounding at the end of last week due to tensions between the US and Iran and speculation about further cuts by OPEC + and the rescue of the US shale industry.
In addition, British Prime Minister Boris Johnson returns to work on Monday after surviving the Covid-19. The attention will be on a possible announcement by the British Government of some kind of de-escalation as the economic damage that is being done to the UK economy is becoming more evident.
Finally, an important week regarding business results in the US, with almost half of the S & P500 reporting on its latest quarterly figures, with companies as relevant as Tesla, Apple, Amazon or Boeing.
On Friday some tranquility will come, with the closing of the European stock exchanges for Labor Day. Wall Street opens normally.
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