The Ibex extends the falls this Thursday (-0.7%. 7,428 points) before the increase in cases of Covid-19 in the United States and China. This circumstance is generating many doubts in investors in recent times. Within the Spanish selective it is especially notable what Siemens Gamesa is doing, which collapses after announcing the resignation of its CEO and anticipating a negative EBIT for 2020.
- 11.410,800
- -0,49%
The number of coronavirus hospitalizations across Texas increased 11% in a single day this Wednesday. A mathematical model cited by the White House predicts that more than 200,000 Americans could die from Covid-19 by October 1. Meanwhile, in China, the increase in infections in Beijing led the city to cancel flights, close schools and block some neighborhoods, Reuters reports.
This Thursday the weekly unemployment claims will be announced on the other side of the Atlantic, which will offer an update on the pace of the recovery in the labor market. Economists expect a total of 1.30m new applications for the week ending June 13, down from 1.54m the previous week.
Federal Reserve (Fed) President Jerome Powell spoke again Wednesday and said, among other things, that "it would be troubling if Congress withdrew fiscal support too quickly."
This Thursday there is a meeting of the Bank of England and also a meeting of the European Council, two appointments that will be followed with interest.
"The Bank of England is expected to keep the benchmark rate unchanged at the record low of 0.10% and to expand its asset acquisition program by at least £ 100 / 150bn at today's monetary policy meeting "says Ipek Ozkardeskaya, analyst at Swissquote Bank.
Finally, regarding the technical aspect of the Ibex, Bolsamanía experts point out that, a priori, the conditions are in place to think that last week's falls are part of the typical 'throw back' to those price levels that in their day acted as resistance. "And now, dilations aside, they would be doing it as a support. In weekly candles this support is seen clearly, since it is a bullish gap that we have at 7,100 points as a round figure," explains José María Rodríguez, analyst at Bolsamanía . Now, it is necessary to see if the Spanish selective is able to close (cancel) the daily bearish gap that it presents in the 7,664 points. Above, the next resistance is at 8,000 points (50% adjustment / fall) and, above, and most importantly, the weekly bearish gap of 8,375 points. Of course, it is key that the 7,100 points in closing prices are not drilled.
