The Ibex 35 has rebounded 1.12%, up to 8,910 points, in a scenario of high volatility for world stock markets. The stocks have risen after the last measure to mitigate the effects of the coronavirus (the cut of types, of 50 basic points, by the Federal Reserve) even though there was a feeling that it was not enough. Wall Street fell 3% yesterday due to this reason, although today it also rebounds animated by the good results of Biden against Sanders in the 'super Tuesday'.
- 11.435,700
- -0,28%
"It seems that the (Fed) movement frustrated investors a lot, who expected more creative or impactful action than a simple cut in rates, which they think will not remedy supply chain problems. We have a real problem here: investors expect central bankers to become the heroes they are not meant to be, "says Ipek Ozkardeskaya, an analyst at Swissquote Bank.
The situation is so serious that the Bank of Canada has also cut rates by 50 basis points and acknowledged that "the Covid-19 virus is a material negative shock to Canadian and global perspectives" and that "commercial activity in some regions has fallen sharply and supply chains have been interrupted."
In addition, the 189 member countries of the IMF have pledged to provide "the necessary support to mitigate the global economic and financial impact" of the coronavirus and the Eurogroup has been prepared to adopt the necessary fiscal stimuli.
The markets are also digesting on Wednesday the result of the 'super Tuesday' in the United States, after which Jon Biden takes the lead over Sanders after imposing himself in eight of the twelve states. Biden can overcame the leftist candidate, especially after Michael Bloomberg retired after obtaining very poor results and having squandered hundreds of millions of dollars.
In other markets, Brent oil picks up 0.6%, up to $ 52.15, in anticipation of an additional production cut by OPEC. In addition, the ounce of gold falls 0.1%, to $ 1,642, due to the rise of the last two days. For its part, the euro depreciates 0.3%, down to $ 1.1130. Finally, the profitability of the 10-year Spanish bond falls to 0.17%.
IBEX ANALYSIS 35
"The Ibex closes away from the highs of the session in a very volatile day such as this Tuesday. But as we have been saying in recent days, we have to get used to this volatility because it has come to stay and that is how the market behaves after suffering a 'crash' like the one lived during the past week, "says José María Rodríguez, analyst at Bolsamanía.
"We still think that the rebound is small compared to the previous crash and when we talk about this we mean a price recovery movement that can last even several weeks. With its logical drops and occasional scares. And meanwhile the areas of control to monitor are in the 8,500-8,550 points as support and as resistance we have the last of the bearish holes (9,000) and 9,130 and 9,350 points as the most important resistance, "adds this expert.
"The daily oversold presents extreme readings and this is one of the reasons that lead us to continue betting on very short-term rebounds, which could mean that after this the prices can fall again towards the support area of the minimums of this Monday. If we reach that point we should be very aware of the possibility that the price may be building a market floor passes because minimums should be respected, and as always the key to everything is Wall Street, whose key support is at the minimum of last Friday, "concludes this expert.
