The Ibex remains flat this Tuesday (7,908 points) after yesterday being able to end the session in positive despite the fact that practically all European stock markets closed in red. The two that were saved, curiously, were the Spanish selective and the Italian index. It should be noted that this Monday Wall Street recorded a significant rebound, with the Nasdaq setting a new all-time record of around 10,000 points. Asian stocks have risen, generally, this morning after the advances on the other side of the Atlantic.
- 11.674,800
- 0,33%
The increases on Wall Street took place despite the fact that Peter Navarro, the controversial adviser to Donald Trump and who considers himself the architect of the trade war, claimed that China is trying to get hold of the US vaccines through the theft of intellectual property. The adviser warned that the Chinese authorities could try to use the pandemic as a way to expand its strategic and economic influence on the world stage. Navarro further added that the US government needs to be better prepared in the event of a second wave of Covid-19 infections.
For his part, Jerome Powell, president of the Federal Reserve (Fed), established the strategy for the Main Street Lending facility last night - the scheme that was established to provide loans to small and medium-sized companies. The minimum loan size has been cut in half, to $ 250,000, while the maximum loan size could be set at $ 300 million compared to the previous guidance of $ 200 million. The repayment period has now been set at five years, compared to the previous four years. Changes to the initiative are made with the intention of being able to offer more loans to companies, so it should ultimately have a positive impact on the United States economy. Powell said the plan is "days" from issuing its first loans. It should also be remembered that the two-day meeting of the Fed begins today.
Crude fell more than 3% on Monday after it was clarified that Saudi Arabia, the United Arab Emirates and Kuwait will not commit to any voluntary cut in production. Over the weekend, OPEC + confirmed that there will be a continuation of deep production cuts in July. That initially helped the oil market, but the announcement that there would be no further cuts by the three countries in question put downward pressure on energy. Oil has rebounded considerably since April, so yesterday's bearish move was not a big hit.
Christine Lagarde, the president of the ECB, defended this Monday the enormous stimulus package of the central bank before the European Parliament. The central bank was attacked by some EU parliamentarians, who fear rising debt levels in many eurozone nations. Lagarde affirmed that the colossal stimulus package is proportional to the size of the crisis facing the monetary bloc.
At the macro level, pay attention today to the GDP of the first quarter in the Euro Zone.
Finally, and as regards the technical aspect of the Ibex, it should be noted that the index has increased by 25% in the last three weeks, so it would be normal for it to take a breather around 8,000 points, according to Bolsamanía analysts. "If, on the contrary, it managed to exceed 8,000 points, we would see a sign of strength that could end up extending current earnings to the level of 8,375 points, maximums of the bullish gap with which the Spanish index is currently facing", clarify.
