The Ibex returns to the falls pressured by the cuts in Telefónica

Asia has done equally well this morning, and the manufacturing PMI for June has been published there today, which stood at 50.9 compared to the economists' estimate of 50.4. PMI readings above 50 signify expansion, while below this level indicate contraction. In May, the manufacturing PMI stood at 50.6.

However, data from this Tuesday in Japan showed that industrial production in May fell 8.4% MoM compared to the estimate of -5.6% and the previous data of -9.8%.

As for other highlights of the day, the GDP for the first quarter in Spain fell 5.2%, in line with expectations.

Regarding the evolution of the coronavirus pandemic, more governors in the US are receding or delaying reopening plans as Covid-19 cases rise throughout the country. Tedros Adhanom Ghebreyesus, director general of the World Health Organization (WHO), said Monday that the pandemic continues to accelerate and that, without more collaborative global intervention, "the worst is yet to come."

Otherwise, today ends a month in which the stock markets have continued to advance, but they have done so with less conviction. Failing to see how it behaves this Tuesday, the Ibex rises this month by just 2.5%. Technically, the index continues to elude support at 7,062 points. However, the Spanish selective continues to offer a complicated technical aspect and will continue to do so as long as it remains trading below the resistance of 7,600 points, warns César Nuez, analysts at Bolsamanía.