The Ibex touches annual highs with Almirall, Sabadell and Telefónica skyrocketing

The Ibex 35 renews its annual highs (+ 0.6%. 9,113 points) after closing last Friday above the resistance of 9,000 points. The Spanish selective accumulates a revaluation close to 13% since the beginning of the year and of almost 8% in just over fifteen days. "The surpassing of 9,000 makes us think about an extension of the gains to the level of 9,300 points", anticipates César Nuez, analyst at Bolsamanía and head of Trader Watch. "At the moment, it doesn't show any signs of weakness," he adds.

Within the Ibex, the very strong increases in Almirall (+ 7%) after publishing their results, followed by Sabadell (+ 6%), Merlin and Telefónica stand out. The bank's shares, as anticipated by Bolsamanía analysts a few weeks ago, have reached great resistance that appears at 0.66-0.67 euros per share.

For its part, the operator, which presents its results this Thursday, is going over 4 euros per share and is close to its previous annual highs of 4.13 euros, in a very relevant week for the value.

On the negative side, attentive to the falls in Aena (the Supreme Court has ruled that the commercial contracts of its premises are concessions), Solaria, Siemens Gamesa or PharmaMar.

In the United States, Wall Street closed last Friday with increases of 0.7% on average after the publication of the US employment report for April, with non-farm payroll data much lower than expected by the consensus (266,000 employees compared to to the 950,000 anticipated).

In addition, the Employment Department revised down the number of jobs created in March, from 916,000 to 770,000. The unemployment rate rose from 5.8% to 6.1%.

Although both the S&P 500 and the Dow Jones closed at highs, because investors discount that the Fed will take a little longer to consider withdrawing its monetary stimulus. Thus, they continue to bet on cyclical assets, to the detriment of growth stocks.

On the macro calendar, the highlight was that Eurozone Sentix investor sentiment far exceeded forecasts in May. From a business point of view, results continue to be published in Europe; and in Asia, the green numbers have dominated.

ATTENTION TO THE CRYPTOS

On the other hand, the cryptocurrency bubble continues to swell even more. The second largest, ethereum, has finally passed $ 4,000 (4,033, + 4%). "The good news is that we are still only at the beginning of this rally, as money continues to flow into ethereum. In fact, there is strong evidence that traders and investors are liquidating small positions in bitcoin and putting that money in ethereum, as they believe this coin is still massively undervalued, "says Naeem Aslam, chief analyst at AvaTrade.

"There is no doubt that ethereum is going to touch $ 5,000, a price objective that we have already talked about several times. The long-term price objective for ethereum remains at 10,000," adds this expert.

"That said, speculators also believe that ethereum is in for a healthy correction, and it is more likely to take place when the price hits the 5,000 level," concludes this analyst.

For its part, dogecoin fell during the weekend after the statements of Elon Musk, CEO of Tesla. The word 'hustle', which he used as a joke, caused speculators to ditch the cryptocurrency. The dogecoin fell below 0.50 cents over the weekend, but quickly recovered some of its deep losses.

ELECTIONS IN THE UNITED KINGDOM

In the foreign exchange market, the pound gains strength (+ 0.9%. It changes to 1.41 dollars) after the elections, which reinforced the position of Boris Johnson as prime minister.

Polls had already anticipated a wide right-wing lead in all of England's municipalities where more than 48 million citizens were called to the polls, but it was their victory in Hartlepool, on the northeast coast, that has set off all the alarms on the British left.

For its part, the results of the elections in Scotland confirmed that the Scottish National Party (SNP) sealed the victory (although it did not achieve an absolute majority), and this means that the battle for the future of independent Scotland will continue. Nicola Sturgeon has assured that she will seek a new independence referendum "when the Covid crisis passes."

OTHER MARKETS

The euro is trading flat and is now trading at $ 1.2162. Oil falls moderately, to $ 68 for Brent and $ 64.55 for West Texas, despite the fact that much of one of the largest pipelines in the US remains closed due to a cybersecurity attack.

Gold is at $ 1,840 (+ 0.5%), and silver is up 0.5%, to $ 27.60.

Bitcoin adds 0.1% to $ 57,442.

The yield of the 10-year American bond stands at 1.57%, while the yield of the 10-year Spanish bond relaxes to 0.469%