The Ibex, pending on EU negotiations over Covid-19 recovery fund

The futures of the Old Continent come flat this Monday while investors are keeping a close eye on the European leaders, who have been unable to reach an agreement on the Recovery Fund this weekend and who meet again today to continue talks.

The leaders of the European Union (EU) have so far not agreed on the size and composition of a € 750bn Recovery Fund. The President of the European Council, Charles Michel, reminded those present at the summit that currently more than 600,000 people have died from the coronavirus worldwide.

The pandemic continues to be the focus of attention for the markets, as coronavirus cases are increasing at an alarming rate in some parts of the world. Data compiled by Johns Hopkins University showed that more than 70,000 cases were confirmed in the US on Saturday, which means two days in a row of at least 70,000 new infections.

Thus begins a week that will be marked by the start of the second-quarter earnings season in Spain, with the results of Iberdrola and Naturgy on Wednesday or Repsol on Thursday. This Monday Julius Baer, ​​who has registered a 43% rise in net profit for the first half, has published abroad.

Otherwise, investors will also be watching Telefónica today, after announcing this weekend that its Brazilian subsidiary has submitted an offer to take over Oi's mobile business. Likewise, Grifols has announced this Monday the purchase of factories and pasta centers in Canada and the US for 460 million dollars.