The Ibex and the rest of Europe continue to weaken after last session's bluff

European markets continue to show signs of weakness this Wednesday (Ibex: + 0.22%; Cac: -0.26%; Dax: -0.02%; Ftse 100: -0.4%) after living a day this Tuesday where it went down hill to end up in negative despite the push that the greater proximity between China and the US provided them in the first hour. After the S&P and the Nasdaq set new all-time highs yesterday and Asia has experienced a flat day, with a mixed sign, the squares of the Old Continent once again show apathy and lack of bellows.

Investors are still in 'summer mode' and it seems that they are waiting for the start of the course to begin to reactivate. This week, the key issue is that meeting of central bankers in Jackson Hole, and more specifically the appearance of Jerome Powell, the president of the Federal Reserve (Fed), which will take place this Thursday at around 3 pm Spanish time. Meanwhile, considerable calm and a shortage of macro data and business references for this session.

Michael Hewson, director of analysis at CMC Markets, highlights the strength that the US stock market continues to show against the markets of the Old Continent. "The resilience of the US markets is even more surprising in the sense that it appears to be happening independently, although there seems to be some evidence of a 'domino effect' in markets such as the Nikkei, which is holding up well, trading at six-month highs, "he says.

The outperformance in the US is also supported, in his view, by optimism about what Powell could announce tomorrow. "It is likely to reinforce the commitment of the US central bank to do whatever it takes to support the economy at such a difficult time," he adds.

Despite the resilience of US markets, European indices have remained stagnant below their recent July peaks, although the Dax is holding up better than most, after the latest economic data from Germany showed that the second's contraction The quarter was not as bad as initially feared, at -9.7%, and after the IFO business survey for August was slightly better than expected.

From CMC Markets they expect tranquility for today's session and underline that the main drivers continue to be trade relations between the US and China and that symposium of central bankers that is held between tomorrow and the day after.