The Ibex starts the week with sharp falls due to Covid concerns

The Ibex starts this Monday with sharp falls (-1%. 6,828 points), with important cuts in Meliá, BBVA and IAG. On the positive side, almost only Cellnex appears, amid speculation that Hutchison is considering selling its towers of "telecoms" in Europe.

The selective faces a week full of results for Spanish companies, with the reports of companies as important as Telefónica, Repsol and all the main banks. In addition, on Thursday there is a meeting of rates of the European Central Bank (ECB), and throughout the week the GDP of the euro zone and the United States will be published. It should be remembered that, due to the time change in Europe, Wall Street opens an hour earlier and closes an hour earlier during the next few days.

The week begins with falls - also in Asia - amid the increase in coronavirus cases in the world, with that declaration of the state of alarm in Spain, which the Government intends to extend until May. France, for its part, has become the European country with the highest number of infections. The United States has also seen a record increase in new coronavirus cases. The country added more than 83,000 new infections on both Friday and Saturday, beating the previous record of about 77,300 cases set in July, according to data from Johns Hopkins University. It should be remembered that the United States closed with a mixed sign, with moderate falls in the Dow Jones and rises contained in the S&P and Nasdaq, last Friday.

On the other hand, top Chinese leaders are meeting this week to plan for the next five years. The central committee of the ruling Communist Party in the Asian giant, led by Xi Jinping, will meet in Beijing from October 26 to 29 to discuss a national development proposal for the next five years, from 2021 to 2025.

All this one week before the presidential elections in the United States. On the other side of the Atlantic, the president of the House of Representatives, Nancy Pelosi, said this Sunday that she was waiting for this Monday to see if the White House gives the "definitive yes" to the stimulus agreement to face the coronavirus. Pelosi stated that she has asked the Secretary of the Treasury, Steven Mnuchin, for clarification on the pending issues.

"I sent the list of concerns we still had on Friday ... and I understand that he will review it over the weekend and we will have some answers on Monday," Pelosi said on CNN's 'State of the Union' program.

This Monday, results in Spain, such as those of Liberbank or Acerinox, are beginning to be known, while, also at the business level, it has been published that Coca-Cola European Partners has launched an offer for Cola-Cola Amatil. Also, the German SAP sinks after announcing a profit warning. At the macro level, the German IFO for October will be released.