The Ibex rises 0.89% on a day marked by the increases in ArcelorMittal

The Ibex is up 0.89% this Thursday, very close to the daily highs. The selective has lived a day marked by volatility in which it has been pressured by Telefónica, which has gone from rising more than 3% to later falling 2%. The 'teleco' has finally managed to close flat. The operator has published results today and announced an agreement with Liberty Global to integrate its business in the United Kingdom. Inditex (+ 5.22%), ArcelorMittal (+ 6.81%), CaixaBank (4%) or Mediaset (+ 3.89 &) have been the titles with the best performances.

Telefónica has earned 56% in the months up to March due to the impact of the currencies and the extraordinary applied in the same period of 2019. However, it has confirmed that it maintains the dividend. In the case of IAG, it falls sharply after also publishing figures, with losses of 1.6bn in the period due to the "devastating effect" of the coronavirus in the entire sector.

In the business sphere, it has also been news that Iberdrola has announced the acquisition of the French company Aalto Power for 100 million euros.

In addition, today the focus is also on the Bank of England (BoE), which has already communicated its decision on interest rates. The agency has unanimously decided to keep the benchmark interest rate for its operations at the record low of 0.1%, while it has opted for a 7 to 2 majority to go ahead unchanged with its current asset purchase program for an amount of 645,000 million pounds sterling (738,405 million euros). In addition, the BoE has reported a 14% contraction in the UK caused by the virus.

All in all, the European indices have traded with increases of 1% in this fourth weekly session. This, while the coronavirus data remains in the crosshairs as the US and Europe cautiously lift the lockdown measures. The virus has already killed at least 263,000 people worldwide and there are more than 3.7 million confirmed cases.

On Wednesday, German Chancellor Angela Merkel announced measures to ease the confinement, but also launched an "emergency brake" mechanism under which restrictions can be re-imposed if the cases reappear, according to Reuters.

In the United Kingdom, Prime Minister Boris Johnson also indicated on Wednesday that the closure measures could start to be lifted as early as Monday. Sunday should bring the nation up to speed on the details.

In Asia, the day has been quiet. In China, the PMI Caixin / Markit services for April was known, which stood at 44.4, with an improvement from the reading of March 43, but below expectations and the 50 level that separates growth from contraction.

China also reported on Thursday that its exports in dollars increased, but imports fell in April, as movement restrictions to stem the coronavirus outbreak were reduced.

TECHNICAL ANALYSIS

"As you can see in the daily chart of the Ibex, it is standing still, without wanting to attack the support area of ​​6,580 points (last bullish gap) that we almost certainly already know by heart and above that we have the bearish gap of this Monday at 6,922 points. " explains José María Rodríguez, technical analyst at Bolsamania.

"Above we have the April highs at 7,210 points. And the only thing to hold onto in the short term is the fact that this narrow side is leading the stochastic momentum oscillator (daily) to settle at levels of important oversold ", qualifies.

"That is to say, under normal conditions when we have this type of reading it is because prices are close to starting a rebound. But still we need to respect at all times the support of 6,580 points", ends the expert.