The Ibex moves forward with the support of Telefónica, Santander and Repsol
The selective falls moderately in the accumulated weekly
The Ibex is looking forward to this Friday (+ 0.6%. 9,270 points) supported by high value hikes, such as Telefónica, Santander, Repsol or BBVA. The selective seeks to end the week in positive and reconquering the level of 9,300 points. Remember that it has resistance at 9,307 points and, below, the first support is at 9,130 points.
Wall Street closed the last session with gentle falls before the possibility that a 'phase 1' agreement between the US and China will not be signed until next year. That possibility is increasingly tangible and does not like a market that wants a pact before Christmas. However, the crossing of statements seen these days between the two powers moves away from an approach.
At the moment, in line with the previous sessions, the futures come today with moderate movements (-0.1%). It should be remembered that yesterday Europe ended the day with slight setbacks, something that the Ibex shared. The Spanish selective remains embedded between 9,130 points below and 9,307 points above. At the moment, it remains stuck at 9,200.
Related to this macro uncertainty cited above, investors will focus this Friday on the publication of November services and manufacturing PMIs in Europe and the United States. "Today's references will show if we are facing a real depression or if a new slowdown is coming. Recent increases in indicators such as the ZEW and Sentix seem to support the second vision. For November, we expect the manufacturing PMI index of the Euro Zone to keep stable at 45.9 and that the services index falls slightly to 51.9, in light of the recent deterioration of business expectations, "said Danske Bank analysts.
The appearance of the new president of the European Central Bank (ECB), Christine Lagarde, will be another appointment of the session. Lagarde will deliver a speech at 9:00 in which she will present her opinion on the economy and monetary policy of the Euro Zone. This Thursday, the ECB vice president, Luis de Guindos, spoke during the celebration of the 20th anniversary of Bolsamanía and said that monetary policy is not "almighty" and that more fiscal policy is needed.
Finally, also on the macro level, it should be noted that Germany's GDP in the third quarter has risen 0.1%, in line with expectations and compared with the previous -0.2%. On a year-on-year basis, the increase is 1.0% compared to the + 0.5% expected and the + 0.3% prior.