The Ibex resumes the falls after the failure of the Eurogroup and the decline in optimism

The European indices return to falls this Wednesday (Ibex: -1.35%, 6,907; Dax: -1%; Cac: -1.7%; Ftse 100: -1.5%; Ftse MIB: -0.68 %) after learning that the Eurogroup meeting has ended without agreement on the economic mechanisms to face the coronavirus crisis after 16 hours of debate. The meeting will resume this Thursday.

"France, Spain and Italy want to advance plans for a joint debt instrument ('coronabonos'). However, more fiscally conservative countries, such as Germany, are more skeptical and reluctant to sign blank checks," explains Michael Hewson. , chief analyst at CMC Markets in London. "Italy does not want conditions to be established for the money to be delivered, while the Dutch want to have a say in where and how it is spent," he adds.

In addition, it does not help that optimism about the decline of the virus, which has driven the stock markets in the last two days, is declining. The cases of deaths in Spain increased yesterday after four consecutive days with decreases and have increased again this Wednesday (757 deaths in the last 24 hours).

"This shift in sentiment (towards pessimism) picked up even more in the past day after the European close, when New York released its latest figures, which showed its worst day of the crisis in terms of deaths, even as infections slowed down." Hewson explains.

US President Donald Trump on Tuesday blamed the World Health Organization (WHO) for having made mistakes in "all aspects" of the pandemic and threatened to withdraw funding from the international organization.

"It receives enormous amounts of money from the United States" and "it was wrong," criticized the American leader. "They could have said it months before. They should have known and they probably didn't know, "he said. "We are going to suspend the money we give in funding" "We are going to look at it," Trump said at his daily press conference on the evolution of the health crisis.

As for other highlights of the day, the minutes of the last meeting of the Federal Reserve (Fed) are published today. In addition, on the micro level, in case there were few things, results are beginning to be known. Tesco has communicated theirs and has taken the opportunity to quantify the impact that the virus will have on their business, of more than 1bn euros.