The Ibex falls almost 2% under pressure from the sharp falls in BBVA and Santander

The Ibex 35 is down 1.74%, to 6,659.90 points, after marking an intraday low of 6,500 integers. The latest data on the coronavirus in our country show that there has been a slight decrease in the number of daily deaths and that the percentage of new infections is falling. In addition, the Government of Spain has announced this weekend the halt of all non-essential activities from this Monday to Thursday, April 9. BBVA (-6%) and Santander (-5%) have been the main drawbacks for the Spanish selective.

On the other hand, the President of the United States, Donald Trump, has extended until April 30 the measures against the coronavirus.

"Nothing would be worse than declaring victory before it has been won," Trump said at a nightly news conference, suggesting that the death rate from the virus was likely to peak in two weeks. In the US, it is already publicly known that the death toll will fluctuate between 100,000 and 200,000, depending on the evolution of the pandemic.

Meanwhile in Europe, the number of coronavirus deaths in Italy fell for the second day in a row on Sunday. The country's closure seems certain to continue beyond April 3. The virus has already infected more than 720,000 people worldwide and has caused at least 33,925 deaths, according to data compiled by Johns Hopkins University.

Asia has fallen this morning, although the declines have been cut in the last bars of the session (the central bank of China has cut rates and injected 7,000 million dollars into the economy). The red numbers for this Monday in Europe come after the closing in green last week amid strong measures by governments and organizations to curb the economic impact of the disease, and also while in Italy the situation seems to be going ' getting better'.

Experts stress that this week there will be evidence of the magnitude of the economic impact of the coronavirus, with the publication of PMIs worldwide. "Especially in the US, where we will get the ISM figures (manufacturing on Wednesday and non-manufacturing on Friday) and the employment report on Friday (although the figures were collected before the bulk of the virus closures were implemented) "explain the experts at Danske Bank.

For the rest, underline that Fitch downgraded the UK from 'AA' to 'AA-' on Friday. This is due to the significant increase in fiscal spending as a result of the coronavirus, as well as uncertainty about the post-Brexit trade relationship with the EU. In addition, the agency has followed Moody's and has worsened its opinion of Spanish banks.

In other markets, West Texas oil has lost $ 20 for the first time in 18 years. At this time it falls 5% while Brent drops 8%. For its part, the euro depreciates 0.9% and changes to $ 1,1040, while the yield on the Spanish 10-year bond rebounds slightly to 0.54% and the risk premium rebounds to 107 points.

IBEX 35 ANALYSIS

"The falls of the last two sessions in our index do not in any way invalidate the rebound structure in which we are still immersed. We already said days ago that the rebound was not going to be a pain in the neck. Especially when by Thursday's close, our Ibex had already rebounded 21%, "argues José María Rodríguez, analyst at Bolsamanía.

"But the truth is that we continue to think that it should at least be filling in the last of the bearish gaps (7,347) and above 8,000 points as an adjustment / fall of 50% of all the previous fall. Needless to say, it has to be respected. At all times, under no circumstances are annual minimums punctured (5,800), "concludes this expert.