Bearish close for the Ibex below 8,600 in a listless and transitional week

SLOWLY WORKING AT THE 8,740 POINTS

The analysts of Bolsamanía continue betting on a reconquest of those annual highs (8,740 points) of the Ibex sooner rather than later, and an extension of the gains up to 9,000 points.

Only six values ​​are up at this time (Acerinox is the best), while Solaria, Cie, PharmaMar, Amadeus and BBVA among those that fall the most.

Attentive also this Friday to ACS (-0.4%) after the construction company has confirmed to the CNMV that it has sent a letter to Atlantia to buy the largest highway network in the country, Autostrade per l'Italia (ASPI), for 10bn euros. Analysts consider Florentino Pérez's move a good move, in the absence of knowing more details.

THE GOVERNMENT REDUCES ITS FORECASTS

In Spain, the Government, as expected, has lowered its GDP forecast for 2021 to 6.5%, by delaying the recovery of the Spanish economy by one quarter. For 2022, Nadia Calviño has anticipated a growth of 7%.

"Part of the growth forecast for 2021 is transferred to 2022 and the recovery is delayed for a quarter," explained the second vice president, although she confirmed that the asymmetric 'V' pattern is maintained, and that "by the end of 2022 the GDP levels prior to the pandemic to maintain growth rates above 2% in subsequent years ".

UNEMPLOYMENT APPLICATIONS REDUCE THE PRESSURE ON POWELL

The president of the Federal Reserve (Fed), Jerome Powell, spoke again this Thursday. Powell was adamant in his message that the Fed's priority is to help the recovery of employment in the US, while dismissing concerns about inflation. The moderate tone led to lower bond yields.

In addition, the unexpected rise in weekly jobless claims to 744,000 helped ease pressure on the Fed to tighten its monetary policy as the economy improves. "Any recovery is likely to be data lopsided, and while some form of (stimulus) reduction could start to be discussed in the coming months, the outlook still looks far off," said Michael Hewson, chief analyst at CMC Markets in London.

Thus ends a very quiet week in the stock markets, marked by that Monday holiday in Europe and by the apathy that the indices are showing in the face of news related to Covid-19. Business results in the United States will begin next week.

OTHER MARKETS

The euro trades at $ 1.1886. Oil is trading flat, at $ 63.29 for Brent and $ 59.71 for West Texas.

Gold and silver are down to $ 1,744 and $ 25.18, respectively.

Bitcoin and Ethereum are up more than 1%, to $ 58,517 and $ 2,096, respectively.

The yield of the 10-year American bond stands at 1.667% and that of the 10-year Spanish bond rises to 0.38%.