The Ibex, dancing from red to green as it struggles to finish the week at 7,000

The selective rises in value by 3.5% in the accumulated of the four previous sessions

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Bolsamanía
Bolsamania | 09 oct, 2020 09:53
ep broker
Arne Dedert/dpa - Archivo

The Ibex moves this Friday between red and green (+ 0.05%. 6,995 points) after accumulating increases of 3.5% in the four previous sessions. The Spanish stock market has experienced very positive days thanks to the push of the 'blue chips', such as banks, Telefónica or Repsol. Doubts about the health of Donald Trump, the approval or not of the aid package for Covid in the US and, in general, those related to the international context, have dominated the panorama, but the selective has managed to wade through them.

IBEX 35
11.435,700
  • -0,28%-31,60
  • Max: 11.474,90
  • Min: 11.399,10
  • Volume: -
  • MM 200 : 11.289,95
17:35 23/12/24

It also seems that the index is ignoring all the problems related to Covid in Spain. This Friday there is an extraordinary Council of Ministers and everything indicates that the state of alarm is going to be declared in Madrid. Nobody is unaware that the crisis of the pandemic in our country has acquired political overtones that show the tension, confrontation and lack of unity among the authorities.

Wall Street ended last session in the green, while Asia had a mixed day. Returning to the Ibex, the experts at Bolsamanía explain that it now has its sights set on 7,110 points once the downward gap that was left at 6,929 points has been covered.

Donald Trump seems to be back at the negotiating table for fiscal stimulus. At least for now since the US president has been changing his mind on this issue all week. "The Secretary of the Treasury, Steven Mnuchin, may have persuaded him. At least Mnuchin seems willing to get a deal at the last minute," explain analysts at Danske Bank.

That said, it seems that we are in the same place as in July, with no agreement in sight in the short term, unless the White House is willing to listen to the demands of the Democrats, " Danske adds.

This Friday there are few appointments on the economic calendar. Next week there will be very relevant macro data (such as the US CPI, the euro zone ...), very important events (such as the European Council) and business results will start, with the banks, on the other side of the Atlantic.

Turning to today's data, UK GDP grew 2.1% in August, considerably below expectations of 4.6% and below the previous 6.6%.

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