The Ibex continues to show signs of weakness in a day of macro and OPEC data
This Wednesday the major oil producers meet to analyze their agreement
The Ibex failed to rebound this Wednesday (-0.3%. 7,022 points) after the cuts on Monday and Tuesday. Today investors are watching macro data (mainly inflation in the euro zone and Fed minutes. UK inflation has risen to 1% in July) and also at the beginning of the OPEC + meeting, which will analyze the production cut agreement in videoconference. It is "unlikely" that the meeting will "change the supply" of crude, estimates Tamas Varga, an analyst at PVM.
IBEX 35
11.656,600
-
0,39%44,90
- Max: 11.674,00
- Min: 11.520,90
- Volume: -
- MM 200 : 11.125,61
All this, with the Spanish selective dangerously close to 7,000 points, while in the US, the S&P and the Nasdaq have set a new historical record. "Strong housing data supported sentiment in industry-related stocks. In addition, Home Depot surprised all analysts with a very strong sales announcement that underscored that the pandemic and work-at-home policies are pushing hard for the customers to DIY stores. Home delivery is also popular and Amazon rose more than 4% helping to push the Nasdaq up 0.7%, "explain experts at Danske Bank.
As for the Fed minutes, which will be released with the European exchanges closed and correspond to the July meeting, analysts say it will be particularly interesting to see what they say before the important September meeting, in which it is expected that the body announces news.
Regarding the tensions between the US and China, it is being the aspect that is weighing the most in the markets this week. In the opinion of David Madden, analysts at CMC Markets in London, "the confrontation now is different from the era of trade disputes, when Mr. Trump was much louder, and it seemed as if he wanted to be seen verbally attacking China. Faced with the fact that he has to fight in an election in a few months, he is taking a different approach. He will undoubtedly use the Chinese government as the bogeyman when he is campaigning, but given the state of the economy from the United States, it is unlikely to do anything too aggressive for fear that the Beijing administration could launch a tough economic attack. "
In other markets, investors are also pending gold (-0.8%. 1,996 dollars), which yesterday recovered 2,000 dollars. The precious metal has seen big changes this month as it hit an all-time high in early August. This was followed by a considerable pullback early last week but, since Wednesday, it has been picking up those losses. Metals had a positive trend on Tuesday, as copper, silver and platinum also rose.
