The Ibex cuts positions before a session without Wall Street and with PMIs

Volatility at Repsol amid the OPEC + crisis, which has not yet reached an agreement

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Bolsamanía
Bolsamania | 05 jul, 2021 09:51
ep archivo interior del palacio de la bolsa donde el ibex 35 en madrid espana
Eduardo Parra - Europa Press - Archivo

The Ibex cuts positions slightly this Monday (-0.27%. 8,883 points), in a day that will not have the Wall Street reference due to the national bank holiday of Independence Day. Within the Spanish selective, the increases in Acerinox and ArcelorMittal and the falls in Meliá, Fluidra or Amadeus stand out.

IBEX 35
11.495,300
  • -2,90%-343,90
  • Max: 11.794,70
  • Min: 11.461,20
  • Volume: -
  • MM 200 : 11.030,12
17:35 06/11/24

Highlights on today's calendar are June's PMI services. In China, the Caixin services PMI stood at 50.3 in June, which is a significant drop from the May reading of 55.1. Even so, it remained above the 50 level, which indicates growth.

In his speech for the holiday of July 4, Joe Biden has said that the United States is "closer than ever" to achieving group immunity, although it has not reached the goal of having 70% of the population immunized by the Day of July. Independence, just as he wanted. Biden has asked everyone who hasn't been vaccinated to do so now. According to data from the Center for Disease Control and Prevention, currently 67% of the US population is inoculated.

CRISIS IN THE OPEC

The price of crude oil remains stable (Brent barrel: $ 76.42; WT barrel: $ 75.38) waiting for the large oil producers to finally reach an agreement this Monday. They weren't able to pull it off last Thursday, nor on Friday or the weekend due to disagreement between major producers.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies on Friday voted to increase production by about 2 million barrels a day from August to December 2021 and extend the remaining production cuts until the end of 2022, but objections of the United Arab Emirates (UAE) prevented an agreement.

The Energy Minister of the United Arab Emirates, Suhail al Mazrouei, rejected this Sunday that the OPEC + agreement be extended until December 2022, considering that the crude production quota assigned to his country is "unfair."

"Tensions between the UAE and Saudi Arabia escalated over the weekend as the UAE refuses to accept a deal supported by all other members. The UAE wants better conditions to allow for increased production, while Saudi Arabia refuses to. If no agreement is reached, oil production is unlikely to increase in August or in the remainder of 2021, thereby running the risk of putting further upward pressure on the price of oil. oil ", explain the experts of Danske Bank.

TECHNOLOGICAL TENSION

This Monday technology is the focus after the Chinese regulator has claimed that Didi illegally collects personal data of users and has ordered application stores to stop offering the Didi application. The move comes just days after the giant debuted on the New York Stock Exchange.

"The application can no longer be downloaded in China, although users who had downloaded and installed it on their phones before the recall can continue to use it," Didi said in a statement Sunday. The company had already announced on Friday that it had suspended the registration of new users in China.

OTHER MARKETS

The euro trades at $ 1.1855. Gold rose 0.37% to $ 1,789, while silver rose 0.7% to $ 26.69.

Bitcoin is down 3.9%, to $ 34,165, and Ethereum another 3.5%, to $ 2,274.

The yield on the 10-year American bond stands at 1,431%.

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