The Ibex hesitates after the bad results and macro data and walks to the end of July in red
This Friday CaixaBank, Sabadell and Amadeus all presented results
Last day of the week and last day of the month, a month that looks as if the Ibex will close in negative. It was clearly behaving weaker than the rest of the European stocks and the results that were published in a rush this week, very affected by the Covid-19, have ended up being the cherry on top. The selective falls, for the moment, a little more than 3% in July (it quotes flat this Friday). And, what is worse, it has lost supports, which clears the way to the level of 6,400 points.
IBEX 35
11.483,100
-
0,08%9,20
- Max: 11.488,10
- Min: 11.421,90
- Volume: -
- MM 200 : 11.299,24
"Bad signs on the Ibex 35 this Thursday, after ending with falls of 2.91%, which led it to close below the key support of 7.062 points. For the next few days it is very possible that it will end up covering the Bullish gap that was left at 6,856 points. If it does not manage to hold onto these levels, the most probable thing is that we can end up seeing an extension of the falls to the level of 6,400 points. We will not appreciate the slightest sign of strength while it remains trading below 7,663 points, prices close to 10% above current, "explains César Nuez, an analyst at Bolsamanía and head of Trader Wath.
This Friday, again, the results are protagonists. Sabadell and CaixaBank presented their figures, with a strong impact from the virus and with provisions of 1bn and 1.1bn in the first half, respectively. In addition, IAG has announced losses in the period of 3.8bn and has confirmed that it will propose a capital increase of 2.7bn, an expansion to be signed by Qatar Airways. To all this we must add the figures that the big technology companies published last night on Wall Street, not forgetting the hit that the companies that announced accounts in Spain (BBVA, Telefónica ...) experienced on Thursday and that led the selective to lose levels of key support.
The macro also comes to the fore in this last monthly session. The GDP of the euro zone will be known in a little while. Meanwhile, Spain has announced a historical collapse in GDP of 18.5% in the second quarter, with the country entering a recession. In France, meanwhile, GDP sank 13.8%.
