The Ibex rebounds with enthusiasm and moves away from the support of 6,400 in the weekly start

Waiting for what it does in the next three sessions, it yields about 5% in September

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Bolsamanía
Bolsamania | 28 sep, 2020 09:29
ibex portada mercados bolsa

The Ibex opens the week moving away from the support of 6,400 points (+ 0.9%. 6,689 points). If it leaves this level, analysts warn that it will go for the lowest for the year, at 5,814 points. Last Friday Wall Street closed higher -Asia has also done well this morning-, but in the Old Continent, the Dax and the Cac fell to their lowest levels since the beginning of August and the end of May, respectively. At the moment, it seems that it is time to rebound. The question is, how long will the hikes last.

IBEX 35
11.473,900
  • 0,33%38,20
  • Max: 11.485,70
  • Min: 11.446,20
  • Volume: -
  • MM 200 : 11.299,24
14:00 24/12/24

The situation in Europe is not good as coronavirus cases increase and investor confidence declines. France recorded a record number of new coronavirus cases last Thursday, and Friday's reading was only slightly lower. At the end of last week, the Netherlands also reported a record number of new cases. Spain is also struggling with the health crisis, combined with a political tension that resulted in an unfortunate spectacle on Friday, when the central government and Madrid coincided in their appearances, with the former criticizing the latter's way of proceeding.

In the midst of all this, Republicans and Democrats continue to try to agree in the United States on a package of aid to alleviate the effects of Covid-19. It was reported on Friday that Democrats are preparing to introduce a $ 2.4tn relief package and this was one of the main reasons behind the index hikes.

Also, on the other side of the Atlantic, The New York Times has published that Donald Trump paid only $750 in federal taxes in 2016. It is also believed that Trump has a personal debt of more than $400 million, which must be paid in the next years. The news does not show a positive image of the political leader ahead of the elections next November.

On the other hand, the relationship between the US and China is likely to come under greater pressure as Washington has imposed stricter export restrictions on SMIC, the Asian giant's largest chipmaker.

In Europe, this Tuesday the European Union and the United Kingdom resume the talks. The latest discussions have been relatively positive, according to Davis Frost, the UK's chief negotiator.

Thus, the Ibex is on the way to ending September clearly in the negative. Autumn looks difficult amid so much weakness and volatility. In the absence of three days, the selective yields about 5%.

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