The Ibex rebounds supported by BBVA while also focusing on the macro
The entity has raised its forecasts for this year thanks to Mexico
The Ibex rebounded this Wednesday (+ 0.6%) after two bad sessions supported by the advances in BBVA, which rose after raising its estimates for this year thanks to the improvement in Mexico. The selective is also pending the macro. Preliminary PMIs for Europe are released today. In addition, the Spanish economy has fallen by 17.8% between April and June, less than expected, and is now entering a recession.
IBEX 35
11.531,600
-
0,50%57,70
- Max: 11.531,60
- Min: 11.421,90
- Volume: -
- MM 200 : 11.303,91
"We have already seen early evidence in the latest August PMIs for France and Spain that they are seeing a decline in economic activity," explain CMC Markets. "Today we will see if that trend has continued, also in Germany," they add.
Wall Street rebounded yesterday after the falls of the previous session and a few words from Jerome Powell, who appeared before the Economic Committee of the House of Representatives, little novel. The Fed chairman insisted on the idea that the US central bank will maintain the stimulus "for as long as it is necessary."
On the other side of the Atlantic, Tesla's 'Battery Day', which took place overnight, is also making headlines. The company's CEO Elon Musk offered new delivery predictions for 2020 at the shareholders meeting, where the company also detailed a new battery design that it claims will make its cars cheaper to produce.
Musk has anticipated that he expects vehicle deliveries to increase 30 to 40% over last year, when the company reported deliveries of 367,500 vehicles. Musk's new guidance involves deliveries of between 477,750 and 514,500 cars, a range that spans the previously set goal of delivering half a million cars by 2020. Tesla stocks are falling more than 6% in the after-hours market.
With regard to the coronavirus, British Prime Minister Boris Johnson implemented once again some of the lockdown measures in the United Kingdom due to the increase in cases in the country, while in Continental Europe there is also a sharp increase in infections. Cases in the US, meanwhile, are trending up again after weeks of declining, although some health experts say it is too early to tell whether the upward trend will continue. The virus has claimed more than 200,000 lives in the country.
Finally, regarding the technical aspect of the Ibex, we remember that it does not have support until the base of the channel, in the area of 6,480-6,500. If it loses these levels, it would go for the March lows, at 5,815 points.
