The Ibex remains stuck at 7,000, with focus on PMI services
The US has asked states to be ready for distribution in November
- En castellano: El Ibex (+0,13%) salva 'in extremis' los 7.000 pese a las caídas del Viejo Continente
The Ibex finally closed positively this Wednesday, but below 7,000 points due to pressure from banks, which continue to show signs of weakness, as do other large stocks, such as Repsol or Telefónica. This Thursday the selective will try to attack this psychological level again while still very aware of the macro. Throughout the day, the PMI services for the month of August are published. For the moment, the futures come with increases of 0.6%.
IBEX 35
11.435,700
-
-0,28%-31,60
- Max: 11.474,90
- Min: 11.399,10
- Volume: -
- MM 200 : 11.289,95
Any favorable news about the vaccine is the best catalyst for the stock market, and today it is evident again. Otherwise, investors have the macro back in focus, with August's services PMIs. In China, the service purchasing managers index fell to 54.0 in August from 54.1 in July, Caixin and research firm Markit reported. The consensus expected a figure of 50.4.
"In the euro zone we will be watching the PMIs for August and retail sales for July. France is also expected to reveal more details about its new stimulus plan," say experts at Danske Bank. "In the US, it will be interesting to see if the non-manufacturing ISM has the same strength as the manufacturing ISM and the rate at which weekly jobless claims continue to decline. We will also be watching what FOMC member Evans has to say about the target for inflation ", they add.
Returning to the Ibex, it should be noted that banks are driving today's increases in the same way that they penalized the selective yesterday. IAG and Inditex are also doing well. No title of the selective is listed in the red now.
"To see a sign of strength in the Ibex we should wait for a close above 7,321 points, prices close to 5% above current ones. Below, the support that's in our sights is at 6,788 points ", stresses César Nuez, analyst at Bolsamanía and head of Trader Watch.
Finally, note that today we are talking about the disagreements between the EU and the United Kingdom. The EU's chief Brexit negotiator Michel Barnier has accused England of failing to engage constructively in negotiations over their future relationship, issuing one of her harshest warnings that the time to reach a deal is running out.
