The Ibex and the rest of Europe decline as optimism moderates
Banks, Repsol or Telefónica, among those that fall the most
The Ibex and the rest of the European stock exchanges are trading negative this Thursday (Ibex: -0.7%. 7,739 points) as the optimism generated by the news about the Pfizer vaccine on Monday is moderating. On the other hand, stocks, including the Spanish index, deserve a break after the strong rises in recent sessions.
IBEX 35
11.674,800
-
0,33%38,90
- Max: 11.674,80
- Min: 11.591,80
- Volume: -
- MM 200 : 11.091,94
"Now that a couple of days have passed and we have had more time to absorb the enormity of this week's announcement, we are beginning to hear some more insightful voices speaking of the logistical difficulties involved in distributing this vaccine, as well as the efficacy of it in the long run, "explains Michael Hewson, chief analyst at CMC Markets in London.
"This would suggest that they are probably getting generating expectations about how quickly a new vaccine is likely to be distributed. In other words, investors run the risk of getting ahead of themselves, while risking a sharp pullback," he adds .
Not even the fact that the Pfizer CEO sold more than 60% of his shares on the same day the news broke, raking in millions, brought a boost of confidence.
At this time Europe is backing down and American futures cut 0.7% on average. For its part, Asia has experienced a day with a clear predominance of the red numbers.
"(All these doubts) do not imply that we will not see further normalization if everything goes according to plan, however, for the moment, infection and hospitalization rates continue to increase, which means that the situation during the winter months it is likely to get worse before it gets better, "they warn from CMC Markets.
The president of the European Central Bank (ECB), Christine Lagarde, also poured some cold water on that optimism linked to the vaccine on Wednesday, while saying that the ECB remains prepared to do more in a context of continued resurgence of coronavirus cases across Europe, the United States and the United Kingdom. Lagarde will also speak this Thursday, along with other personalities, such as the governor of the Bank of England, Andrew Bailey, as well as the president of the Federal Reserve (Fed), Jerome Powell, in the framework of the Annual Forum of the ECB, which this year is telematic.
Also on the day's agenda are the UK GDP, without forgetting the US CPI.
Regarding the technical aspect of the Ibex, the experts of Bolsamanía warn that we must be very careful with a correction after the strong increases of more than 20% in recent days, and especially with the level of 7,675. "If it loses this level, we do not rule out ending up seeing a correction to at least 7,200 points, prices where the average of 200 sessions is found."
