The Ibex manages to save 8,300 after collapsing when exceeding the annual maximums

Energy companies are doing the worst this Wednesday

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Bolsamanía
Bolsamania | 03 mar, 2021 09:55 - Actualizado: 17:56
ep la bolsa de madrid espana a 28 de diciembre de 2020 el ibex 35 experimentaba un ascenso del 038
Ricardo Rubio - Europa Press - Archivo

The Ibex deflated after rising over 1% and exceeding the maximum of the year, located at 8,439 points. The selective has ended the session in red and has managed to save 8,300 points (-0.32%. 8,329), it has been below this level on several occasions. Within the index, the strong rises in the values ​​of the tourism sector (IAG, Meliá ...) and in banks (Santander, BBVA ...) have continued to stand out. On the negative side all energy companies have been placed, on a day in which the European Justice will rule on the Tax on the Value of Electric Power Production (IVPEE).

IBEX 35
11.656,600
  • 0,39%44,90
  • Max: 11.674,00
  • Min: 11.520,90
  • Volume: -
  • MM 200 : 11.125,61
17:35 22/11/24

Investors are on the lookout today for February's service sector PMIs. In Japan it was 46.3 compared to the previous 46.1. In China it slows to 51.5 from 52, although it remains above the 50 level that marks the difference between expansion and contraction. In Spain it has risen from 41.7 to 43.7. Ramón Forcada, Bankinter's director of analysis, remarks that it continues to be "a very bad figure."

All in all, the majority of European exchanges advance positions eagerly in the middle of the week (the Dax is attacking all-time highs). In Asia the day has been clearly positive. In Australia the GDP has been published, with a growth of 3.1% in the fourth quarter of last year and an annual fall of 1.1%. The better-than-expected result was helped by consumer demand and public spending, according to analysts.

"The Caixin survey of Chinese services for February was 51.5, the slowest rate of expansion in 10 months. Economists were expecting 51.6; the previous reading was 52. This suggests that China's rebound after the emergency sanitation is cooling down. Australia's recovery is going from strength to strength as the economy grew 3.1% in the fourth quarter, a slight decline from the 3.3% growth recorded in the previous quarterly update. " remarks David Madden, analyst at CMC Markets.

OIL AND THE OPEC

The group of large oil producers (OPEC +) seems that they will finally choose not to increase production and this is causing increases of more than 1% in crude. According to Reuters, it is considering extending production cuts from March to April instead of carrying out that initially planned increase, due to persistent concerns about Covid.

We recall that the members of OPEC + meet this Thursday.

Brent is trading at this time on Wednesday at $ 63.97 (+ 2.03%) and West Texas at $ 60.93 (+ 1.97%).

VACCINES FOR ADULTS IN MAY

US President Joe Biden promised on Tuesday that the United States will have enough vaccines against Covid-19 for all adults in the country before the end of May, two months earlier than previously estimated.

He made this new promise after announcing an agreement for Merck to contribute to the manufacture of Johnson & Johnson's vaccine, licensed this weekend and the third available in the United States.

For the rest, today investors will also be waiting for the employment report of the ADP consultancy, a prelude to the February employment report that will be released in the US this Friday.

In the UK, Finance Minister Rishi Sunak presented the budget. Sunak told the BBC over the weekend that his budget "will provide support" but warned that the "hit to the economy" has no quick fix.

OTHER MARKETS: EYE ON BITCOIN

The euro is now trading at $ 1.2079. Gold fell 0.56% to $ 1,723 and silver 0.7% to $ 26.67.

Bitcoin is up more than 9%, to $ 51,669, and Ethereum is up 9.8%, to $ 1,609.

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