The Ibex finishes on the rise up 5.9% in its best week since November

Without a doubt, the protagonists of the week have been the banks. Santander and BBVA have risen about 15% in the week. Financial entities have already presented their 2020 results and have obtained market approval. Undoubtedly, their contribution will be vital in order to see a sustained recovery of the Ibex throughout 2021.

Furthermore, the companies associated with renewable energies remain unstoppable. Solaria has risen strongly within the Ibex and Grenergy in the Continuous Market, after positive reports from several analysis firms.

The stocks are calmer as it seems that the problems regarding vaccine supply in Europe are being 'solved'; as the 'GameStop frenzy' fades away and reveals what it really was (outright speculation by the 'strong hands' of the market); and with the hopes that the expected stimulus plan will finally be approved on the other side of the Atlantic.

The stocks were also boosted by Mario Draghi, former president of the European Central Bank (ECB), who has accepted the role to try to form a government in Italy, while business results are coming out considerably favorable, experts say, and this also helps.

THE EMPLOYMENT REPORT, IN FOCUS

This Friday the most relevant reference on the calendar was the January employment report in the United States, which showed the creation of 49,000 jobs, slightly less than the 50,000 anticipated by the consensus of experts. In addition, the unemployment rate has dropped to 6.3% from 6.7%.

However, the European stock markets extend the rises on the last day of the week. Wall Street returns to record highs as more stimulus is expected from the Biden Administration and the unconditional support of the Federal Reserve (Fed).

When it comes to Covid-19, Danske Bank experts highlight the fact that the number of cases is decreasing in the United States and Europe, but warn that France is facing a further increase. "This illustrates how quickly the virus can reappear when restrictions are relaxed," they point out.

These analysts stress that vaccine studies continue to show close to 100% efficacy against severe cases of all variants, including the British and South African.

Continuing with vaccines, Johnson & Johnson has requested the emergency use of its vaccines in the United States. The vaccine, for which only one dose is needed, would potentially be the third, after the approved vaccines from Moderna and Pfizer-BioNTech.

TECHNICAL ANALYSIS AND OTHER MARKETS

In other markets, Brent oil rose 1.3%, to $ 59.60, while the euro rose in value 0.5% and traded at $ 1.2023. Gold rises 0.6% to $ 1,806.10; and the profitability of the Spanish 10-year bond advances to 0.14%.

In technical terms, the Ibex has overcome a short-term resistance at 8,122 points, which opens the door to an extension of the rises to the annual highs of 8,440 points. Thinking in the long term, "to continue the increases of the last months we need the Ibex to clearly beat 8,500 points. And if it succeeds, we will not rule out a movement towards 9,700 points (almost a 20% increase from the current), "says José María Rodríguez, an analyst at Bolsamanía.