The Ibex closes negative and completes a bearish week with falls of 1.5%

The US economy created less jobs than expected in May

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Bolsamanía
Bolsamania | 04 jun, 2021 09:30 - Actualizado: 17:53
ep interior del palacio de la bolsa a 13 de mayo de 2021 en madrid espana el ibex 35 cedia un 194 en
Cézaro De Luca - Europa Press

The Ibex 35 has fallen 0.59%, to 9,088 points, after a May employment report in the United States that once again showed weaker job creation than anticipated. However, the data has been well received by Wall Street, since it does not put additional pressure on the Fed when it comes to withdrawing its monetary stimulus. During the week, the Spanish selective has left 1.48%, after closing last Friday at annual highs in closing prices (9,224 integers). Thus, it has ended a streak of seven consecutive weeks to the upside.

IBEX 35
11.435,700
  • -0,28%-31,60
  • Max: 11.474,90
  • Min: 11.399,10
  • Volume: -
  • MM 200 : 11.289,95
17:35 23/12/24

"What was not taken into account was the generous increase in unemployment benefits as a result of the March stimulus package, which meant that in many cases it was not worth it for workers to return to the workforce, hence the great loss 266,000, while the March figure was revised down to 770,000. These unemployment benefits are likely to continue to act as a brake on hiring levels in the US labor market until they expire in September, at a time when that vacancies are already at record levels of about 8 million ", adds this expert.

The consensus today expects a rise in non-farm payrolls to 650,000 and the unemployment rate to fall to 5.9% from 6.1%.

FOR THE 9,000 IN THE SHORT TERM?

The Ibex loses 0.9% in the weekly accumulated pending what it does this Friday and after dropping 0.42% in the last session. "Although its technical aspect is good, we do not rule out ending up seeing an extension of the falls until the support of 9,000 points, prices where we could see the return of purchases", indicates César Nuez, analyst at Bolsamanía and head of Trader Watch.

The key support that we will not lose sight of is at 8,800 points, adds this expert. "We will not see a sign of strength again as long as it remains trading below 9,254 points," he concludes.

Today the falls in tourist values ​​stand out especially after yesterday the British Government finally decided not to include Spain in its green list of safe destinations to travel, keeping the country in amber color. This means that those who choose it as a tourist destination will have to quarantine on their return. IAG and Meliá left around 2%. eDreams sinks 5% on the Continuous.

OTHER MARKETS

The euro is trading at $1.2113. Oil rose moderately, to $ 71.54 for Brent and $ 69.09 for West Texas.

Gold and silver advance slightly, to 1,875 dollars the first and 27.48 dollars the second.

Bitcoin fell nearly 5% to $ 36,754 after Elon Musk's latest tweet. Ethereum is down 7% ($ 2,599).

The yield on the 10-year American bond stands at 1,623%.

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