The Ibex, cautious and flat after the disappointment of the Fed

Wall Street fell 1% on Wednesday after an insufficient performance by Powell

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Bolsamanía
Bolsamania | 01 ago, 2019 10:03
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After Wall Street fell over 1% on Wednesday and that the red numbers have also dominated in Asia (although the declines have not been so pronounced), Europe quotes this Thursday flat and cautiously (Ibex: +0.10 % 8,980). The Federal Reserve (Fed) disappointed because the markets because although it carried out the expected rate cut, the impression was that the central bank has no intention of embarking on a new cycle of rate cuts.

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

"The Asian and US markets fell and the price of crude oil collapsed, while the dollar recovered after the Fed reduced rates by 25 basis points, to the range of 2.00% -2.25% by eight votes in favor and two against. Surprisingly, the Federal Reserve also decided to end the reduction of its balance a couple of months ahead of schedule, but the decision does not change anything, "explained the experts at Danske Bank in its daily report.

"In line with our expectations, the Federal Reserve repeated in the statement that 'it will act appropriately to sustain the expansion', which we interpret as a relaxation bias that suggests that more cuts could occur. However, it is also clear that Powell & Co will not commit to making further cuts, which has left the markets disappointed and has led us slightly to the side of the hawks, "these analysts add.

After the Fed, today is the turn of the Bank of England. Mark Carney faces the arduous task of reassuring the market, which seems to have suddenly realized that Boris Johnson is all over the shop. The pound has experienced very bad sessions and the uncertainty before the hard Brexit has put pressure on all European exchanges in recent days. The BoE will announce its decision on rates at one o'clock Spanish time, followed by the inflation report, which could reveal inflation above the target.

THE IBEX STARTS AUGUST IN THE 8,900

In the midst of all this, the Ibex starts the month attached to the key support of 8,900 points. Today many companies continue to publish results (Liberbank, ArcelorMittal ...). In recent days, the accounts have had a strong impact on the price of the companies that have been announcing them.

Meanwhile, banks continue to perform badly, and also other large securities, such as Telefónica, increasingly closer to the support of 6.70 euros. BBVA is also approaching the important support of the December lows (4.35 euros), while Santander is clinging on to the 3.90 area. With so many titles 'on the edge of the razor', the thing is complicated.

Finally there will be focus on the manufacturing PMI of July in Europe and the United States.

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