The Ibex (+ 0.78%) closes on green Friday but with a weekly decline of 1.6%
The trade representatives of both powers have held a telephone meeting
The Ibex ended on Friday with an advance of 0.78%, despite the falls of Telefónica (-1.61%), Repsol (-1.6%) and Inditex (-1.11%). The selective and the other European stock markets have isen after learning that the two,%) largest economic powers in the world, the US and China, have maintained a call to lower tensions. This, after the US accusations that China is to blame for the coronavirus, and the angry response of the Asian giant. Precisely these tensions caused the sharp falls in the bags on Monday. Despite today's increases, the Spanish selective has left about 2% in the weekly accumulated.
IBEX 35
11.656,600
-
0,39%44,90
- Max: 11.674,00
- Min: 11.520,90
- Volume: -
- MM 200 : 11.125,61
US trade negotiator Robert Lighthizer, his Chinese counterpart Liu He, and Treasury Secretary Steven Mnuchin held a phone call late on Thursday. The world's two largest economies have agreed to strengthen macroeconomic and public health cooperation, Reuters reported early Thursday.
"Both parties indicated that they should strengthen macroeconomic and public health cooperation, strive to create a favorable atmosphere and conditions for the implementation of phase one of the economic and trade agreement between the United States and China, promoting positive results," said the note from the Chinese Ministry of Commerce.
This means a relaxation of the hostilities that were brewing between Washington and Beijing after President Donald Trump accused China of mishandling the coronavirus outbreak and threatened to nullify the bilateral trade pact between the nations.
Last week, the President of the United States threatened new tariffs against China after claiming that there was evidence linking Covid-19 to a high-security laboratory in the Chinese city of Wuhan, where the pathogen was identified late last year.
This is one of the highlights of the day. The other has been the April US employment report. The virus has destroyed 20.5 million in the world's largest economy in a single month. Unemployment has gone from 4.4% in March to 14.7%, more than expected (14%).
TECHNICAL ANALYSIS
"The Ibex closes positive this Friday. The price range in which we are moving is narrowing more and more and, for the moment, we have not drilled any support", explains José María Rodríguez, technical analyst at Bolsamania.
"The 6,580 points are holding up with maximum precision. And above on the resistance side, the most important one we have at the April highs, 7,210 points," he added.
"The only thing I'm looking at in the very short term that I don't dislike is the fact that we have significant daily oversold levels on the stochastic momentum oscillator. Which means that under normal conditions we should see a rebound. Rebound that is embedded within a corrective phase of a higher degree is clear, "concludes the expert.