The rises return to the stock markets: the Ibex moves up almost 2% after the measures of the BCE

The ECB has decided to launch "a new temporary asset purchase program for public and private sector securities to counter the serious risks to the monetary policy transmission mechanism and the prospects for the euro area posed by the outbreak and increasing diffusion of the coronavirus, Covid-19, "he announced.

For the experts at Danske Bank, "after the recent disappointment (of the ECB) and the falls in the financial markets, this package will serve as a clear guarantee to the markets that the ECB will be there. With it, the central bank clearly indicates that it is willing to do more and to increase the size of purchasing programs and to adjust the composition. " The Spanish risk premium has appreciated the measure and has relaxed 26%, up to 107 points.

In addition to the ECB, the Bank of England (BoE) has cut interest rates in the UK to 0.1% from 0.25% and has increased its asset purchase program by £ 200bn , up to £ 645 billion. "The spread of Covid-19 and the measures being taken to contain the virus will cause an economic shock that could be sharp and large, but should be temporary," said the monetary agency.

Currencies have gone crazy with so many measures and the pound has marked 35-year lows; and the euro, from April 2017. For its part, Brent oil rebounds this Thursday by 10%, to $ 27.30, after sinking 24% last day and registering its third worst session in history.

Asian stocks have fallen this morning (especially notable is the crash of the Philippines after resuming trading after being closed) and Wall Street rises 1% after the setbacks seen this Wednesday, which were 6.3% for the Dow Jones .

All this while the Fed continues to announce economic measures to contain the virus and after the Australian RBA has announced a rate cut to a minimum of 0.25% and an asset purchase program. The Australian stock market has plummeted particularly sharply in recent days.

"It is becoming increasingly clear that current market downturns could worsen before improving, with dim predictions of a contraction of up to 20% of GDP. It is becoming increasingly clear that the world economy is on the brink of a painful contraction of various degrees, "warns Hewson.

ANALYSIS OF THE IBEX 35

"It seems that the minimum of this great lash may be at the lows of this Monday, at 5,814 points. There are at least three sessions in which we no longer build new decreasing lows and this despite the significant falls of Wall Street in the last days, "says José María Rodríguez, an analyst at Bolsamanía.

"But we should not confuse a rebound with the end of the downtrend. Why? Because we do not have a return figure, nor do we expect it. This, when the time comes, it will take its time. Quite a few weeks at best cases or maybe months, "adds this expert.

"But the important thing is that now it should play rebound and then relapse back to the lows and that is where the key to everything is. It will all depend on whether the minimum of the current drop holds or is pierced to the downside. control zones (resistance) above at the moment are at 7,100 points and the bearish gap of 7,436 points. Without ruling out, even, the 8,400 points, where we have another important bearish gap, "concludes Rodríguez.