The Ibex (+ 0.05%) clings to 9,800, while concern for China persists

There are already more than 900 deaths from the coronavirus, overcoming deaths from SARS

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Bolsamanía
Bolsamania | 10 feb, 2020 09:48 - Actualizado: 18:13
ibex portada mercados bolsa

The European indexes have closed with moderate falls at this time (Ibex: -0.12%; Cac: -0.58%; Dax: -0.45%) while the crisis due to the coronavirus persists. The death toll rises to 908 and exceeds the number of fatalities left in 2003 by Severe Acute Respiratory Syndrome (SARS), which killed 800 people. Thus, after a positive last week in the markets - the Ibex closed its best week since 2016, with increases close to 5% - thanks to more optimistic feelings about the remission of the Wuhan virus, it seems that pessimism returns given that the situation, At the moment, it is not less.

IBEX 35
11.498,700
  • -1,51%-176,10
  • Max: 11.677,00
  • Min: 11.493,10
  • Volume: -
  • MM 200 : 11.091,94
10:31 19/11/24

In China, companies and factories in most provinces were planning to reopen today, after a 10-day extension of the Lunar New Year holiday, set to contain the spread of the coronavirus. However, large companies, such as Alibaba or Meituan, will extend the holiday for at least one more week, while Beijing and Shanghai have urged those who can, work from home, for fear that a reopening too early may cause the virus spread again. The stocks have finished the session in red numbers today in Asia.

"The spread of the coronavirus will continue to be a key focus this week," Danske Bank experts say in their daily chronicle. In what has to do with Spain, Amazon and Sony have also announced that they will not attend the Mobile World Congress in Barcelona. It seems increasingly likely that the event, which takes place from 24 to 27 this month, may end up being suspended, despite the fact that the organizers insist that the meeting will be held.

In addition, today we talk about Ireland. Irish banks have collapsed after Sinn Féin won the elections on Saturday, with 24.5% support. It should be remembered that, last year, Sinn Féin won only 9.5% of the votes. After the results, the leader of the party, Mary Lou McDonald, has demanded a role in a future government, although the center-right parties, FG and FF, said before the elections that they would try to keep Sinn Féin out of a new coalition, comments repeated on Sunday.

Finally, comment that the CPI of China climbed to 5.4% in January, its biggest rise since 2011, impacted by the Lunar New Year holiday and the outbreak of coronavirus.

TECHNICAL ANALYSIS

"The Ibex has moved on Monday in a very narrow price range and therefore the sail we leave no implications of any kind. Everything remains the same, we have a support at 9,700 points (before resistance) and as a control area clearer above the upper part of the bullish channel, at approximately 9,960 points, "explains José María Rodríguez, technical analyst at Bolsamania.

"Although for that of the round and psychological numbers we could well speak of the 10,000 points as the most important resistance. And little more can be added. In the very short term the interest is almost more in the euro / dollar, which is quoted at the doors of the minimum of 2019 at 1.0878 (support)", qualifies.

"As this does not hold we believe that it can search without many problems the base of the bearish channel through which the crossing has been moving since summer 2018 and that currently passes by approximately 1.0750. Oil is also very weak and it seems that it has set course towards the support of the 50 dollars / barrel (for the Brent type) ", concludes the expert.

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