The Ibex is not capable of extending this Monday's rally and fell back today Tuesday (-0.5% 6,757 points) under pressure from banks (especially Santander, which gave strong after rising eagerly yesterday). Experts speak of "positive sentiment in global equities", although they acknowledge that what happened in the last session in the indices was "a bit strange".
- 11.154,600
- 1,56%
"The bullish sentiment this Monday was a bit strange given that there was no particular news to trigger purchases. In fact, some of the news was negative. The situation regarding the pandemic remains worrying. Also, China's relations and the US suffered another setback after the Trump administration imposed more severe trade restrictions on the Chinese company SMIC, "says David Madden, an analyst at CMC Markets.
Global deaths from Covid have already risen to one million, although the difficulty in quantifying cases means that the actual number of victims may be much higher. New red flags are appearing in the US, Bloomberg stressed on Tuesday, as the number of people hospitalized by the virus has stabilized in the last week after a steady decline since the end of July, while the death rate has been slightly higher than the recent average.
The next elections in the United States already occupy a good part of the attention of investors. In the United States, the campaign reaches a climax tonight with the first presidential debate. According to polls, Democratic opponent Joe Biden is still the favorite to win the race, if only slightly. Donald Trump is struggling at the moment after news came out published by 'The New York Times', which indicates that he has been evading taxes for years.
At the macro level, inflation in Spain is published today, along with retail sales. In addition, the German CPI will also be known and several important personalities will speak (members of the Fed and the Governor of the Bank of England, Andrew Bailey).
On the other hand, the negotiations on Brexit resume this Tuesday in Brussels. Danske Bank analysts say that while they do not expect big progress this week, the two sides can speed up negotiations ahead of the European Union (EU) summit on October 15-16.
Finally, regarding the technical aspect of the Ibex, the strong rise of 2.5% of the last session led it to close above the resistance of 6,781 points. The experts of Bolsamanía point out that we must be attentive to the confirmation of the start of the rebound, with a first target of rise at 6,929 points, maximum of the bearish egg that it left just a week ago. "We will not think of a more solid improvement in its technical aspect as long as it remains trading below 7,100 points," they add.
