The week started in the stock markets with little movement, but also with doubts. The Ibex 35 has risen moderately (+ 0.29%; 8,254.50 points) while it continues to discount the impact of Covid-19 throughout the world and the implementation -by different countries and different Autonomous Communities here in Spain- other restrictions to prevent its spread.
- 10.850,400
- -2,26%
At the business level, PharmaMar (+ 4.6%) led the gains, as biotech continues to move against the market. In addition, Grifols has rebounded 2% after confirming that it is testing a drug for Covid that would give immediate immunity.
On the contrary, Aena (-2.3%) has suffered a valuation cut by HSBC to 125 euros per share, below its market price.
On the poor evolution of the pandemic, "Over the weekend, news from Germany suggested the possibility of a night curfew, after France imposed its own curfew starting at 6pm last week. And the UK has also tightened its own measures, closing all travel corridors, and imposing strict testing and quarantine restrictions on anyone entering the country, "CMC Markets experts explain in their daily report.
Concerns over US vaccine stock levels, coupled with news late last week that vaccine deliveries in Europe are shrinking due to short-term supply constraints, have not helped either.
For its part, Asia has experienced a mixed day in which China has been the protagonist, since its economy expanded at a rate of 6.5% in the fourth quarter, which has allowed it to close 2020 with a growth of 2, 3%.
"Although the main GDP data looks impressive, it is still clear from the spending figures that the Chinese consumer is still showing some level of caution, as retail sales growth remains below the end of 2019, when the spending tended to levels close to 8% ", they add from CMC.
This Monday's agenda includes a meeting of the Eurogroup to discuss post-Covid recovery plans. In addition, investors are on the lookout for Italy, where Prime Minister Guiseppe Conte is submitted for approval by Congress and the Senate (where he is in the minority) after losing the support of Matteo Renzi's Italia Viva. The media stress that the Senate has been in recent times the "downfall" of several governments in Italy, such Romano Prodi's in 2008.
Finally, remember that this Monday Wall Street remains closed for the Martin Luther King holiday.
As for the highlights of the week, don't forget that there is a European Central Bank (ECB) rate meeting on Thursday and the preliminary January PMI services and manufacturing will be released on Friday.
Also attentive to business results this week. Bank of America, Goldman and Netflix published on Tuesday; Morgan and BNY Mellon, on Wednesday; and Intel and IBM, on Thursday. That same day, Bankinter announces its results, the first firm to do so in Spain this time around.
In addition, Joe Biden takes office as the new US president this Wednesday. "The market will offer a flat encephalogram until it verifies that Biden's inauguration is carried out on Wednesday without serious incidents," they point out from Bankinter.
In technical analysis, the Ibex faces outstanding resistance at 8,500 points, which corresponds to an adjustment / retracement of 61.8% of the previous collapse, and by definition important resistance.
"The potential overcoming of this resistance would leave a clear path towards the 9,700 point zone: the upper part of the long-term bearish channel through which the price has been moving since 2007. This is almost 20% additional travel from the current price levels ", highlights José María Rodríguez, analyst at Bolsamanía.
In other markets, Brent oil falls 0.4% to $ 54.88, while the euro depreciates 0.1% and changes to $ 1.2066. In addition, the profitability of the 10-year Spanish bond rises to 0.06%.
