If yesterday the European stock markets 'celebrated' that the April employment report in the US came out worse than expected last Friday, which leads to think that the Federal Reserve (Fed) will not touch its monetary policy, today the European markets have fallen with enthusiasm (Ibex: -1.7%. 8,987 points; Cac: -2.3%; Dax: -2.4%; Ftse 100: -2.9%) after the strong declines of the last session in Wall Street and the bulky Asian setbacks this morning.
- 11.154,600
- 1,56%
"The Russell 2000 and the Nasdaq struggled to match the performance of their two larger counterparts. This underperformance on the Nasdaq began to act again as a drag on market sentiment and dragged all US indices lower." explains Michael Hewson, chief analyst at CMC Markets in London. A trend that is repeated this Tuesday, with decreases close to 2% for the Nasdaq.
Within the selective, the strong falls in Fluidra have stood out after Rhône Capital has sold 4.9% of the company at 31.30 euros. IAG has also yielded strongly (it has issued 800 million in convertible bonds to strengthen its liquidity).
In addition, Acerinox and ArcelorMittal have fallen significantly. The first has presented results and the second has communicated that Société has cut its presence in the capital. In fact, only three Ibex stocks have closed positively, the three pharmaceutical companies: Almirall, PharmaMar and Grifols.
CONCERN ABOUT INFLATION
CMC Markets experts said that, once again, concerns about inflation appear to be weighing on market sentiment in general, with commodity prices being the main culprits, ahead of the US CPI figures to be released this Wednesday.
"Leaving aside the fact that Friday's unemployment levels (in the US) will likely keep the Federal Reserve on hold for quite some time, given lower expectations for much higher job growth before September, it appears investors are now concerned about rising prices and strong inflation, "Hewson explains.
The big question, Hewson adds, is whether they are right. "Although we have seen a sharp rise in prices in the latest ISM surveys and commodity prices are also on the rise, the biggest concern is whether they are likely to be temporary or much more persistent. In the short term, it is probably too soon. to know it, but we expect to see a big rise in the general CPI of the US this week, although we must also put this in the context of the situation of a year ago, when oil prices in the US were negative, down to -37 dollars, and the Brent went down until 16 dollars ", remembers.
Today the CPI of China has been known, which rose from 0.4% in March to 0.9% in April, while the producer price index also jumped sharply to 6.8%, from 4, 4%, a considerably sharp turn given it was at -0.4% at the end of last year.
"WATCH OUT FOR A SALE"
The experts of Bolsamanía already warned at the end of this Monday of a possible sales in the Ibex, after the selective has revalued more than 8% since last April 21.
"Be careful that we could be seeing signs of weakness in the Spanish selective, so we do not rule out the appearance of a signal that confirms the beginning of a correction. We could place the first support level at 8,800 points," César warned yesterday Nuez, analyst at Bolsamanía and head of Trader Wath.
The macro agenda for this Tuesday has included the German ZEW for May, which has come out better than expected both in the current situation (-40.1 compared to the estimate of -41.3 and the previous figure of -48.8), as in economic sentiment (84.4 versus 72 anticipated and 70.7 prior).
OTHER MARKETS
The euro rises in value 0.26% and trades at 1.2162 dollars. Oil fell 0.6%, to $ 68.06 for Brent and $ 64.58 for West Texas.
Gold and silver are down slightly to $ 1,831 and $ 27.43, respectively.
Bitcoin fell 0.9% to $ 55,750, and Ethereum fell 1.8% to $ 3,993.
The yield of the 10-year American bond rises to 1.62% and the yield of the 10-year Spanish bond shoots up 9%, to 0.51%.
