The Ibex is trading weakly and with slight declines on Friday as it looks to its next support at 9,645 points. The Spanish national indez left 1% yesterday and moved away from the 9,900 points (for the moment). Now, if the Ibex lose this support, the next one would be at the base of the triangle where it has been moving for so long, the 9,500 points. During the week, the index is left at 1.7% (waiting for what it does this Friday).
- 11.154,600
- 1,56%
"This Thursday's falls in Europe fit within normal parameters. It's another thing that our index system continues to show itself, as a whole, to be much weaker than its neighbours", says José María Rodríguez, Bolsamanía expert, who insists that the Ibex is still much worse than the rest.
The last day of this week, when the trade war between the United States and China has returned to the forefront and the central banks (the Bank of Japan, the Federal Reserve and the Bank of England) have played a major role, along with the business results, will be marked by the July employment report in the United States, which will be released at 2:30pm. From the United States, another news is on the front page today, and that is the fact that Apple has surpassed the barrier of a stock market capitalization of one trillion dollars. The company rose 3% during the last session, and closed at $207.39, after a good result.
"Today, the U.S. employment report will be released. We expect non-agricultural payrolls to stand at 190,000, slightly below the consensus estimate, and we expect the unemployment rate to fall back below 4% to 3.9%. We expect average hourly earnings to rise by 0.2%, below the consensus estimate of 0.3%. None of this data is likely to change our estimate that Federal Reserve will carry out two more rate hikes this year", Danske Bank experts say in their daily report.
Moreover, the Bank of England's decision on Thursday to raise interest rates to 0.75% from 0.5% despite the uncertainty surrounding the Brexit and its impact on the UK economy continues to 'kick in'. We should remember that the Prime Minister, Theresa May, is meeting her French counterpart, Emmanuel Macron, on Friday to show her plan for the exit of the United Kingdom from the European Union.
On the other hand, the results are still on the day's calendar. Today publish theirs accounts Credit Agricole or Royal Bank of Scotland, as well as Allianz or British Airways. As for the macro data, in addition to the employment report, we are also looking at the July PMI services in Europe.