The Ibex will seek this Wednesday to continue adding positions hand in hand with good PMI services in China. The data has remained at 55 compared to the estimate of 50.3 and the previous data of 44.4. It is the best reading of this reference since October 2010.
The Spanish team will rely on this reference to attack and overcome the resistance of 7,436 points, bearish gap left in mid-March. “If I managed to exceed this price level, it is earnings likely to extend to 8,000 point level, prices very close to the average of 200 sessions “, explains César Nuez, analysts at Bolsamanía.
European stock markets will thus cling to the positive and will continue to ignore the negative – the unrest in the United States – as they have done in recent days and as Wall Street has also done. This Tuesday, multiple concerns did not prevent the US indices from closing at its best in three months. Michael Hewson, chief analyst at CMC Markets in London, underscores the resilience of the exchanges since the March lows and despite the thought that it would cost them much more to ‘raise their heads’ given the economic impact of the coronavirus. “Since the March lows we have been constantly making up for lost ground thanks to a combination of unlimited central bank easing and the prospect of large amounts of fiscal stimulus,” he says. From Danske Bank, however, They warn that risk “still reigns in the market.”
This Wednesday several very relevant macro references will be known, starting the PMI services for the month of May in Europe and the United States, Without forget unemployment rates in Germany and the Eurozone. The employment data of the ADP consultancy will also be known, which is a preview of the Employment Report that is published on Friday in the US. All of this key data is released a day before the European Central Bank (ECB) meets and announces more measures to tackle the pandemic.
On the other hand, news about the coronavirus continues to focus the attention of the markets. White House health adviser Dr. Anthony Fauci said Tuesday that he is concerned about the “durability” of a possible coronavirus vaccine, noting that there is a possibility that it may not provide long-term immunity.
In business, Lufthansa recorded a net loss of € 2.1 billion in the first quarter after the “drastic decline” in air travel.