The
Ibex 35
and the rest of the European stock exchanges have added another
black Monday
in their particular history of the pandemic.
The increase in infections despite the advance of vaccination campaigns has put the markets of the region in check and has raised doubts about the future of the economic recovery, with tourist values once again being the main victims of these fears.
Investors fear that the new variants and the increase in cases will force countries to reverse many of their measures and affect forecasts for demand, which is just beginning to recover. They also fear that the rise in those infected will force the establishment of new restrictions and slow down expectations of improvement for the second half of the year, and all of this has been reflected today in the main European indices.
In Germany and France, the
Dax in Frankfurt and the Cac 40 in Paris
ended with a decline of 2.6%, although most of the day the losses have been above 3%;
In Italy, the
Ftse Mib
has
fallen
3.3% and coinciding with the closings in the
Old Continent
, the main Wall Street indices
-Dow Jones (-2%), S&P 500 (-1.4%) and Nasdaq (-0.8%)
- they also remained negative.
Second biggest drop of the year
The Ibex 35 has not been immune.
The Spanish selective has
fallen
2.4%,
which is its second largest fall of the year, and has saved by the minimum the level of 8,300 points (8,301), falling back to levels that it did not register since last March . The selective Spanish thus continues a downward streak that adds five consecutive sessions in the
red
and that in the last month has led it to erase almost all the gains it had accumulated since January. Currently, it barely advances 2.5% compared to the maximums close to 9,300 points that it set in mid-June.
Again also this Monday, as has been customary since the coronavirus crisis began,
IAG
has become the company most affected by investors' doubts and has led the falls with a fall of 5.6%, ahead of others such as
Aena
(-4%) and Amadeus (-3.5%).
But the tourism sector has not been the only one that has suffered doubts about the progress of the economy.
Banks and companies related to raw materials have posted significant losses at the close on the prospect that global demand may suffer in the coming months.
Banco Sabadell has lost almost 4%, ahead of BBVA (-3.5%) or Santander (-3.4%).
In the case of
Repsol
, in addition to doubts about the recovery, investors have been carried away by the effects of the agreement between OPEC and its partners to increase oil production, and all this together has robbed it of 4.4 % to your shares.
Perspectives
"Technically, the Ibex 35 continues with the downward pressure and in the short term, it
is likely that the Spanish index will continue with the current trend
, with the possibility of heading towards the levels of March after breaking the lows of April. Thus, once broken 8400 points, it will be interesting to see if it consolidates this break, since the next support is around 8200 points. However, it will be attractive to see the performance of demand in said support, since if it manages to hold it, this could to give traders a break, "says
Diego Morín
, an analyst at IG Markets.
The
Bankinter
Analysis department
is optimistic but without neglecting caution.
"We are entering the consolidation phase, but the bottom of the market is good. Ups and downs with a positive bias", is the summary of his diagnosis.
In the entity they believe that what is really important is that "global demand is solid thanks to the advances in the vaccination rate and the fiscal and monetary support policies", that there are not too many investment alternatives that improve the profitability-risk binomial that they offer the bags and trust that the response of the ECB after its meeting scheduled for next Thursday will help to underpin the European recovery underway.
"Lagarde launched a hook to the market last week in anticipation of interesting changes and we expect a
dovish (
soft)
message
that seeks to keep financing conditions attractive (good for earnings and valuations) and to assuage fears of an early withdrawal on purchases. of bonds ", they point out in their daily analysis.
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