Strong reaction of the selective Spanish that closes the week above the levels at which it started despite the sharp falls recorded last Monday. The Ibex 35 is approaching 9,400 points for the first time since November, and already accumulates a 10% annual revaluation. Trade disputes continue to be the main catalyst for markets, which this week have found support in macroeconomic data.
The announcement that China would be considering abolishing tariffs on pork and US soybeans has driven much of investors' fears about a possible break in negotiations. Although we do not expect the signing of the first phase before the end of the year, this approach of positions allows some kind of commercial agreement between the two main powers of the world. Good employment data in the US has reinforced the good economic situation enjoyed by the North American economy, boosting the rest of the markets.
On the business level, cyclical values such as ENCE, Arcelor have led the increases in the face of optimism over a commercial agreement. Indra and Inditex also remained high, waiting to see the results of the third quarter next week. Repsol rose about 2%, before the announcement of OPEC and its partners to deepen the current cuts, another 500,000 million barrels per day.