May 27, 2020

The Stock Market continues to rise and seeks the level of 7,000 points


Madrid

Updated:

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The Ibex 35 has started the session on Tuesday with a rise of 2.29%, which has led to the selective to stand at 7,001.20 whole at 9.01 am, encouraged by Wall Street and in a context in which the spread of the coronavirus may have started the path of stabilization in Europe.

In this way, the Spanish stock market began the day in green and conquered the psychological level of the 7,000 integers, after yesterday gaining 4% in a scenario in which the number of infections maintains its downward trend and in which the Dow Jones index closed the session with an increase of 7.73% and the Nikkei index, with gains above 2%.

In the early stages of this Tuesday’s session, most of the stocks were trading higher led by ArcelorMittal (+ 8%), IAG (+ 7%), Bankinter (+ 6%), Meliá Hotels International (+ 5% ), Mediaset (+ 5%) and Sabadell (+ 4%), while BBVA (-1.6%), Cellnex Telecom (-0.6%) and Iberdrola (-0.1%) were on the opposite side ).

The European stock markets, including the Spanish one, maintain today the positive trend that they already registered the day before, encouraged by the better data of infections by the coronavirus in Europe, which could lead to a gradual return of economic activity. Thus, the main markets of the continent have also opened with gains: Frankfurt advanced 3.47%; Milan, 3.31%; Paris, 3.13%; and London, 2.81%.

Wall Street also shot up 7.73% on Monday in its main indicator, the Dow Jones Industrials, amid investor optimism regarding the operation of the US coronavirus containment measures and the possibility of the pandemic spreading. near your peak in the country.

In Asia, the Tokyo Stock Exchange has risen 2.01%, while the Shánghai Stock Exchange has risen 2.14%. China, the focus of the pandemic, has ensured that has not certified new deaths yesterday due to coronavirus, and that the serious cases of those infected fell to 211, the lowest number since January.

In this context, the market will be awaiting today the Eurogroup meeting that could approve a new package of measures to mitigate the economic impact of the coronavirus that, for the moment, excludes the option of issuing the “coronabonos” that Spain or Italy demand.

Likewise, the price of the quality barrel Brent, a benchmark in Europe, began the day on Tuesday to the rise up to 34 dollars, while the West Texas Intermediate (WTI), benchmark for the United States, was trading at around $ 27.

For its part, the Spanish risk premium stood at 112 basis points, with the interest demanded on the ten-year bond at 0.7%, while the price of the euro against the dollar stood at 1.0865 ‘green notes ‘

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