The Ibex resumes activity after Easter pending the IMF diagnosis

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The 'Covid-19' will sacrifice almost half of the 26,000 million in dividends 'Ibex'





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Boosted by the upward closure of Asian stock markets, the Ibex 35 debuts its week on the rise after the holiday break and is very attentive to the economic diagnosis that the International Monetary Fund will make in a few hours in its spring forecasts, which will already account for the impact economic of the coronavirus. The selective Spanish rebounds 0.83%, which allows it to consolidate the level of 7,100 points, slightly less than what the Dax of Frankfurt scores, and very much in line with the advance at this time of the Milan EIB or the Cac de Paris. The fear that a relapse may occur in the markets is still there and that is why caution prevails despite everything.

Among the large stocks, only BBVA and Iberdrola are trading negatively at this time. The Basque entity leaves around 1% and is trading around $ 2.97; while the titles of the electric lose around half a point. Cellnex Telecom shoots up more than 3% after announcing that it seizes the Portuguese NOS Towering for 375 million. Inditex rose 2.7% and around half a point Santander and Telefonica.

In the secondary debt market, the Spanish bond sees its profitability rise to 0.8%, which places our risk premium at 115 basis points. Like the Spanish, the Italian country risk also rises to 201 basis points, while the Greek and Portuguese drops to 211.9 and 123.6 points, respectively. Regarding currencies, the euro moderates its price somewhat to the level of $ 1,093.

“We believe it is important to highlight that the news about the possibility that both the Federal (US) government, and some states in a coordinated manner, are planning to lift some movement restrictions on their citizens and the gradual opening of economic activity would be the main reasons behind this renewed optimism on the part of investors “, he points out Juan J. Fernandez-Figares, from Link Securities. In Income 4 They highlight that the markets also read the trade data in China (better than expected) and are pending the start of the season of results in the US (with an eye to the guides for the future), as well as the different economic stimulus measures approved by governments and central banks.

On this day the focus is also on raw materials. On the one hand, the price of gold has regained 2011 levels, at $ 1,775 per ounce. On the other hand, the price of oil registers slight rises after the historic agreement between OPEC + and the United States, which only serves to partially clear the uncertainties that lie in wait for this market. The barrel of Brent, a benchmark in Europe, advances 1% and recovers the level of $ 32; while West Texas light crude oil appreciated around nine tenths to $ 22.60.

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