The European stock markets start the first day of the month with moderate increases, minus the Dax that has finished practically flat. Tonight’s rise in Asia with Chinese stocks and the Nikkei gaining close to 2% has been decisive. China has announced that it is raising a $ 32 billion rescue fund and that it will stop harassing Chinese IPOs in the US. And that there has been a worrying data from the PMI Caixin Chino manufacturing much worse than expected and very close to the contraction zone of 50. This data has caused a collapse of almost 4% in oil which has slowed down the bags completely in the last leg of the session. Bonds continue to rise relentlessly and the yield of the 10-year American bond is at 1.15%, and the market is clear if bonds rise so much it is because they discount clear growth problems. And that’s not good. At this time the SP 500 and the Nasdaq have failed again for the umpteenth time at the height of resistances 4400 and 15000 and from there paper has appeared.Good data of retail sales in Germany with + 4% in the month when I was expecting + 2% Good PMI data from European manufacturing and they haven’t been bad in the US either. Watch out for the highly inflationary comments made by markit along with the US PMI data. Israel says the loss of efficacy of the vaccine is clear with the passage of time and hence they are giving a third dose as urgently as possible to those over 60 years of age. The dollar has been moderately weak against the rest of the crosses.
Jose Luis Carpathians
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