At the European close in 10 short keys.

1- We continue on the day of the groundhog, the European bags are limited to continue the day of the groundhog USA … that is, SP 500 fighting with 4400 and nasdaq with 15000, they do not pass paper, they try again and there we are. Although today they have become a little independent and have been a little more free.

2- A very good data from the Chinese services PMI, well above expectations, was well received by Europe.

3- Although the PMI data for services in the euro area itself has been worse than expected and especially with the items related to inflation at the highest level since 1997, which is not at all favorable.

4- At 2:15 pm the market was at its lowest for the day after a devastating ADP data in the US. 330,000 when 695,000 was expected. The stagflation was taking shape.

5- The bonds have reached 1.12% profitability in the US (10 years), to turn violently later, after another data given at 4:00 p.m.

6- The data of ISM of services of the USA that has been well above the expected and with the game of prices very risen of tone. Doubly bad for bonds, although stocks have taken it on the bright side.

7- The statements of Clarida, vice president of the FED, have had a harsh tone, so after seeing Waller yesterday, it gives the feeling that the Council is increasingly favorable to tapering and the employment data on Friday becomes more important Well, it seems that it is with what they are going to decide, with that employment data and that of the next month.

8- Citi has downgraded the US technology sector from overweight to neutral.

9- Goldman comments that the risk of stagflation is clearly rising, Hartnett has more and more company.

10- Oil continues to fall sharply in recent days and at this time is down 3%, punished by an inventory data that has not been liked and by the belief that world demand is going to fall because it is at a growth ceiling.

José Luis Cárpatos.

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