The setbacks from the final stretch of last week give way to a strong bullish jump this Monday in the bags around the world. The Ibex 35 rises 4.7% up to 6,779.3 points despite having started the day below 6,600 points. The rebound is the largest in the Spanish index in the last two months.
The recipe for this bullish explosion has been shaped by various ingredients. First, they were already on the upside the framework data that from Asia saw the light in the early bars of the session. Then the recovery in oil prices with the continuation of de-escalation plans in several countries. Finally, the advances that two well-known American pharmacists have revealed in their fight against Covid-19.
The key data of the session came from Japan, whose second estimate of GDP for the first quarter significantly improves the initial forecast and also the forecasts of the experts. The country has released a contraction of 3.4% compared to 4.6% expected and 7.3% from the previous reading. Furthermore, non-oil exports of Singapore They have grown 9.7% compared to the 5% drop that awaited the consensus of economists.
The best closing of the month of May
The values of the tourist sector took the lead in the index. Amadeus (+ 14.9%), IAG (+ 11.2%), Meliá Hotels (+ 9.2%) and Aena (+ 7.7%). Very close to this last level they were placed ArcelorMittal (+ 7.2%), which has thus received the investment irruption of BlackRock and Repsol, which rose by 6.6%.
After the bell rang, only one value opted for losses: Siemens Gamesa, which later managed to turn green. At closing, the only penalized values were Enagás (-0.3%), Viscofan (-0.1%). Mediaset Spain was green by the minimum, 0.06% higher.
Free of shorts
In the absence of significant corporate developments in the Madrid parquet, all attention is directed towards the decision of the National Securities Market Commission (CNMV) to “Not to extend the prohibition of creation or increase of net short positions” after two months of validity of this measure. The end of the veto has been decided in coordination with other European supervisors, although the obligation to report these bearish positions from 0.1% of the capital of any listed company remains in force.
Meanwhile, the gold falls off its recent eight-year highs when it was approaching $ 1,780. The drop of 1% suffered on Monday lowers its price to $ 1,740.
Oil a month later
Due to the raw materials market, progress in de-escalation plans contributes to raising the price of Petroleum above 35 dollars per barrel in the case of a European Brent that rises 8.5%. An escalation that comes just a month after the negative entry of the American WTI, which today rises 12% to easily get back the $ 30 after two months below this level.
In the currency field, the euro recovers the level of $ 1.09 although by a small margin, up 0.8%. The expectations generated by the upcoming movements of the central banks are the main engine of the variations in this crossing.
The purchases of the European Central Bank (ECB) are those that manage to keep peripheral risk premiums at bay. The spread for Spanish bonds moderates towards 134 points with a yield of 0.82% compared to -0.52% for the reference German ‘bunds’.