The futures come with falls of 0.3% this Wednesday after the cuts that were seen yesterday in much of Europe, which were especially strong in Spain and Italy. Wall Street ended the last session in red (-1% on average) while in Asia there has been a mixed day, with prevalence also of the setbacks.
The minutes of the last meeting of the Federal Reserve (Fed) are published this Wednesday, in which investors will look for clues about what they can expect from monetary policy.
In addition, the CPI of the United Kingdom and that of the Euro Zone will be known. The Euro Zone CPI is forecast to drop from 0.7% in March to 0.4% in April.
The preliminary consumer confidence in May is also published in the Euro Zone. “It is probably too early to expect a rebound in consumer confidence, but it is one of the things we will look for in the coming months, especially now that we are seeing a gradual reopening of many countries,” experts at Danske Bank said.
In the specific case of Spain and Italy, it will be necessary to check whether the lifting of the veto on short positions, which this Tuesday sank both exchanges, continues to weigh. Experts wonder if the CNMV has been hasty in making this decision. So far, the latest positive stimuli, with that hope of a vaccine from the modern American company, have faded. An article in STAT news claimed that the Moderna phase one trial lacked sufficient evidence, so the study was questioned.
In the UK, several Bank of England politicians, including Governor Bailey, will speak this afternoon. “We will look for signs of where the policy committee is moving in terms of reducing rates to negative territory,” they add from Danske.
Regarding the technical aspect of the Ibex, Bolsamanía experts acknowledge that “the sensations are not good at all.” On the support side, the only one to hold on to at the moment cannot be other than last week’s lows and the origin of the last rebound: 6,420 points. Below we only have the bullish gap of 6,230 points and the annual lows at 5,814 points. While on the resistance side, and while it is true that we have several at relatively close levels, the key is at 7,210 points. Only above the April highs will we clearly move away from the danger zone.