The IBEX 35 has rebounded a 2.95%, up to 7,626.40 points, and has been at its highest since March 9. The Spanish selective has closed in green 9 of the last 10 sessions and has recovered the collapse of the 14% Registered at the March 11 session. The Spanish stock market, which had stayed clearly lagging behind the March lows, It is recovering positions with great joy in the last three days, as the Ibex has increased by 6% so far this week.

All of it hand in hand with good PMI in the service sector both in China and the Old Continent. In China, the data has remained at 55 compared to the estimate of 50.3 and the previous data of 44.4. It is the best reading of this reference since October 2010. In Spain, It has improved to 27.9 from the previous month’s low of 7.1, although it remains within the contraction territory. In the Euro Zone, it has risen to 30.5 from the previous 28.7 and estimated.

European stock markets thus cling to the positive and continue to ignore the negative – the unrest in the United States and the impact of the Covid-19 – as they have done in recent days and as Wall Street has also done, where Nasdaq is trading at 2% of its all-time high.

Michael Hewson, director of analysis for CMC Markets in London, underlines the ability of the stock markets to recover since the March lows, despite the fact that it was thought that it would cost them much more ‘raise your head’ given the economic impact of the coronavirus.

“Since the March lows we have been constantly making up for lost ground thanks to a combination of unlimited central bank easing and the prospect of large amounts of fiscal stimulus,” he says. From Danske Bank, however, They warn that risk “still reigns in the market.”

This Wednesday other references have been known. May unemployment rate in Germany It has rebounded to 6.3% from 5.8% the previous month. In the Euro Zone, unemployment rose to 7.3% in April and touches the 12 million unemployed.

In the US, employment data from the ADP consultant, which are a preview of the Employment Report published on Friday, have been much better than expected. In addition, data from the service sector has clearly exceeded forecasts. All this one day before the European Central Bank (ECB) meets. Analysts expect more measures to face the pandemic.

On the other hand, news about the coronavirus continues to focus attention. White House health adviser Dr. Anthony Fauci said Tuesday that he is concerned about the “durability” of a possible coronavirus vaccine, noting that there is a possibility that it may not provide long-term immunity.

In business, Lufthansa recorded a net loss of € 2.1 billion in the first quarter after the “drastic decline” in air travel. In other markets, Brent oil fell 0.6% to $ 39.33, while the euro appreciated 0.6% and changed to $ 1.1241. Finally, the profitability of Spanish 10-year bond has risen to 0.62%, while the risk premium it has remained at 98 points.

TECHNICAL ANALYSIS OF THE IBEX 35

“The increases in the IBEX 35 (+ 2.95%) after managing to overcome, this week, the resistance of 7,436 points. The Spanish selective seeks to extend profits to the level of 8,000 points, levels where the bearish gap is that the March 9. If it managed to exceed these prices, it could end up filling the gap to the downside that same day in the 8,375 points. However, for these prices there is the average of 200 sessions, the average in which profits could be stopped, “says César Nuez, analyst at Bolsamanía.

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