Investor sentiment this day has been risk aversion. While sovereign debt has soared in price (falling interest), equities and even oil (it woke up with rises after the lack of agreement in OPEC) have been damaged.
These falls, although they may be occasional, put the technical aspect of the European indices at risk. From Ecotrader Joan Cabrero, advisor and strategist of the premium portal of elEconomista.es , points out that the EuroStoxx 50 is testing the key support of 4,040-4,050 points (at the close it was situated at 4,052 points).
Its transfer would be anything but bullish and would raise the possibility that the current consolidation phase could turn into a correction. This would be in line with the monthly candles for June, recalls the technical analyst.
In the case of the Ibex 35, the support area is at 8,800 points. In the event that both zones (Ibex and EuroStoxx) are drilled, the summer sales period could begin, turning the current lateral consolidation into a full-blown correction that could take the main European benchmark to May’s lows at 3,855 -3,785 points, the scope of which would be magnificent to buy the bag again with a medium-term orientation.
In the specific case of the Ibex 35, “if the support of 8,800 points gives way, there is no other up to 8,500 points, the scope of which would have seen a correction identical in intensity to the one we saw in January, says Joan Cabrero, Ecotrader advisor .
Steelmakers and banks suffer
Returning to the values and the sectors, the steel companies have plummeted in the day. Acerinox has dropped 3.6% to 10.18 euros per share, while ArcelorMittal has lost more than 5% to 15.42 euros per share.
These firms are closely linked to the economic cycle and economic activity in China and India, which are still the major consumers of steel. New waves of covid threaten India, while economic activity to slow down in China, according to real-time indicators.
On the other hand, the bank has fallen sharply as well. Banco Sabadell has corrected 5.8% to 0.549 euros per share, Bankinter 2.6%, BBVA 2.67%, CaixaBank 3.37% and Banco Santander 3.15%.
Ni siquiera el petróleo se ha librado pese a que las noticias que llegan desde la OPEP son positivas para su precio. La producción de crudo seguirá cercenada por el antiguo acuerdo del cártel ante la falta de entendimiento entre Arabia Saudí y Emiratos Árabes Unidos.
Aún así, el petróleo corrige cerca de un 2% hasta los 76 dólares. Esta caída ha arrastrado a Repsol que se ha dejado un 3,24% hasta los 10,072 euros por acción. Siguiendo con las energías fósiles está Enagás que hoy ha descontado su dividendo.
Entre las notas positivas del día ha destacado Solaria, que ha subido un 3,33% tras el nuevo espaldarazo de BofA. Por otro lado, Siemens Gamesa se ha anotado una subida del 1,5% hasta los 28,37 euros, PharmaMar otra del 1,7%, Grifols ha cerrado con alzas del 1% e Iberdrola ha sumado otro tanto.