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The tourism sector and Telefónica weigh down the Ibex while virus infections grow


The IBEX 35 falls 1% to 7,337 points after rising Covid-19 infection rates in China, Japan, India, various states of the United States or Germany. Investors are afraid that the V-shaped recovery will be tested and that shows in the European stock markets, although Wall street it remains much stronger and records moderate gains.

By values, those related to tourism, such as the airline IAG, Meliá Hotels and Amadeus They are the most bearish within the selective. Also, two pesos like Telefónica (-3%) e Inditex (-2%) also represent an important burden for the selective.

In positovo, Siemens Gamesa up 5% after falling in recent days after changing its CEO, and Almirall advances 1% in his debut on the Ibex. In the Continuum, the fall of Abengoa while the company pleads with the banks for a new financial rescue.

And in other markets, the Brent oil increases 0.2% and remains above $ 42, while the euro It appreciates strongly 0.7% and changes to $ 1,1255. Furthermore, the profitability of Spanish 10-year bond relaxes to 0.46% and the Spanish risk premium it remains at 91 points.

UK to announce possible relaxation of the two-meter distance rule later this week, in an attempt to boost the hospitality industry, while a increase in localized coronavirus cases in Germany has raised concern about a second wave of the virus in there.

"Since Germany has been widely praised for its rapid response to the coronavirus, both fiscally and medically, countries across Europe will now nervously watch what happens there while the authorities of that country face this outbreak, "explains Michael Hewson, director of analysis at CMC Markets in London.

In Spain, the state of alarm has come to an end and the entire territory has entered the 'new normal' since this Sunday. Hewson points out that Spain will be one of those countries concerned about what is happening in Germany.

In Asia, people talk about Hong Kong's national security law, which was outlined by the Chinese authorities this Saturday and is expected becomes law on September 6. China has said the project aims to protect its national security, while the United States, the European Union and the United Kingdom fear that it will be used to undermine the 'one country and two systems' framework agreed to as part of the Hong Kong to China in 1997.

All in all, from a technical point of view, the Ibex still unable to fill the bearish gap that was left last June 11 at 7,663 points. "The Spanish selective is trading between two gaps, so we will be very aware of its behavior at two price levels in the coming days. Below, the key level could be located at 7,000 points," he says. Cesar Nuez, ForexNews.online expert and head of Trader Watch.

"Be very careful with the abandonment of this level of demand since we could end up seeing a return to the level of 6,421 points, lows of last May. Above, the key resistance lies in the 7,663 points. To see a return to 8,000 points we should wait for it to exceed this level of supply, "concludes this expert.

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