2023-08-22 20:09:26
The BRICS summit in Johannesburg begins today with doubts due to the tensions between its members due to the conflicting interests of South Africa and Russia, the complicated macroeconomic situation of China or the possibility of fitting new economies into this common front of “allied” countries. ”.
This conclave in the southern hemisphere falls in a week in which the stock market focus will be conditioned especially with the Jackson Hole symposium that will start on Thursday after learning the ECB minutes that same morning and tomorrow’s relevant PMIs.
Concerns that lead to an upward break in the gold structure (it exceeds $1,900 per ounce today, positioning itself at the upper limit of the bearish channel that it had been dragging) and to a greater appetite for bonds.
EUR/USD loses steam as dollar strength fails to exhaust. The momentum in US bond yields leads the cross to 1,085, where the support of the 200-day moving average settles.
In this scenario, the session takes place with a cheerful tone in the main stock market indices in which bullish investors have become strong to recover part of what they lost last week.
The IBEX35 scores a half-point rise that allows it to exceed 9,300 points. Negative note for Indra, Grifols and the irregular Repsol that closed with losses a day in which the rises of Arcelormittal, Colonial and Rovi stand out. The real estate company thus breaks its losing streak while the pharmaceutical company is already positioned as the second most winning company of the year in our selective thanks to the credibility that investors are giving to its restructuring plan.
Good session for the DAX which, with a 0.6% gain, is already close to 15,700 euros.
No news of a Bitcoin to which the SEC does not want to give up for the moment and, therefore, lacks the necessary power to climb from the $ 26,000 to which it collapsed last week.
Adrián Hostaled, XTB analyst
#IBEX35 #recovers #points