The futures of the Old Continent come with increases of 0.5% this Monday
The Ibex 35 and the rest of the European stock markets point to a positive start to the session this Monday (futures: +0.5%), in a day that will not have the Wall Street reference, closed by the celebration of the ‘Day of the Independence’ . Analysts anticipate that the volume of business will suffer today due to this, in what could be a day of transition with few notable macro references, except for the June strike in Spain .
Throughout the week different data of interest will be published, such as the PMI services and composites for June in Europe on Tuesday; Fed minutes on Wednesday ; the ECB minutes on Thursday; and the US June employment report on Friday.
The Ibex starts today from 8,176 points after rising 0.96% on Friday and ending the week with a negative balance of 0.8%. In the last session on Friday, the Spanish selective covered the downward gap left on Thursday, bouncing from the 8,000 point level.
“The technical aspect of the Spanish index continues to be complicated and we will not see a sign of strength again as long as it continues to trade below 8,374 points , the maximum of last Tuesday,” explained the analysts at Bolsamanía.
“Only a close above this price level would make us think of an extension of the gains to 8,711 points , the maximum of the bearish gap of June 10,” they add.
Pay attention this Monday to the banks before the news published by ‘Financial Times’. As he explains, the European Central Bank (ECB) is studying how to prevent banks from obtaining billions of euros of additional benefits from the ultra-cheap loan plan that the agency launched during the pandemic, once it begins to raise rates. of interest later this month.
The €2.2 trillion of subsidized loans the ECB gave to banks helped avert a credit crunch when the Covid-19 crisis hit. However, now that the central bank is set to raise interest rates, eurozone lenders are expected to receive up to €24 billion in additional profits , according to analysts.
The ECB’s Governing Council is scheduled to discuss how it could curb the extra margin that hundreds of banks would get on their subsidized loans simply by depositing them back with the central bank, according to three people familiar with the plans.
RISK OF RECESSION
The fear of recession continues to be the element that weighs most on the markets today and is increasingly spreading to more parts of the world.
Nomura expects many major economies, from the eurozone to Australia and Canada , to slide into recession along with the US in the next 12 months , amid restrictive government policies and a rising cost of living, which will push the economy higher. to a synchronized slowdown in growth.
The pullback in the US may be moderate, but long and painful: high inflation may prevent the Federal Reserve from rushing to reverse the slowdown.
FALL OF LISICHANSK
Ukrainian troops have withdrawn from the eastern Ukrainian city of Lisichansk , the last urban holdout under Kiev’s control in the beleaguered Luhansk region, as Vladimir Putin’s Russian forces move closer to their goal of capturing the province, ‘Bloomberg’ reports. .
Having failed to take the capital, kyiv, following its invasion in February, the Kremlin has narrowed its short-term goals to taking over the heavily industrialized Donbas, made up of the eastern regions of Luhansk and Donetsk. Meanwhile, Ukraine plans to present a project – some 2,000 pages long – to rebuild the country, which could mobilize hundreds of billions of euros.
OTHER MARKETS
The euro is exchanged at 1.043 dollars (+0.02%). Oil continues to rise. Brent stands at $111.73 and West Texas at $108.52.
Gold advanced 0.6% ($1,813), as did silver ($19.79).
Bitcoin falls 1.25% ($19,110), similar to what ethereum drops ($1,052).
The return on the 10-year US bond falls to 2.889%.