After the falls on Tuesday and the losses seen in Asia this Wednesday, the European stock markets face a session in which the positive results of Inditex will be listed on the Ibex 35 and investors will have to digest the data published in China this Wednesday, that have shown a sharp slowdown in the growth of retail sales due to the impact of restrictions to curb the impact of the Delta variant on consumer spending and travel during the summer holidays.
These figures fuel anxiety that the global economic recovery has reached its peak.
So that the risk of attending greater falls is removed, at least temporarily, “The minimum required is that the Ibex 35 manages to close the gap that opened dates back from 8,840 points and then that it manages to beat the first resistance of 8,915 points”, says Joan Cabrero, Ecotrader advisor.
“At the moment it is not even able to overcome the first resistance of 8,840 points and we fear that the indefiniteness in the Ibex 35 could persist as long as the rest of European stocks remain on their first supports and are not able to beat first resistances”, continues the technical analysis expert of the investment strategies portal of the Economist.
EuroStoxx key level: 4,080
“In this sense, I suggest watching the key support presented by the EuroStoxx 50 at 4,080 points and first resistances at 4,275 / 4,300 points,” he adds. “If that support loses a lot, I am afraid that a corrective context could open in the European stock markets that could lead the main European benchmark to seek in the worst case the 3,800 / 3,900 points, being the similar support zone in the Ibex 35 the 7,700 / 8,000 points “, concludes the strategist.
The inflation debate relaxes
Inflation in the United States in August confirmed this Tuesday was lower than anticipated, 5.3% year-on-year compared to 5.4%, which is an impediment to resolving the debate on whether the pressures on prices are temporary.
With this data, the interests of the North American and European public debt relax this Wednesday, with the reference to 10 years of the United States below 1.3% and the Bund retreating after reaching two-month highs after the Bundesbank (Germany’s central bank) expected inflation in the country to rise to a peak of 5% by the end of 2021.
Fourth session of rises for oil
Futures that trade on a barrel of oil rose for the fourth consecutive day, after reports on the US industry have shown another decrease in the inventories of crude oil and gasoline, indicating on the one hand a reduction in supply and, on the other hand, another the strong demand.
Brent oil, the benchmark in Europe, is approaching $ 75 per barrel, the price at which August started.