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The Ibex closes at the highs of the day and conquers 8,300 after rising 1.6% in the week

Some analysts already anticipated in November that December will not be a month like last, with very strong increases. Against this, predicted a month of consolidation of levels and much more moderate movements. For now, the first week confirms this impression. In the last five days, the Ibex has advanced 1.6%. The increases have been driven by the advance of this Friday (1.49%) supported by Repsol, the banks or IAG. The week ended above 8,300 (8,322 points).

“The technical aspect of the Spanish index is still good and Everything seems to indicate that we could end up seeing an extension of the increases to the level of 8,375 points, maximum of the bearish gap that will be left in the month of March. The first level of support is at 7,835 points, “explain the experts at Bolsamanía.

Vaccines remain in the spotlight, especially after Pfizer has announced that it is cutting its planned vaccine dose distribution in half this year. This pharmaceutical company was going to distribute before the end of 2020 about 100 million doses of the vaccine against Covid-19.

The most important reference of this session has been the US employment report for November. The country created 2,450,000 jobs in November, compared to the 440,000 anticipated by the expert consensus. The country’s unemployment rate falls to 6.7% from the previous 6.9% and compared to the estimated 6.8%.

Investors are already looking to next week, in which the most relevant events are concentrated between Thursday and Friday. Thursday there will be meeting of the European Central Bank (ECB), while that day and Friday the summit of the European Union (EU) is held, key to knowing what will happen to the European budget amidst the blockade of Hungary and Poland and above all, key to knowing if a Brexit deal is going to be reached before the deadline at the end of the year.

On the other hand, oil is the protagonist this Friday after the OPEC + agreement. It is an agreement that convinces the two opposing parties, the one that wanted to maintain the cut in production during the next quarter at 7.7 million, and the one that wanted to increase it. In the end, instead of reducing the production cut to 5.8 million euros, as the large producers had previously agreed, this reduction in pumping will be 7.2 million barrels per day. This means that production will not rise by 1.9 million barrels per day, but only 500,000. The Brent barrel is trading at this time close to 50 dollars, with increases of 2%.

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