Comment and analysis of the closing of the stock market (Tuesday, August 13, 2019



The bags recover some optimism: the Ibex bounces 0.22%

After a very busy start to August, today the stock exchanges have recovered part of the tranquility. The main indexes have rebounded strongly, including that of Argentina, which after collapsing more than 30% yesterday, today has opened up 11%.

The most sensitive stock exchanges have risen to a greater extent: German DAX + 0.60% and French CAC + 0.99%. On Wall Street, profits were around + 1.5% a few hours after closing. The Ibex has moved in a very wide range today but has closed at 8,695 points after adding 0.22%.

In Europe the bags have mutated from red to green after knowing that the US will delay the entry into force of some tariffs from September to December. This news somehow raises certain hopes for the meeting that both countries will hold in two weeks.

This does not take away so that the international scene is of maximum concern, as we have seen during a first part of the day in which there has been a predominance of the red color due to the different open fronts: Hong Kong, Argentina, Italy, Brexit, etc …

Within the Spanish stock market, cyclical values ​​such as Arcelormittal (+ 5.30%), ENCE (+ 4.76%) and CIE Automotive (+ 2.58%) have risen strongly. On the other side of the table, the Cellnex (-2.49%), AENA (-1.55%) and Amadeus (-1.16%) declines were not spared.

Along these lines, refuge assets such as gold or fixed income have slowed their rise. As a result of this greater commercial optimism, oil has registered a rise of more than 4%.

In Germany, the ZEW sentiment survey has fallen far short of expectations, and that the estimates were already quite pessimistic. Its variant of expectations about the country has fallen to -44.1 points to the minimum zone since 2012. Everything indicates that the second quarter GDP reading that will be published tomorrow will show a contraction of the economy in the period.

In addition to this in the macro agenda we have had many references of inflation. Those of Spain and Germany in July have complied with the script by standing at 0.5% and 1.7% respectively. The US It has been one tenth above the expected at 1.8%, very close to the Federal Reserve objective.


Authors:

Felipe López-Gálvez, MFIA
Self Bank Analyst
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Victoria Tower
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