Market sentiment, by María Briongos

We begin a new quarter after a February that it has been the worst month from the financial crisis. Yesterday the feeling of risk went mixed, China is returning to its normality gradually and, the European cases of coronavirus seem credit reached its maximum point, whereas the cases in the United States are still in its heyday. The U.S. chairman Trump warned on that the country would be able to arrive at suffer until 240,000 deaths related to the coronavirus.

In the plane of the details, the U.S. consumer confidence experienced a sharp drop, but it remains in high levels. However we, we must discuss this detail carefully since the information was compiled from 1 to 18 March, that is, before the close of the United States, which is why will not know the total impact in the consumer confidence until the data publication the next month.

The PMI manufacturer of China returned to the expansive territory and in Japan, the survey of Business Tankan that analyses the feeling of major manufacturers fell to - 8 (from 0 in December), the worst reading in seven years and seems that the ones polled expect a great depreciation in the next three months. This morning, the Japanese Prime Minister, Abe, said that the government would take necessary and enough» economic policies «to guarantee that the country does not return to the deflation and it is expected that presented a large-scale fiscal package in ones días.Los details of the CPI of the Eurozone went slightly weaker of the expected thing, because of the strong deceleration of the prices of energy. The underlying inflation returned to fall to 1% boosted by an inflation of services prices lower. With the exception of the prices of energy, deflationary pressures of the crisis of the coronavirus seem relatively restrained until now. However, the majority of the details were probably compiled in mid month earlier of that the blockades entered validity and, therefore, only reflect partly the repercussions of the coronavirus in the front of the inflation

Yesterday's market

the GDP of the 4th one trim. grows 0.4% trim. (0.5% previous).

the CPI of March is placed at 0.5% (0.2% previous).

the Confidence of consumers of March falls to 120 from 132.6 previous.

Foreign exchange market comment

Rafael Cortés

According to Donald Trump the next two weeks are going to be very complicated and it will be where the United States will have fight to maintain the pandemic under control, the number of infected exceeds already the 180,000. The stock exchanges come with falls and returns of the bonds continue going down, the 10y USA approaches the area of 0.60%, according to some economists the American economy would be able to be already in recession.

Yesterday took place a meeting between the United States, Russia and Saudi Arabia in order to try slow down the falls in the oil price, from the United States arrive news of that the conversations were very productive although they are few the houses that they trust in which these contacts finish in some type of agreement to trim the production.


GER 08:00 Retail sales
SP 09:15 PMI manufacturer
EZ 10.00am PMI manufacturer
EZ 11.00am Unemployment rate


2.15pm Survey ADP on employment
4.00pm Expenses under construction
4.00pm PMI manufacturer

Market summary