Feeling of market, by Alberto Carbonell

The uncertainty and the dread to a second one confinamiento from the United States as a result of the evolution of the number of infected, returned to empower of the share incomes during yesterday's session, dyeing of red all indexes of equities with the already recurring exception of the Nasdaq. The selective technological American signed up a gain of 0.53% accumulating so far this year a revaluation of 17.56%, together with the CSI 300 of Shanghai, are only indexes of the principals to worldwide level that they accumulate revaluations so far this year.

For today's session do not have significant economic references. The most notable thing is that Fitch revises the rating of Italy. It is expected that remains in the BBB - because of the support shown by the ECB via its purchase programme and to the one of the EU via the fund of recovery. Fitch with a downward trend already revised the rating of Italy at the end of April placing it in the BBB - with stable perspective. This fact, together with supports of the ECB via its purchase programmes and to the one of the European Union, via its recovery fund, do very unlikely a new reduction. Remember that so much the rating of Italy of Fitch as that one of Moody’s just are found a step above «junk bond». S&P him assigns to the transalpine country a BBB from 27 October of 2017.

Yesterday's market

GE

The exports of May grew 9% MM (13.8% expected, - 24% previous), the imports grew 3.5% (12% expected, - 16.5 previous). The superavit commercial rise 7,600 mios.

US

Weekly unemployment applications fell to 1,314 mios something under 1,375 mios that expected the consensus.

Foreign exchange market comment

Rafael Cortés

We wake up with a certain feeling of «Risk off» , rhyme the of cancellations and contagions in USA still recovers and the dread to a second wave installed in the market is had. The Asian stock exchanges fall after 8 consecutive days of rises and the dollar is appreciated.

The EUR/USD has been turned around, after touching yesterday the area of the 1.1350, puts direction again towards the low area of the range in which are immersed 1.1180.

The price of the barrel of oil comes back to fall under 40 $ which is why the «comodity currencies» AUD, NOK and CAD if constant the trend, they should be offered.

Europe:

— No data.

US:

US 2.30pm PPI (Jun).

Market summary