October begins with a hangover in European stock markets: the Ibex clashes again with 8,800

1. elEconomista.es

European stock markets have dawned this Friday down (Ibex 35 dropped 1.5%) with yesterday's hangover and that is that the September memory was not going to erase so fast.However, the falls were moderated and shortly before the opening on Wall Street the Green made its way and talked about a bullish turn.False signal.Shortly before the red predominant.The future Americans lost bellows after the inflation data of the underlying PCE (it has not gone to more, but remains high: 3.6% year -on -year) although the green was maintained in the opening, but Europe, which had raffled its own inflation data, he has gone down. El EuroStoxx 50 perfora los 4.040 points and the IBEX 35, although a 0.04% plane rises the day, decoced 0.83% in the week and stays at 8.799.5.It costs the Spanish selective impose itself above 8.800.

October is usually a conducive month for stock panic episodes.It brings very bad memories to investors when several of the main stock market crises occur in history.At the end of October 1929, Dow Jones unleashed the great depression in the US.In mid -October 1987, Wall Street sank in history as the first black Monday of the American Stock Exchange.And in 2008, Lehman Brothers's fall also broke out October.

The historical note adds more drama at the beginning of a month, which has been preceded by important falls during September.The session starter has dragged the pronounced descents of the Asian bags, which today did not have the reference of the Chinese indices, closed by festive.The setbacks have come beyond 1.5% in the early hour.

"The opening with a wide bear hole made the worst fear, but finally the blood is not reaching the river, without prejudice to this fall we see it as a new notice for navigators," says Joan Cabrero, an Ecotrader advisor.As long as not drilling the support of the 8.550 points, adds the expert, the Ibex 35 "will be more lateral than bassist and we continue to think that it is a matter of time that exceeds 9.000/9.055 points and go to objectives that management in the 10.100 points.The question will be to see if before you need to look for support at 7.700/8.000, something we only favor if you lose the support of the 8.550 points ".

In the case of Eurostoxx 50, Cabrero insists on the 4.125 points such as the key resistance and warns the risk of backward to the 3rd area.800/3.900 points.

Meliá shoots, Arcelor suffers

Los valores que más han subido este viernes en el Ibex son: Meliá (+5,88%), IAG (+5,43%) y Merlin (+2,66%).

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Por contra, los que han tenido un peor desempeño son: ArcelorMittal (-4,81%), Siemens Gamesa (-4,59%) y PharmaMar (-3,38%).

De los grandes valores han subido Inditex, el 0,63%, mientras que Iberdrola ha avanzado el 0,51% y Repsol el 0,18%.

Del otro lado, han bajado BBVA, el 1,47%; Telefónica ha cedido el 1,22% y Banco Santander el 0,41%.

En la semana, el mejor rendimiento ha sido para IAG (+7,08%) y el peor Fluidra (-10,33%).

What happens to markets?"When we see a long period of calm like the one we have experienced, and finally ends, investors are scared a bit," explains Jason Goepfert, president of Sindial Capital Research, when he refers to this tumultuous week."No one is accustomed to volatility, and the newest investors, of which there are many at this time, tend to panic".

The hardest position of the Fed, with the intention of starting to withdraw the stimuli and undertake possible types of types next year, has unleashed nervousness in the market this week.The bonds have run out and invoked the ghosts of the Taper Tantrum, the precipitation market fear of the central banks before inflation.

Today at least the bond market has worked as it has to work.The American bonus has decreased from 1.5%, acting as a refuge bond in the face of political instability in the US.Most important is the reaction of European bonds to the inflation data of the euro zone.

The annual CPI of the euro zone has been 3.4% in September 2021, compared to 3% of August, according to a preliminary estimation of Eurostat, the Statistics Office of the European Union.If this preliminary data is confirmed, the inflation rate would be growing to the highest rate since 2008, when prices rose at a rate greater than 4% for a few months

Far from being scared of investors and leaving European bonds have entered strongly.Profitability falls strongly into German, French, Austrian and Dutch debt.The bund comes down again from -0.2%.

Before the opening of Wall Street, the aforementioned consumption price index (PCE) has been published.The general PCE (a kind of CPI that covers a higher range of goods and services) has been 4.3%, playing maximum since 1992.On the other hand, the underlying PCE has settled at 3.6%.The US Federal Reserve pays special attention to the underlying PCE, which is the same indicator as the PCE but does not weigh fresh food or energy, which are the most volatile components of the price index.The Fed has several occasions that is this index that pays more attention to conduct its monetary policy (up or down type, buy or sell bonds...).