hit tracker
Thursday, March 28, 2024
HomeLatest NewsThe near financial crisis causes the biggest drop in the Ibex in...

The near financial crisis causes the biggest drop in the Ibex in more than a year

Date: March 28, 2024 Time: 22:18:33

The falls in the stock market do not give truce. Investors’ nervousness prevails in the darkest week for the stock markets in memory since the Russian invasion of Ukraine. On this occasion, the protagonist of all the blows has been the banking sector, a factor that directly exposes the Spanish stock market due to the weight of the entities in the main index: the Ibex 35. The six entities that make up the selective suffer shock absorbers to double digit and fit into the ‘scapegoat’ of the financial markets.

Nor the rescue of the spirits of Silicon Valley Bank (SVB). The response from investors has been unprecedented profit taking in the past year to cover their own backs. The worst unemployed in this situation is Banco Sabadell, which accumulates a decline in the weekly computation of 20%. Before the turbulence, it was the entity that had best behaved in the entire Ibex 35. However, this situation has completely changed and its gains so far this year have fallen to 11%.

The six banking banks registered losses of over 11% in the last week, which add to the bump last Friday. Thus, Bankinter plummeted 16.7%, Unicaja Banco (-14%), BBVA (-14.5%) Santander (-13%) and CaixaBank (-11.7%). Its downward turn has been in line with the behavior of Credit Suisse. The Swiss giant plunges more than 8% amid rumors of a potential bailout by Swiss rival UBS in an operation engineered by Swiss regulators to try to stabilize the entity.

The message sent by the Supervisory Board of the European Central Bank (ECB) that it does not detect a risk of contagion effect among eurozone banks (Switzerland is outside this perimeter) after their emergency meeting has not served to reassure either. to analyze the situation in the financial markets and the banking sector in particular. The rise in interest rates by 50 basis points, up to 3.5%, which on Thursday helped the Ibex rise by 1.5%, has been marred by these circumstances.

The banks are, together with Grifols (-13.61%), ArcelorMittal (-12%), Repsol (-9.8%) and Mapfre (9.5%), the values ​​most punished by the market in the last five days . Between Monday and Friday the Ibex 35 not only suffered its worst week of the year after falling 6%, but it is also the worst behavior in this period since September, when it fell 5%. The first week of the invasion Ukraine lost 9%. This takes him to 8,719 points, a level that he has not touched for more than two months. With all this, the gains in the annual computation are reduced below 6%.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
RELATED ARTICLES

Most Popular

Recent Comments