Saturday, March 25, 2023

European stock markets rebounded strongly Monday after the black

Ibex 35 rose 2.23% this Tuesday from the growth of good data in the US, still in full hangover from the payment of Silicon Valley Bank and Signature Bank, so that it reached 9,159 points, with almost all values. positive developments recorded.

Selective sales of the Spanish market and the market has clearly experienced an upward trend this day. Specifically, at the opening they registered an increase of 0.5% in the middle of the session.

It was Meliá of the price that recorded the greatest increase of this Tuesday, advancing 4.65%. It follows Banco Sabadell (+4.50%), which is the hardest hit on Monday after the payment of US entities. In third place was CaixaBank (+4.50%) and after Indras (+3.49%), BBVA (+3.42%) and Amadeus (+3.21%).

As for the rest of the listed banks, Santander rose 3.03%, while Bankinter did so by 3.02%. Unicaja Banco experienced a very timid development, with a rebound of 2.06%.

Enagás is the only value that fell this Tuesday, 0.06%. In the companies that closed “green”, the smallest increases were Telefónica (+0.03%), Eléctrica Rubra (+0.10%) and Mapfre (+0.42%).

Renta 4 believes that the “punishment” suffered by the financial sector on the Stock Market on Monday is “excessive”. “What happened with the SVB cannot be extrapolated to the Spanish bank, which is much more varied by sectors (not forced in the state of technology like the Americans) and by depositors (not as contracted as SVB, with an average deposit of 5 million dollars) with liquidity and with a large business model, which is not so dependent on investing in assets with large latent losses due to the rapid and strong rise in rates by the central banks”, the entity’s analysts highlight.

The rise of the Ibex also occurred after investors reported growth in the United States. This Tuesday, the Labor Statistics Office of the country’s Department of Labor announced that the consumer price index (CPI) rose 6% in February, four tenths less than in January.

With the rest of the major European markets, the German DAX rose 1.83%, while the French CAC 40 advanced 1.86% and the Italian FTSE MIB rose 2.36%. In this way, the Euro Stoxx 50 advanced 2.02% and the British FTSE 100 advanced 1.17%.

A barrel of Brent experienced a decrease of 2.28%, to 78.94 dollars, while the West Texas Intermediate was located at 72.96 dollars, 2.45% less.

The yield of the Spanish bond with a maturity of 10 years experienced a rise this Tuesday, reaching 3.484%, compared to 3.367% that closed on Monday. Thus, the risk premium fell by 4.4 points, to 106.4 basis points.

In the foreign exchange market, the euro decreased by 0.05% against the dollar, reaching 1.0728 dollars for each euro.

Nation World News Desk
Nation World News Desk
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