New crash of the Ibex 35 and the European stock markets due to the resurgence of the conflict between Russia and Ukraine
ABC
Updated: 02/28/2022 10:07 a.m.
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Black Monday in the European stock markets due to the escalation of the conflict between Russia and Ukraine and with the ruble at a minimum. The Madrid selective started the session on Monday with a 2.13% drop due to the increase in tensions with Russia after the financial sanctions and the threat made by Putin to activate its nuclear forces. With the ruble at a low and oil and natural gas on the rise, the main European Stock Exchanges opened the day in the red: the markets of Paris and Frankfurt fell more than 2% and London lost nearly 1%.
Within the Ibex 35, the banks led the declines, with falls of 4.4% for Banco Santander and falls of more than 3% for Sabadell (-3.6%), CaixaBank (-3.17%) and BBVA (- 3.16%).
Also notable were the strong declines in Inditex (-3.2%), Mapfre (-2.2%) and Telefónica (-1.44%).
In the currency market, the euro lost ground against the dollar and traded at 1.1168 'greenbacks', while the interest required on the ten-year Spanish bond fell to 1.159%.
“We think the fundamentals are secure. Ukraine adds to the risks of higher inflation and lower growth that the markets already had, but does not change them decisively. Many underlying fundamentals have strengthened. We are coming from a good fourth quarter results season, with the reopening of the economies. Valuations are lower, Fed risk is better valued and sentiment is weak. A Fed hike on March 16 could be a cathartic event,” says eToro Global Markets Strategist Ben Laider.
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