On the Spanish stock exchange today we work. Constitution Day is not a holiday among investors and the session is not exactly a party. The main selective of the Spanish Stock Exchange, the Ibex 35, falls close to 2% this Thursday, up to 8,835 points. Virtually all values are in red, led by the chain of supermarkets Dia, which suffers a fall of more than 6.6%. They are followed by Arcelor, Cie, Indra, Bankia, Amadeus and Sabadell, all with falls of more than 3%.
The Spanish Stock Exchange is not in any case an exception: among the European markets, pessimism has spread and all are dyed red. The Eurostoxx also falls close to 2%; Frankfurt, almost 2.4%; London, 2.21%; Paris more than 2.1%; and Milan above 2.4%.
All markets today look towards two key locations: Vienna and New York.
In Vienna, the countries that make up OPEC, the cartel of oil-exporting countries. They have to decide if they agree to a cut in production and exports to stop the fall of crude, which has gone from costing more than 85 dollars in February to about 60 dollars now. Saudi Arabia defends the cut, despite the fact that the United States, its great Western ally, prefers to maintain moderate current prices. In any case, the OPEC will wait until tomorrow to have a final decision on the cut, since the meeting on Friday will be attended by other producers who are allies (non-members) of the group, especially Russia.
In New York the protagonist is Wall Street. This market was closed on Wednesday and on Tuesday closed with a sharp fall of about 3%. He was hit by the cooling of apparent commercial truce that China and the United States seemed to have staged in the G20. And everything makes one fear that this Thursday investors will turn their backs on the stock market before the constant signs of more confrontation between the two powers. The last sign of disagreement transpired last night: The daughter of the founder of Huawei, a popular Chinese mobile phone manufacturer, has been arrested in Canada, at the request of the United States that demands his extradition. Apparently, they accuse him of having missed the embargo imposed on Iran and having traded with this country. China has demanded its immediate release.