The Ibex 35 loses 2.12% in its biggest drop since the Silicon Valley Bank crisis last March

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July 6 () –

The Ibex 35 has closed this Thursday with a decline of 2.12%, which has placed the selective at 9,285 points, in its worst session since mid-March, when the bankruptcy of US financial institutions such as Silicon Valley Bank ( SVB) plunged the markets.

The selective stabilized from the opening in losses of around 1% after learning the day before -with the European market already closed- the harsh tone of the minutes of the last monetary policy meeting of the Federal Reserve (Fed) of the United States States, in which interest rate hikes were paused at 5-5.25%, and for which most of its members considered it appropriate or acceptable to maintain the rate target range at that level to reduce inflation.

The key to the negotiation, however, has been in the strength of the macroeconomic data from the United States, known at the opening of the New York stock market: the ADP employment report for June recorded the creation of almost half a million jobs in June work, which has doubled expectations, while the services sector (ISM) also rose strongly in the same month.

The Wall Street indices opened with falls of more than 1% (the Dow Jones, its main indicator, discounted 1.4% at the time of closing the stock market in Europe) after knowing these data that pointed to the strength of the labor market and the US economy, which would give the Fed arguments to maintain an aggressive rate policy for longer than expected by investors.

This downward trend was transferred to the Spanish selective and to the rest of Europe and intensified the losses of the morning until the negotiation concluded with the biggest decreases since the middle of last March.

In this context, London has dropped 2.17%; Milan 2.53%; Frankfurt 2.57% and Paris 3.13%.

Within the European macroeconomic agenda, this Thursday it became known that retail sales in the euro area in May remained stable in the monthly rate, although they registered a fall of 2.9% in the interannual rate (compared to the same month of previous exercise).

In Spain, the Public Treasury has placed 7,028.55 million euros in a medium- and long-term debt auction, in the expected medium-high range, and has done so remunerating investors with higher interest rates, even offering for 50-year obligations almost 4%, according to data published by the Bank of Spain.

At the close of the session, the biggest decreases within the Ibex 35 have been for IAG (-4.14%); Colonial Real Estate (-4.1%); Merlin Properties (-4.07%) and Inditex (-3.89%). Other stocks of weight in the selective have registered notable depreciations, such as Banco Santander (-3.08%); Repsol (-2.24%) and BBVA (-1.7%), while Indra was the only company to close positive after adding 0.51%.

At closing time in the Old Continent, the price of a barrel of Brent oil, a reference for Europe, fell 1.3%, to 75.66 dollars, while Texas stood at 70.91 dollars, a 1.25% less.

In the currency market, the price of the euro against the dollar stood at 1.0868 ‘green bills’, while the interest on the ten-year Spanish bond has closed at 3.692% after adding almost seventeen basic points for that perspective of high rates, with the risk premium (the differential with the German bond) at 107 points.