The Ibex 35 moderates its fall to 3% in the half session

March 13 () –

The Ibex 35 moderated its fall to 3% in the mid-session on Monday, which brought it back to 9,000 integers, but it continued to be weighed down by the selective bank, fearing a contagion from the crisis that caused the intervention of the American Silicon Valley Bank and the Signature Bank, despite the measures announced by the financial authorities of the United States.

In addition, this Monday HSBC Holdings has announced that its subsidiary in the United Kingdom, HSBC UK Bank, will acquire Silicon Valley Bank UK Limited (SVB UK) for one pound sterling (1.13 euros).

The IG market analyst, Sergio Ávila, explains that this situation is the consequence of a “strong loss” in the long-term bond portfolio at SVB, after the Federal Reserve made it clear that the rate hike would continue to be ” aggressive”.

This led to the latent loss materializing and the entity undertaking a capital increase to cover the loss of 1,800 million dollars and making a ‘profit warning’. This situation caused shareholders to sell their shares “strongly” and that clients tried to withdraw the money, “causing the consequent loss of liquidity of the bank and bankruptcy,” adds the expert.

That same Friday, the US government intervened in the entity, with an important portfolio of technological ‘startups’, and guaranteed deposits of less than 250,000 dollars.

In this context, the Ibex 35 was trading at 9,004.1 integers, with Banco Sabadell as the ‘red lantern’, falling 8.70%, followed by Santander (-7.13%), Bankinter (-6.94%) , BBVA (-6.24%), Unicaja Banco (-5.79%) and CaixaBank (-5.06%). In ‘green’, only Enagás (+0.62%) was located.

The rest of the European stock markets also traded with falls. Specifically, Milan lost 3.38%, Frankfurt, 2.10%, Paris, 1.92% and London, 1.66%.

Likewise, the price of a barrel of Brent quality oil, a reference for the Old Continent, stood at 81.61 dollars, with a decrease of 1.38%, while Texas traded at 75.57 dollars, a 1. 45% less.

In the foreign exchange market, the price of the euro against the dollar stood at 1.0662 ‘green bills’, while the Spanish risk premium stood at 105 basis points, with the interest required on the ten-year bond at 3.335 %.