Ibex 35 hits six-month low on fears of impending recession

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The Spanish stock market doesn’t rear its head in 2022 (lost 11% so far this year) and is experiencing another dark week. Thursday after negative reactions US Federal Reserve hikes interest ratesIBEX 35, the main national indicator, fell nearly 3% in the middle of the session this Friday and lost the 7,600-point range. Publication of advance data on business activity in Europe (PMI), which hits 20-month low and fuels fears of an imminent recession, topples the great trading floors of the old continent: German DAX, French CAC And the British FTSE they also depreciate over 2%. The trend is global: MSCI World, which reflects the performance of the largest companies in developed economies, is at a two-year low.

In addition to interest rate hikes by the Fed and the Bank of England, poor PMI data for September added this Friday. This indicator, which reflects the behavior of the manufacturing industry and the service sector, is again negative. third consecutive month, According to ING analysts, poor continental data collected by S&P Global showed business activity shrank in the quarter and “the slowdown may have already begun”.

In Spain, Ibex is painted red: 34 out of 35 values ​​that make up it show damage. At noon only Siemens Gamesa survives, which has appreciated 0.14%. Nearly 2% of all sinks and drags the Spanish team on the worst day of months. At the head of the losses is Solaria, a company specializing in photovoltaic energy, which depreciated by about 8%. Along with this, two other bearish prices are Acciona and Corporación Acciona, confirming a bad session for the renewable energy sector. The large Spanish bank, which suffered extensive losses this Thursday, gave up on acquired land and depreciated all but more than 2%.

In the forex market, the dollar, propelled by the Fed rate hike, thus capped off a week of sustained growth. The euro is once again hitting a 20-year low it had already set earlier this month. Green tickets are paid in the middle of the morning for 0.97 euros. The pound sterling also depreciated against the US currency, despite the Bank of England raising rates. The only notable exception is the Japanese yen. The Japanese government intervened this Thursday to relaunch its currency in the foreign exchange market. – which is the lowest in 24 years – after its central bank decided to continue with ultra-low rates. The exchange of dollars for yen seems to have paid off and the Japanese currency appreciates slightly.

The debt market has remained untouched by the general trend and is getting worse: the risk premium rises above 113 points (113.2) and the 10-year Spanish bond is paid at an interest rate of 3.19%, up from around 3% More. Even in this dark day of markets, oil is not behind: Brent (the benchmark in Europe) depreciates 3% around noon and becomes a little over $87 a barrel. West Texas Intermediate (WTI), a reference in the US, follows its counterpart’s mark and the barrel fell more than 3% to $80.60.



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