The IBEX-35 has dropped 2.48% this Tuesday and has lost the level of 8,000 points for the first time since the beginning of March, due to fears of a possible recession in a day of declines in the rest of the European stock markets.
Specifically, the Spanish selective has fallen to 7,959.4 points in a session in which Wall Street has returned to its activity with falls, after closing yesterday for Independence Day in the United States, and the price of oil has plummeted by recession fears.
In addition, this Tuesday it was known that the growth of the activity of the private sector in the euro zone has moderated in June to a minimum of the last 16 months as a result of the impact of price increases and the deterioration of economic expectations, fueling the risk of “decline” for the bloc’s economy during the summer months leading to a recession.
According to the latest available data, inflation in the countries of the Organization for Economic Cooperation and Development (OECD) stood at 9.6% in May, four tenths more than in April and the highest rise in prices among advanced economies since August 1988.
On the other hand, employment levels in people between 20 and 64 years of age in the EU reached 74.5% in the first quarter of 2022, which represents an increase of 0.5% compared to the last period of the previous year and continues the upward path since the second quarter of 2020.
In our country, the Public Treasury has placed this Tuesday 5,333.97 million euros in letters at 6 and 12 months, in the expected medium range, and has done so by starting to pay investors for the reference to six months for the first time since September 2015.
In this scenario, the biggest drops in the Ibex 35 have been presented by Repsol (-8.03%), Enagás (-5.96%), CaixaBank (-5.59%), Sabadell (-5.49%), Sacyr (-5.38%), Aena (-4.83%) and Bankinter (-4.79%).
On the contrary, they have only managed to close in ‘green’ Cellnex, which has risen 1.56% after it has transpired that Deutsche Telekom will resolve the sale of its towers this week, Red Eléctrica (+1.09%), Telefónica (+0.16%), Solaria (+0.15%) and Colonial (+0.08%).
The rest of the European stock markets have also presented strong falls on the day, which have risen to 2.86% in London, 2.68% in Paris, 2.91% in Frankfurt and 2.98% in Milan.
On the other hand, the price of a barrel of Brent quality oil, a reference for the Old Continent, plummeted to 102.59 dollars, with a drop of 9.51%, while Texas stood at 99.24 dollars, with a decrease of 8.51%.
The exchange rate of the euro against the dollar has fallen this Tuesday to its lowest level since December 2002 due to the growing risks of recession in the eurozone and the less aggressiveness of the European Central Bank (ECB) in normalizing its monetary policy. In this way, the euro came to be exchanged for 1.0256 dollars, its worst cross with the ‘green ticket’ since the end of 2002.
In the debt market, the Spanish risk premium was close to 110 basis points, with the interest required on the ten-year bond at 2.286%.