The Spanish Blue-Chip IBEX 35 closed 0.46% higher at 8,713.80 on the final trading day of 2021 and up 7.9% in 2021. The market recovered from being down 15.5% in 2020 when it was its worst year since 2010. Spain’s index is well off the multi-year low of 5,815 on March 16th, 2020, as coronavirus fears and lockdown measures hit a crescendo. Germany, Spain and Italy were among the major European bourses closed for the New Year’s Eve holiday The … Continue reading “Spain’s IBEX Worse Performing European Stock Market in 2021, Finished Up 7.9%”
The Spanish Blue Chip IBEX 35 closed 1% lower at 8,074 on the final trading day of 2020, down 15.5% for the year and the weakest stock index in Europe for the year in its worst year since 2010. Spain’s index bounced off the multi-year low of 5,815 on March 16th as coronavirus fears and lockdown measures hit a crescendo.
Spain is holding it’s fourth parliamentary election in four years and two in six month in an attempt to break a political stalemate. However Spanish voters are likely to return an an even more fragmented parliament.
The European services sector strength contrasts with weak manufacturing conditions. Growth was led by Germany and Spain. Suggesting that the domestic economies aren’t as burdened by the global trade war and Brexit drama. Resilient rate of growth that has lost some momentum.
European manufacturing PMIs were mostly soft as the global trade war and Brexit drama weighed. Germany and Italy were notable contributors to the stronger decline. Netherlands and Spain the only two over 50.0
Spanish PM Pedro Sanchez has called a cabinet meeting with a snap election after his budget was rejected in a 191-158 vote. The election will be held in April or May with Sancez’s Socialist Party leading in the polls after Catalan parties withdrew support.
The Turkish crisis escalated over the past week and has sent flight risk contagion ripples through emerging markets. The fallout extends to those that are Turkey’s biggest lenders. There are five banks most exposed with Spains BBVA the most at risk
Repsol SA reported worse than expected second quarter results Thursday due to higher chemical costs hurting downstream earnings despite higher refining margins. Upstream delivered. $REPYY, Spain’s oil major producer is seeking to diversity away from oil.
Spain’s central government in Madrid on Saturday put forward plans to trigger Article 155 for direct rule in the Catalan region in North Eastern Spain. The independance referendum was immediately dismissed by MAdrid nearly 3 week’s ago.
Catalan President Carles Puigdemont and other regional leaders signed a declaration of independence from Spain.