Oct 13 (Reuters) – The main index of the Spanish stock market opened lower on Wednesday, moving away from the 8,900 mark, in a climate of nervousness among investors about the situation in China and concern about inflation.
Asian markets hold their breath at a time when positive Chinese trade data for September has managed to mitigate fears of a slowdown in the world’s second largest economy, which is experiencing an energy crisis spurred by a shortage of coal.
In the Chinese real estate market, several companies join the defaults led by Evegrande, which already defaults the third round of bond payments and is feared that it will spread to the rest of the markets.
In the United States, investors will focus on the results of JP Morgan and the evolution of prices in the United States, as well as the reaction to them on the part of the Federal Reserve.
“At the macro level, attention, in addition to the Fed minutes, will be especially focused on the September CPI in the US, which could continue to confirm that we would have already seen the inflation ceiling,” said Renta 4 analysts.
Investors fear stainflation, after disappointing September employment data, at a time when inflation continues to rise and Fed leaders are taking different views on the way forward in phasing out stimulus.
In this context, on Wednesday the selective Spanish stock exchange Ibex-35 fell 55.40 points, 0.62%, to 8,880.50 points, while the index of large European stocks FTSE Eurofirst 300 fell 0.35 %.
In the banking sector, an article by El Confidencial was noted in which it was pointed out that the ECB could study raising the capital bar for half of the Spanish banks. Specifically, the online newspaper said that the supervisor is studying changes in the capital recommendations for Sabadell, Cajamar, Abanca and Ibercaja, which would be added to those of the merged entities (CaixaBank and Unicaja).
Santander lost 0.50%, BBVA fell 0.20%, Caixabank lost 1.21%, Sabadell fell 2.09%, and Bankinter fell 2.03%, dominating the large falls at the beginning of the working day.
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