The Ibex-35 falls almost 2%, weighed down by the decline in the values most related to the cycle
New correction for world stock markets. The recession drums are beating loud again and the Ibex-35 is about to lose 8,000 points with a nearly 2% drop in which the most cycle-linked values are the main protagonists.
At the top of the table, only Cellnex stands out, up 3.5% after it was announced that Deutsche Telekom will wind up selling its towers this week.
Repsol (-3.29%), Acciona (-3.22%) and Acerinox (-3.03%) lead the declines, with banks also falling en bloc, given the prospect of poor macroeconomic data eventually leading the way. expected interest rates will slow hikes by central banks.
Something that the monetary bodies have not yet stated publicly. On the contrary. Both Fed President Jerome Powell and ECB President Christine Lagarde have made it clear in their latest public statements that fighting inflation is the absolute priority, even if it means entering an economic recession.
The euro-zone composite PMI data released Tuesday fueled the declines in the stock markets of the Old Continent. This is one of the most important leading indicators of economic activity and that is why it is mainly followed by investors. And in June, it fell to a 16-month low, on the back of price increases and the deterioration in recovery expectations.
The reference has led to a further weakening of the euro against the dollar. The cross between the two currencies has plunged to $1.0285, the single currency’s lowest level since 2002. So far this year, the euro is accumulating a 9% decline against the dollar.
On the other hand, the price of a barrel of Brent oil, a benchmark for the old continent, was quoted at $111.91, down 1.4%, while Texas stood at $108.28, down 0.14%.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
