- The intensification of the trade war with the US has triggered the sharp declines in Europe
The week has not started on the right foot for the Ibex 35. The selective has dropped 1.78% to 9,617 points, its biggest drop in more than a month. The intense trade war with the US has had an impact on the European stock markets. In the case of the Ibex, almost all the values have closed with significant drops, which has made the selective has closed at the lows of the session.
- 11.087,400
- -0,60%
However, ArcerlorMittal has been the red lantern of the session with a fall of 4.9% to 26 euros. The US is the main source of income for the steelmaker, so a commercial war between Europe and the US can take its toll. In addition, it should be noted that ArcerlorMittal depends more on the US than the other steelmaker of the Ibex, Acerinox, which has also fallen by 2.4%.
Experts attribute these declines this Monday to the commercial crisis this weekend after the latest statements by Donald Trump. The president of the United States has asked other countries to put an end to their trade barriers or, otherwise, has warned that there will be reprisals.
IAG was the second value with the worst performance. The air holding company has left 4.5%. Bad day also for Melia Hotels, which has fallen by 3.51%. On the side of the falls we must also talk about DIA, which has set new annual minimums at 2,586 euros. Finally it closed with a fall of 1.06% to 2.61 euros. In the year, it already accumulates a fall of 39%.
On the other hand, Ferrovial closed with a fall of 1.95% while it is pending the vote of the British parliament on the extension of Heathrow. Regarding the impact that the verdict of the Parliament can have, the experts point out that it is only a 'procedure'.
"After the approval of the British Government on June 5 was already scheduled for the British Parliament to vote in the following weeks the project of the third runway of Heathrow," say the experts of Banco Sabadell, so they add that the news itself has no impact on Ferrovial due to the expected absence of surprises.
Also note the strong fall of banks. Banco Santander has sold 2.99%. For its part, BBVA has dropped 1.73% after the victory, again, of Erdogan in Turkey. The entity chaired by Francisco González gets 15% of its income from Turkey. The rest of the banks have also closed with significant falls.
On the side of the increases, only two values have closed in positive. Cellnex has risen 0.68%; and Red Eléctrica, 0.36%. On the other hand, Gas Natural has been the entire session between red and green, finally closed with a fall of 0.32%, while waiting for the presentation of its strategic plan. There is also talk of CIE Automotive, which has closed again in red (-3%) and deepens its collapse after debuting on the Ibex. The company has accumulated losses of 15% since its debut at the Ibex last week
In the main board, Duro Felguera has held its shareholder meeting in which it has expelled its ex-president Angel del Valle from the board. In addition, it has approved the refinancing agreement of the bank for an amount of 233 million euros. The company has fallen 0.94%.
OTHER MARKETS
The rest of the stock exchanges of the Old Continent have also closed with important falls, pressured by the commercial war. The FTSE 100 in London has dropped 2.08%; the German DAX 30, 2.07% and the CAC 40 of France have fallen by 1.6%. For its part, Wall Street is trading with significant falls: the Nasdaq is down 2.3%.
"On the political scene, all eyes have been on the informal mini-summit (16 countries) of the EU in Brussels on migration, no formal agreement was reached before the summit of the 28 countries on Thursday. He also staged the pressure that Merkel is undergoing, especially from his own government, "the analysts at Danske Bank point out.
Oil is trading in red, with sharp falls in Brent (-1.6%) and more moderate in West Texas (-0.15%). This comes after a strong rise in value on Friday after it was finally announced that OPEC (Organization of Petroleum Exporting Countries) plans to increase production by 1 million barrels per day, although in reality this increase will not be so great. In real terms, it is estimated to be between 600,000 and 800,000 barrels.
The euro tries to recover in its exchange against the dollar and increases 0.33% to 1,1693 'greenbacks'. Regarding the macro data of the day, business confidence in Germany falls again in June. The IFO index reduced its score to 101.8 units from the 102.3 it scored in May.
