'Surpassed' the Santander-Popular operation, the Ibex now looks at the ECB and the UK

The Ibex has managed to overcome one of the great tests of June, the 'solution' of the situation of Popular, with tranquility and relative 'good note'. The selective closed yesterday practically flat (today it starts with falls of 0.3%) and also Santander moderated the cuts (today leaves a 0,35%) in spite of communicating an extension of 7.000 million. Now, Popular is a history of the past and there are words about the problems of the spanish financial system and, even so, the Ibex remains impassive

However, investors dicide to look foward. And that other thing today is two: the monetary policy meeting of the European Central Bank (ECB) and the UK elections. The british citizens will vote this Thursday throughout the day and it is expected that the election result will be known at dawn, so that the exchanges will quote tomorrow.

It is not clear what will be the best result for the European stock markets, although analysts believe that the 'best', in order to avoid uncertainties, would be for Theresa May to get that loose victory she was looking for with these elections. However, it is not clear whether he will get it, and look at the political consequences that could have, for example, the Conservative Party lose the majority. It is already said that May would have to resign, which would lead to political instability in the UK and uncertainty and discomfort in the equity markets and the pound.

As for the ECB, the meeting comes in a complicated context for Mario Draghi, who will have to give more than an explanation about the first bank rescued under his mandate, which curiously in Spanish. And when you talk about bailout you have to refer to the customers, because for the shareholders it has been more a bank liquidated - since they have lost everything. With Popular acting, the ECB has set the bases for what will be its interventions in matters of troubled banks.