The political crisis in Italy, one more, was the missing factor to finish destabilizing the European markets, already shaky in the current climate of runaway inflation, on the verge of a rate hike and with the slowdown -or a recession- looming on the horizon. The Ibex has fallen 1.8% today, to the edge of 7,800 points, which leaves the selective ever closer to the lows of February, just after the start of Russia's war in Ukraine.
With a negative background current, today everything has played against. From the outset, the European Commission has corrected the economic growth forecasts for 2023. The lack of confidence, here and in other latitudes, continues to cause the price of oil to fall, which has already reached 96 dollars a barrel of Brent . And, to top it off, Wall Street opened lower after disappointing news from JP Morgan, which opens the quarterly earnings season with a 30% drop.
The day has been dominated by red, with Aena (2.67%), IAG (1.52%), Cellnex (1.24%) and Siemens Gamesa (0.42%), the only companies that ended the session in positive. For its part, the biggest falls of the day were led by Acciona (-6.16%), Pharma Mar (-5.27%) and Grifols (-5.13%). As for the companies with the largest capitalization that make up the selective, Santander fell 4.46%, BBVA lost 3.11%, Iberdrola fell 1.76% and Inditex closed flat. For its part, the risk premium stood at around 116 points at the close of the stock market, worsening by about five points compared to the 111.20 at which it closed the previous session.
Italy, for its part, worries investors a lot, just when there is a week left for the anti-fragmentation plan prepared by the European Central Bank to be known. With Mario Draghi's government reeling, the Milan stock market has closed with a drop of 3.5% and the risk premium at 220 points.