The Ibex 35 leaves 2.48% and loses 8,000 points due to fears of recession

MADRID, 5 Jul. (EUROPA PRESS) -

The Ibex 35 has recorded a fall of 2.48% in the session this Tuesday, which has led it to lose the level of 8,000 points for the first time since the beginning of March, in a scenario that continues to be marked by the high inflation, central bank decisions and fears of an economic slowdown.

The Spanish selective has fallen to 7,959.4 points in a session in which Wall Street has returned its activity with falls, after closing yesterday for Independence Day in the United States, and the price of oil has collapsed due to fears recession

This Tuesday it was known that the growth of the activity of the private sector in the euro zone moderated in June to a minimum of the last 16 months as a consequence of the impact of price increases and the deterioration of economic expectations, fueling the risk of "decline" for the bloc's economy during the summer months leading to a recession.

The year-on-year inflation rate of the Organization for Economic Cooperation and Development (OECD) stood at 9.6% last May, four tenths more than in April and the highest rise in prices among advanced economies since August 1988.

On the other hand, the levels of employment in people between 20 and 64 years of age in the EU reached 74.5% in the first quarter of 2022, which represents an increase of 0.5% compared to the last period of the previous year and continues the upward path since the second quarter of 2020.

In Spain, the Public Treasury has placed this Tuesday 5,333.97 million euros in letters at 6 and 12 months, in the expected medium range, and has done so by starting to pay investors for the reference to six months for the first time since September 2015.

In this scenario, the biggest drops in the Ibex 35 have been presented by Repsol (-8.03%), Enagás (-5.96%), CaixaBank (-5.59%), Sabadell (-5.49%), Sacyr (-5.38%), Aena (-4.83%) and Bankinter (-4.79%).

On the contrary, they have only managed to close in 'green' Cellnex, which has risen 1.56% after it has transpired that Deutsche Telekom will resolve the sale of its towers this week, Red Eléctrica (1.09%), Telefónica ( 0.16%), Solaria (0.15%) and Colonial (0.08%).

The rest of the European stock markets have also presented strong falls on the day, which have risen to 2.86% in London, 2.68% in Paris, 2.91% in Frankfurt and 2.98% in Milan.

On the other hand, the price of a barrel of Brent quality oil, a reference for the Old Continent, plummeted to 102.59 dollars, with a drop of 9.51%, while Texas stood at 99.24 dollars, with a decrease of 8.51%.

The exchange rate of the euro against the dollar has fallen this Tuesday to its lowest level since December 2002 due to the growing risks of recession in the eurozone and the less aggressiveness of the European Central Bank (ECB) in normalizing its monetary policy. In this way, the euro came to be exchanged for 1.0256 dollars, its worst cross with the 'green ticket' since the end of 2002.

In the debt market, the Spanish risk premium was close to 110 basis points, with the interest required on the ten-year bond at 2.286%.