The Ibex 35 manages to close above 8,000 integers, despite the collapse of the bank

MADRID, 12 Jul. (EUROPA PRESS) -

The Ibex 35 has closed with a fall of 0.62%, moderating the decline registered today, which had led it to lose the level of 8,000 integers after the President of the Government, Pedro Sánchez, announced two new Temporary taxes on banks and large energy companies in the Debate on the State of the Nation.

Finally, the selective closed at 8,014.8 integers, despite being weighed down by the banking sector, with a great weight in the composition of the index. Specifically, CaixaBank has fallen by 8.63%, followed by Banco Sabadell (-7.44%), Bankinter (-5.08%), BBVA (-3.77%) and Banco Santander (-3.65%). ). Also Unicaja Banco, which is listed on the continuous market, has fallen by 7.67%.

For the XTB analyst, Darío García, this banking collapse means that investors "have spoken", as it is a "major blow" to the expectations of financial entities' results and, mainly, to banks listed on the Stock Exchange.

"The results that banks have offered us in recent quarters will not happen again, or at least not in the same way," says the expert. "The negative acceptance is that, despite the fact that an income of 1,500 million euros is estimated from the banking sector alone, they are barely a fraction of what is necessary to cover the increase in costs due to inflation, which exceeded 10% in June," he added.

Likewise, it points out that the banks with a greater exposure to the national business have been the most affected in the Stock Market after Sánchez's announcement, while the most geographically diversified entities, in the case of Santander and BBVA, are those whose falls have been more "soft" .

For his part, the director of Accuracy, Alberto Valle, points out that the rise in interest rates "normalises a completely exceptional money price environment" and has indicated that this price in the eurozone remains "historically low". Therefore, the higher income derived from a rate hike is a "normal part" of the banking business, and is "nothing extraordinary at the moment".

In addition, he has indicated that the main victim of this tax is "the shareholder", since the Spanish banking system is characterized by the distribution of dividends on a recurring basis. "If the banks obtain a lower net profit, they will be able to distribute a lower dividend", Valle has indicated.

The large energy companies present on the Ibex 35 have also closed with declines, although to a lesser extent, as the possibility of a new tax being approved has already been discounted in recent weeks.

Repsol has left 5.73% in today's session, Naturgy, 0.74%; Enagás, 0.72%; Endesa, 0.63%; and Iberdrola, 0.25%. Solaria (-4.76%), Acciona Energía (-1.06%) and Red Eléctrica (-0.41%) have also fallen, while Siemens Gamesa has remained practically flat (0.06%), although they are companies specialized in infrastructure, and not so much in supplying energy to homes and businesses.

In this sense, the Scope Ratings analyst, Anne Grammatico, has indicated that Iberdrola and Endesa could be less affected by the tax thanks to geographical diversification, although she has stated that "any increase in taxes and the lack of predictability of the policy Government tax" can "compromise the calendar and the volume of capital investment of companies", something that is "vital" for the ecological transition in Spain.

Sánchez announced in the Debate on the State of the Nation the forthcoming approval of temporary taxes on financial institutions and large energy companies to raise approximately 7,000 million euros between 2023 and 2024.

As for the rises that have been recorded today in the Ibex 35, Cellnex (5.67%), IAG (5.34%), Inditex (3.16%), ArcelorMittal (2.43% 9 and Ferrovial (1) stand out. , 15%).

On the other hand, the price of a barrel of Brent quality oil, a reference for the Old Continent, was trading at $100, down 6.63%, while Texas stood at $96.57, down of 7.20%.

In the currency market, the euro continued to lose ground against the dollar and was trading at 1.0068 'greenbacks', ever closer to parity, something that has not happened since 2002, due to growing fears that the eurozone enter a recession dragged down by the consequences of the war in Ukraine.

So far this year, the euro has accumulated a depreciation of close to 12% against the dollar as a result of the greater fear that the eurozone will end up entering a recession due to the impact of the war in Ukraine on prices and markets, as well as the advance with which the United States Federal Reserve (Fed) began to tighten its monetary policy compared to the European Central Bank (ECB).

In the debt market, the Spanish risk premium was around 111 basis points at the opening of the stock market, with the interest required on the ten-year bond at 2.213%.