After several weeks of effervescence, the euphoria for the banks cooled down yesterday, when their main references in Spain fell sharply. Behind these falls there are several factors, but one stands out above the others and that is that rumors arose that the ECB regulator, which is ending its talks with Spanish entities, is going to demand a greater amount of capital from several of them, such as They are CaixaBank, Unicaja, Sabadell, Cajamar, Abanca and Ibercaja , according to El Confidencial , referring to sources close to the sector.
This risk has been joined by the doubts generated by the latest inflation data in the US , which has remained in line with analysts’ forecasts. Bond purchases have skyrocketed, especially on this side of the Atlantic, given the prospect that inflation here will take a little longer to arrive.
Another doubt has been generated as a result of the results of JP Morgan, which at mid-session yesterday lost 2% despite the fact that its results more than met the expectations of the consensus. The negative point came in the low growth of loans.
All this has generated a strong punishment within the sector throughout the world in general and in Spanish in particular, where the falls have gone from 3.18% of Banco Santander to the more than 7% that Sabadell has left. BBVA has lost 3.6% while Bankinter and CaixaBank have fallen close to 4.3 percentage points.
This Wednesday contrasts with the trend of recent weeks, which had led Spanish entities to recover levels prior to the coronavirus, as can be deduced from the evolution of the Ibex Banks index, which continues to record 35% so far this year despite to the contraction of yesterday.
5 points from Europe
Since mid-May, the benchmark index in Europe has reaped higher annual gains than the Ibex and this difference expanded yesterday to almost 5 percentage points , after the national selective closed the session as the most bearish stock of the day with a 0.6% decrease. The EuroStoxx 50 , on the other hand, achieved gains of 0.7% boosted by technological, automotive and industrial stocks.