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ARCHIVED - Spanish stock market IBEX falls by 4 per cent
European stock markets have been hit by the collapse of the American Silicon Valley Bank
Europe’s financial sector has been hit hard by the bankruptcy of US entities ‘Silicon Valley Bank’ and ‘Signature Bank’, and the collapse has led the IBEX 35, the Spanish stock exchange, to fall by at least 3% this Monday, although it may have plunged as much as 4%.
The main benchmark stock market index of the Spanish stock market has started opened in the red this morning due to investors’ fear of a knock-on effect from these US banks going bankrupt.
That means that this Monday may be the worst day for the IBEX 35 since November 2021.
Silicon Valley Bank and Signature Bank have had to be rescued by the Federal Reserve and by HSCB, but it has not been enough to keep off a scare that has impacted Europe.
Santander lost 8.10% of its shares and BBVA 6.6%. Losses have also spread to other entities such as Bankinter, which has fallen 8%, Caixabank, 6.1%, and Banco Sabadell, the worst hit with more than 11%.
This situation has something of a déjà vu about it, and European banks fear a repeat of the 2008 financial crisis after the collapse of Lehman Brothers.
Read also: Forecast for the Spanish economy in 2023
Image: Archive
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