Spain and Italy See Long-Awaited Stock Recovery Driven by Banking Sector
After a 17-year recovery period following the global financial crisis, banks in spain and Italy are leading a important rebound in their respective stock markets. This surge is effectively erasing losses experienced during the 2008 financial downturn.
Spain’s Ibex 35 Index reached a record high since 2007 in October, while Italy’s FTSE MIB achieved its highest level since 2001 last month. The gains are largely attributed to the performance of banking stocks.
Banks are overwhelmingly responsible for these rallies. In Spain,they account for approximately 70% of the gains recorded this year. In Italy, that figure rises to nearly 80%. Notably, lenders constitute almost 40% of the weighting within both the Ibex 35 and FTSE MIB benchmarks.
