The last step back of the Ibex eats 18% of the rebound

It seemed that the rebound that began two weeks ago in the European stock markets was going to be the path to recovery from the ravages caused by the war. However, yesterday’s step back ate up good part of the recovery, 18% in the case of the Ibex <:ibex.mc:/>. The national index fell by 1.87%, compared to 1.45% left by theEuroStoxx 50 <:sx5e.st:>.

These declines put at risk the good run that the European indices had been experiencing in the last two weeks, whose balances closed with notable increases. But it seems that Europe did not set the gear well and the recovery car suffers on the ascent and slowly begins to give way. In the words of the consultant EcotraderJoan Cabrero, “the main European stock markets have once again shown unable to beat the highs they set last weekwhich are the ceiling of the lateral consolidation phase that they have developed during the last five sessions”. It is at these highs that the stock markets marked last week, where “they are encountering resistance these days”, concludes Cabrero.

What is clear is that Europe has not yet made peace with the bear market, which will end when the EuroStoxx reaches 4,050 points and the Ibex does the same at 8,800, according to the resistance set by Cabrero. Of them, the EuroStoxx 50 is at 4.5% and the European index is at 5.4%.

All this occurred in a session marked by widespread declines. Only six companies from the EuroStoxx and four from the Ibex 35, including Inditex in both indices, managed to close the day in positive.

The worst-off values in the case of the Ibex were once again the banks, after recovering 25% of its value in 12 days of rebound. Bankinter (BKT.MC) was the most bearish firm yesterday and suffered a 4.47% crash, closely followed by CaixaBank which lost one 3.74%. Banco Sabadell and BBVA also yielded more than 3%. Utilities were also one of the most affected sectors. On the national floor, Iberdrola (IBE.MC) fell by just over 3.4% and Endesa by 2.9%. The fall in the sector also extended to Europe. The Stoxx 600 Utilities lost 2.45% of its value, with only one positive company out of the 28 it brings together.