European stocks down amid new banking uncertainty

The main European stock markets opened lower this Friday, March 24, while a new setback for banks took place, this time led by Deutsche Bank and Commerzbank, which have considerable falls on the Frankfurt Stock Exchange.

Banks are once again the main drag on equities, with Germany’s Deutsche Bank suffering a double-digit slump.

In the same way, UBS and Credit Suisse, which are still listed separately, fell on the Zurich stock market after the investigation carried out by the United States Department of Justice was revealed.

The Spanish Ibex 35 falls 2.32% and stands at the edge of 8,700 points. Spanish banks led the biggest falls in the Ibex 35. Banco Sabadell sank 7.5%; Bankinter, 5.55%; Unicaja 5.62%; BBVA, 5.5%; Santander, 5.11% and CaixaBank, 4.31%.

The other European stock markets also fell: Frankfurt lost 2.36%; Paris, 2.29%; London, 1.95% and Milan, 2.72%. Similarly, the Euro Stoxx 50 loses 2.35%.

Asian markets also posted some contained declines (Japanese Nikkei 225: -0.13%; Hong Kong Hang Seng: -0.61%).

Invertia points out that the turbulence in the banking sector leaves in the background the data that has been released on the European economy, which has advanced again in March and until it registered its maximum level in ten months.

In his comment of the day, El Economista points out that if something has become clear this week in the markets, it is that Monetary agencies give priority to the fight against inflation against financial stability.

It’s not just the Federal Reserve (Fed) that has raised interest rates. In recent days the Bank of England (BoE), the Norwegian Norge Bank, and the Swiss National Bank (SNB) have also done the same.