The week has started with the stock market panels in red. The Ibex, the main reference of the Spanish variable income market is left more than 1% in the first bars of the day, after the fall of more than 1% last Friday. The Eurostoxx 50, which includes the main stocks in Europe, is headed for a 2% decline.
The tension in Ukraine is one of the foci of uncertainty, to which is added the monetary policy meeting of the Federal Reserve (Fed) and corporate results. For their part, US futures rebound slightly after the worst week for US equities since 2020.
The US State Department on Sunday recommended all its citizens in Ukraine to leave the country immediately, due to Russia’s extraordinary military deployment on the border. Furthermore, Secretary of State Antony Blinken reiterated his warning against a Russian invasion of Ukraine, commenting that any aggressive Russian interference would be met with “severity”.
On the other side of the board, Russia has warned that the US and its allies are preparing “major provocations” to win over public opinion in the face of the tense situation on the border with Ukraine. Investors do not like these events because they are an additional source of uncertainty and volatility for stock markets. In addition, the market consensus already discounts four interest rate hikes this year (the first in March) by the US Federal Reserve
In the Ibex there is some positive exception, such as Telefónica, which leads the advances in the Ibex after the possible corporate operation of Vodafone and Iliad in Italy, which can be replicated in the Spanish market with MásMóvil. What’s more, Criteria, the investee holding company of La Caixa, has notified this Monday the purchase of another 30,000 shares of the operator at 3.99 euros in what is the largest operation that this company has carried out so far this year with the shares of Telefónica, that has exceeded the bar of 4 euros per title.