The Ibex loses 8,700 weighed down by the bank and the fear of Evergrande's bankruptcy | Stock Market Chronicle

European stock markets have closed with strong setbacks after the Hong Kong stock market hit a one-year low after the collapse of the Chinese real estate giant Evergrande. Despite the fact that the push from tourist values ​​has moderated the falls, the Ibex has lost 1.20% to 8,655.40 points due to the punishment of the bank due to the fear that Evergrande will not pay its multi-million dollar debt .

The week started with strong cuts in the European stock markets dragged down by the falls in Asia and, specifically, in Hong Kong. The Hang Seng index has lost 3.5%, to lows of almost a year, weighed down by the collapse of more than 10% of the Chinese real estate company Evergrande, whose price is at an eleven-year low due to doubts from investors about its capacity to face a debt of 300,000 million dollars and the fear of a contagion effect.

With 300,000 million dollars of debt, about 254,000 million euros, Evergrande is the most indebted real estate company on the planet. The countdown to an eventual bankruptcy faces the final stretch. Its financial difficulties are so pressing that in the next few days it could confirm the non-payment of a coupon that expires on September 23, for an amount of 83.5 million dollars, about 70 million euros. Only a few days later, on September 29, he faces the payment of another 47.5 million dollars, about 40 million euros.

The fear of contagion has caused a wave of sales in Europe that has led the Ibex to lose 8,600 points at times. In the middle of the session the falls have moderated and the Spanish selective has finally dismissed the session at 8,655.40 points after losing 1.20%.

The worst part has been borne today by the banks, which have suffered a severe correction in the session due to the fear that Evergrande will announce the default of its debt. Sabadell has dropped 3.66%, thereby reducing the cushion it had above 0.60 euros per share, and CaixaBank has depreciated 4.10%. Greater have been the setbacks of Santander (-4.80%), which lost 3 euros per share, and BBVA (-7.09%), in the session in which the bank returned to the Euro Stoxx after a year out of the european index.

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The selective has moderated the falls in the middle of the session thanks to the rise in tourist values ​​at a time when the withdrawal of many restrictions imposed by the pandemic is being announced. The United States will allow the entry of vaccinated travelers from the EU from November. IAG, which has ruled out a capital increase, has shot up 10.68%; Amadeus, which left the Euro Stoxx today, has risen by 4.02%; Aenaha gained 2.20% and the hotel company Meliá, 1.19%. Among the positive values ​​are also 'utilities' such as Enagás (+1.37%) and Red Eléctrica (+1.52%) and the highest value in the Spanish market by capitalization, Inditex (+0.19%).

In the rest of the European markets, the falls have been greater than those of the Ibex in a day with a new composition in two of its most important indices, the Euro Stoxx 50 and the German Dax. In the European index, in addition to BBVA, the automobile group Stellantis has joined the index. In the case of the Dax, today the biggest change in its 33-year history has been executed. The index has gone from 30 to 40 stocks with the incorporation of such relevant stocks as Airbus, Pumay Porsche, among others. All in all, the German indicator has left 2.31%. The French Cac lost 1.74%, the Italian Mib lost 2.57% and the British Ftse fell 0.79%.

In the week in which the US Fed meets, investors will be watching for any comments on the possible withdrawal of stimulus. Its president, Jerome Powell, is expected not to make too specific announcements and to maintain some flexibility, in case economic growth is put into question. Investors who have undone positions in equities have taken refuge in fixed income, especially the safest, such as Germany. Negative German bund rates rise above -0.30%, while US bond yields ease towards 1.30%. In the case of the Spanish ten-year bond, the yield falls by 0.35%.

The price of oil hits a halt after its recent rises. A barrel of Brent is trading at $74 per barrel, while that of West Texas crude, a benchmark in the United States, is exchanged for $70.

The risk aversion of equity investors is also transferred to cryptocurrencies. The bitcoin price, which last week recovered $50,000, falls to $43,000. Gold, on the other hand, is escaping the falls and exceeds $1,760 per ounce, although still far from the usual $1,800 in previous months.