Despite the multiple uncertainties, the year 2023 began its journey with a significant revaluation of the markets. This promising beginning was especially brilliant in the banking sector. Thus, financial entities, favored by increases in interest rates that significantly improved their current and outside profit expectations, experienced a strong takeoff on the stock market.
However, due to the unpredictable nature of the markets, the situation has taken a dramatic turn in recent days. The fall last Friday of Silicon Valley Bank , a medium-sized Californian entity closely linked to the technology sector, has unleashed a financial storm .
Furthermore, and despite the fact that the Fed spared no effort to avoid the contagion effect, it seems that the crisis has also spread to the other side of the Phone Number Data Atlantic. Thus, the Zurich-based entity, Credit Suisse, requested a rescue after seriously flirting with bankruptcy .
The situation of general tension is maximum and although the authorities do not stop insisting on the strength of the financial system (does this sound familiar?) Spanish banks are already suffering the consequences of this crisis .
More than 11,675 million losses
This is the figure to which the stock market crash of the six Ibex 35 banking entities amounts to in just five sessions. A real cut to the capitalization of these banks that, in less than a week, have seen their rally at the beginning of the year practically disappear.
Banco Sabadell , with a collapse of 15.65% , is, for the moment, the biggest victim. Thus, the entity founded in 1881 and with headquarters in Alicante, has already left more than 1,092 million on the stock market.
BBVA , with a decrease in its market cap that exceeds 3,385 million (-9.16%) , is another of the most aggrieved by this crisis. Unicaja , which debuted on the Ibex 35 on December 27, completes the podium with a drop of 9.11% . In this way, the Malaga entity suffers a decapitalization of more than 278 million.
In the case of Santader , the red numbers rise to 4,557. Thus, the entity chaired by Ana BotÃn fell 7.71% in the equity market. Finally, Bankinter and Caixabank gave up 512 million ( -8.80% ) and 1,349 million ( -4.62% ), respectively.
In short, a black week for the banking sector that has awakened old ghosts and threatens a new crisis of confidence in the financial industry.
The ECB, for the moment, prioritizes inflation
Yesterday, the institution chaired by Christine Lagarde increased the price of money in the eurozone to 3.5% (highest since October 2008) . In this way, and in accordance with its unique mandate, the highest European monetary authority puts its crusade against (uncontrolled) inflation before the uncertainty that looms over the financial sector. The evolution of the markets in the coming sessions will dictate the sentence.