The Ibex 35 has fallen 0.83% this Wednesday affected by the decline in bank values ​​and has chained its sixth consecutive day in losses, for which it equals its worst streak since October 2022, although it has managed to hold the level of the 9,300 points, until being located specifically in the 9,314.4 integers.

The Spanish session opened with slight losses that did not worsen due to the bullish momentum at the opening of Telefónica, the protagonist of the day after yesterday, with the trading floor already closed, the market was informed that the Saudi operator STC had become with 9.9% of its capital in exchange for 2,100 million euros.

The acting executive has declared that he will study the operation while, according to Europa Press, the president of Telefónica, José María Álvarez-Pallete, and the company’s CEO, Angel Vilá, travel to Saudi Arabia to meet with the the representatives of the STC group.

With everything, within the Ibex, the rise of the Spanish ‘teleco’ has been softening throughout the session and its shares have closed with a rise of 0.27%, while the greatest advances have been for Solaria (2, 52%) and Naturgy (0.77%).

The reference indicator for the Spanish market has finally turned decisively towards losses, weighed down, above all, by the fall in bank values, in such a way that the greatest decreases have been for IAG (-4.19%); Banco Sabadell (-3.25%); Rovi (-2.77%); Banco Santander (-2.74%); Unicaja (-2.38%); Bankinter (-2.07%); BBVA (-1.9%) and Caixabank (-1.43%).

On the ‘macro’ agenda this Wednesday, it was revealed that factory orders in Germany registered a drop of 11.7% last July in relation to the previous month, its biggest drop since the start of the Covid pandemic, specifically since April 2020.

Likewise, the volume of retail trade in the eurozone as a whole experienced a decrease of 1% in July 2023 compared to the same month last year, the same rate of decline as the previous month, while the member of the governing council of the European Central Bank (ECB) Klaas Knot has pointed out that the market could be underestimating another possible interest rate hike at this month’s meeting.

In addition, the risk rating agency Moody’s estimates that the Spanish Social Security deficit “will increase significantly” in the next two decades in the absence of new adjustment measures as a result of the aging of the population and the increased spending on pensions that entails linking its rise to inflation, which could negatively affect Spain’s ‘note’, currently located at ‘Baa1’ with a stable outlook.

In the afternoon, it was revealed in the United States that the services sector (PMI) slowed down in August and is at its lowest level in seven months, close to entering recessive territory; although the index prepared by ISM has reflected a more intense improvement than expected by analysts in the expansion zone.

In this context, the New York indices registered losses close to 1%, while setbacks have also prevailed in Europe: London has subtracted 0.16%; Frankfurt 0.19%; Paris 0.84% ​​and Milan 1.54%.

Oil, which fell in the morning after the strong boost yesterday due to the cuts announced by Russia and Saudi Arabia in the supply of the raw material, became more expensive again this afternoon and the barrel of Brent, a benchmark in Europe, stood at 90.3 dollars, 0.28% more, and West Texas Intermediate (WTI) reached 87.17 dollars, 0.58% more.

In the debt market, the interest on the 10-year Spanish bond has closed at 3.7% after adding five basic points compared to the closing of 3.658% on Tuesday. Thus, the risk premium (the differential with the German bond) stood at 105 points.

In the foreign exchange market, the euro depreciated 0.07% against the dollar, reaching 1.0715 dollars per euro, the lowest level since mid-June.