European Stock Markets Take a Breather After Black Monday Turmoil

European stock markets took a breather after Black Monday, which, in Spain’s case, led the Ibex 35 to close with a fall of 2.34%, its biggest drop since mid-March 2023, due to fears of a recession in the United States. The Ibex 35 started Tuesday’s session with a fall of 0.2%, which led it to stand at 10,403.8 points at 9:00 a.m.

However, the Madrid index turned around at 9:11 a.m., which led to a rise of 0.38%, with 10,463.3 points.

In this context, the Nikkei index, the main benchmark index of the Tokyo Stock Exchange, rebounded by more than 10% at the close, after three consecutive days of falls.

On Wall Street, the Nasdaq technology index closed down 3.43%, while the S&P 500 index fell 3%, its biggest drop since 2022.

The main European stock markets indices have started the session with gains: 0.67% for Frankfurt, 0.34% for London, 0.24% for Milan and 0.04% for Paris

The price of a barrel of Brent crude oil, the benchmark for the Old Continent, opened on European stock markets with a rise of 0.56% to $76.73, while Texas crude stood at $73.53, up 0.56%.

On the currency market, the euro was quoted against the dollar at 1.0932 euros, while on the debt market the interest rate on 10-year Spanish bonds remained at around 3.088%.

In the macroeconomic field, the Spanish Treasury expects to place between 4.5 and 5.5 billion euros in an auction of six- and 12-month bills, the second to be held this August.

Under the corporate umbrella, the steel giant ArcelorMittal has completed the acquisition of 65.2 million Vallourec shares, representing 28.41% of the share capital of the French manufacturer of hydrocarbon pipes and conduits, at a price of 14.64 euros per share from funds managed by the asset manager Apollo Global Management for a total amount close to 955 million euros.

The biggest rises on the European stock markets within the Ibex 35 were recorded by Grifols (+3.8%), ArcelorMittal (+2.23%), IAG (+1.39%) and Unicaja Banco (+1.32%), while the ‘red lanterns’ were Iberdrola (-1.63%), Redeia (-1.49%), Merlin Properties (-1.39%) and Cellnex (-1.1%).

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(Featured image by Marga Santoso via Unsplash)

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First published in EL INDEPENDIENTE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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