Airs of optimism, although for the moment moderate, after a few weeks of high voltage that seem to have left behind the worst of the banking crisis unleashed in March in the US. The Ibex-35 has managed to link four consecutive weeks of increases, after adding another 0.54% to its evolution in the one that closed yesterday. Thus, the selective remains above the 9,300 points that it had taken so long to achieve, thanks above all to the push, precisely, of the bank, which on Friday was encouraged by the start of the presentation of the sector’s results on Wall Street .
At the close of the session, Banco Santander led the selective with a rise of more than 3.7%, followed by Bankinter (+3.75%), Sabadell (+2.77%), BBVA (+2.69%) and CaixaBank (+2.61%). Unicaja Banco also rebounded by more than 2% at the close.
Although the market feared that the banking earthquake would already affect the accounts for the first quarter of the New York giants, these entities have shown clear signs of resistance with their accounts from January to March. JPMorgan, the largest bank in the country by assets, published a profit of 12,622 million dollars (11,448 million euros), 52.4% more, while Citigroup registered a profit of 4,606 million dollars (4,186 million euros), 7% more.
However, analysts will closely monitor the recent evolution of the demand for credit and the possible provisions that banks make in the event of a potential increase in delinquency in order to fully recover confidence in the sector.
We will have to wait a few months to see if that happens, since the consensus of analysts is clear that the recent financial shock experienced in the country will end up affecting its economy via contraction of credit and, therefore, lower growth.
In this scenario, investors will try in the coming weeks to anticipate the next movements of the central banks.
At the moment, market sentiment is completely divided. On the one hand, it is discounted that the US Federal Reserve (Fed) will undertake its last interest rate hike of 25 basis points in May. But most believe that this stoppage in the bullish cycle will not be enough to avoid the feared economic slowdown, without ruling out a small recession before the end of the year.