BarcelonaThe contagion effect is one of the most feared principles within the banking system. Since the bankruptcy of Silicon Valley Bank on March 10, pressure is being measured on all stock market indexes, with special attention to banks. Ten days after the banking earthquake, the Íbex-35 has lost 4.86% of its value, while Catalan companies listed on the Spanish stock exchange have lost around 5,000 million euros.
Catalan companies in the Íbex-35
Capitalization price evolution
Banco Sabadell has shown the biggest decline, which in this period has seen its market capitalization fall by 19.2%, to 5.6 billion euros. This is a far greater impact than that recorded by the other large Catalan bank, CaixaBank, whose capitalization has decreased by 2.78 billion euros, 9.3% less. The behavior of the Catalan entity based in Valencia is similar to that of the other two financial giants: Banco Santander and BBVA have also fallen in these ten days by around 10%.
The blackest note in this list of Catalan listed companies goes to the pharmaceutical company Grifols, which has lost 18% of its capitalization: it has gone from 4,374 to 3,585 million in ten days. The rest have behaved more moderately, such as Cellnex, which has lost 3.3% of its value in the same period, and is now worth 805 million euros less.
For their part, Colonial and Fluidra are the Catalan companies that have fluctuated the least in the Spanish stock market indicator. The capitalization of the real estate company has decreased by 1.7% since March 10, while the swimming pool manufacturer has almost lost 1.54 of its value. The one that has not come out unscathed, but in better conditions, has been Naturgy: in the last ten days it has gained 882 million in capitalization, the equivalent of 3.5%.
Credit Suisse i Euríbor
Credit Suisse’s troubles sent panic into the global banking sector after the collapse in the United States of California-based Silicon Valley Bank, hit by liquidity problems that ended with regulators stepping in and the federal government guaranteeing the deposits of all customers
So it was last Wednesday when the fear took off, when Credit Suisse lost up to 24% of its value after its main shareholder, the National Bank of Saudi Arabia, announced that it would not inject more funds into the Swiss bank to deal with its financial problems Although the economic plating arrived this weekend with the purchase of the Swiss entity by UBS, the quotes continued to fluctuate with uncertainty: prominent drops in the early hours of this Monday and moderation as the day progressed.
Fluctuating quotes
This behavior can be explained because there are doubts about the impact of Credit Suisse’s fall on the banking system: the exposure that Spanish banks have within the Swiss company is not clear. In addition, the fact that the Euribor, the indicator that sets the price of mortgages, has moderated, casts doubt on the growth prospects of banks’ incomes, which have weakened. Thus, the shares of the main European banks started this Monday with significant losses, although they moderated as the day progressed.
At the European level, the tone was the same: in the first hour Deutsche Bank, the main German institution, lost more than 7%, but ended up closing with a negative 0.5%. The Dutch ING fell by 4.4% at midday, but ended up closing with -0.66%, while the French Société Générale closed with a negative 0.83%. The Stoxx Banks index, which groups the 21 largest entities in the euro zone, started the day losing 2.7%. It ended up growing by 1.97%.
In Spain, Sabadell led the decliners at 09:30, with the shares trading 5.1% lower than at Friday’s close, but the situation has reversed to close with a positive 1.7%. The rest of the Ibex-35 banks were also down, between 3% and 5%. At the end of this Monday, the one that grew the most was BBVA, with 3.23%, followed by CaixaBank, with 3.19%, and Banco Santander, which rose by 2.77%. Bankinter also followed them, closing with a positive 1.48%, while Unicaja ended the day with more modest numbers (0.91%). Thus, the Íbex-35, which at 09.30 had losses of 1.55%, ended the first session of this week with a positive 1.31%.