Banking sector suffers from exposure to Russian chaos

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Posted on March 1, 2022 Yesterday’s day in Equities was clearly going from less to more in the European markets, to end an unfortunate month of February with a Euro Stoxx 50 that began falling by close to 3%, to end up correcting only 1.17%, to 3,924 index points, with somewhat more favorable news about the negotiation process between Russia and Ukraine. Even better behavior was the Ibex 35, which ended the session practically flat, with a slight drop of 0.09%, to 8,479 points, although it accumulated a fall of 1.55% in the month. At a sectoral level, the worst performance was recorded by the banking sector, with a drop of more than 4.5% on the day and entering clearly negative territory in 2022 after rising more than 10% in February. In all the European stock markets, banks suffer especially from the exposure of their portfolios to Russian names. Other sectors that ended yesterday’s session in the red are auto and insurance. Instead, the upward climb in the electricity sector continues, which rose 2% in the session, followed by sectors such as travel or technology. As for securities, the fall in the financial sector was clearly reflected in the European stock market, leaving us with the biggest drops in the Euro Stoxx 50 for ING, BNP Paribas and Intesa San Paolo, all of them with corrections of around 7% in the session, along with declines greater than 5% from Total or Anheuser Busch. The biggest rises were made by punished values ​​such as Flutter, Kone or Adyen, along with Iberdrola or Ahold. In the Spanish stock market, double-digit increases for Siemens Gamesa and Solaria, with a market that clearly bets on the renewables sector in this geopolitical environment, together with Fluidra, Grifols after the results published with more favorable guidelines for its plasma business , or Pharmamar. In negative terrain, the main falls were for banks, Santander and the more domestic ones such as Sabadell and Caixabank, along with IAG and Meliá in the travel sector. On Wall Street, we saw a slightly downward behavior of the US stock markets, which was confirmed at the end of the session with a decrease of 0.24% in the S&P 500 to 4,373 points, even with a rise of 0.4% in the nasdaq tech. European futures mark a moderately lower open today. INFORMATIONTitleThe banking sector suffers from exposure to the Russian chaosDescriptionYesterday’s day in Variable Income was clearly going from less to more in the European markets, to end an unfortunate month of February with a Euro Stoxx 50 that began falling by nearly 3%, to end up correcting only 1.17%, up to 3,924 index points, with somewhat more favorable news about the negotiation process between Russia and Ukraine. Author GLOBALCAJA

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