Banks continue to plunge on the Silicon Valley Bank failure
Spanish stock market has opened the week with significant fallsThe failure of Silicon Valley Bank in the US and the intervention this weekend of a second bank, Signature Bank, influenced the behavior of the markets.
The IBEX-35, the Spanish benchmark index, is down more than 2% on Monday, in line with the rest of the main European stock market indexes.which accumulated losses of around 2% on Monday morning.
The most important drain is being taken by the banks due to investor fears of contagion following the failure of Silicon Valley Bank.
Thus, Santander shares fall more than 6% this Monday, the same as those of Bankinter, while BBVA and CaixaBank share prices fall more than 5%. However, Sabadell takes the brunt of the fall.whose shares fell more than 8%.
It has been of little use the Federal Reserve’s message and U.S. banking regulators, who on Monday insured 100% of deposits to customers of the failed bank, as investors continue to fear the contagion effect and sell-offs prevail on the main European stock exchanges.