The Ibex and the rest of the European stock markets maintain the sharp falls at this time after turn around suddenly without, in principle, there having been any news to justify this movement. The declines are in most cases around 1%. Within the Spanish selective, which fell 1.3%, to 6,840 points, the cuts in PharmaMar, Colonial, Almirall or Acerinox, among others. On the positive side, Indra, Cie, BBVA or Inditex rose.
Investors are very aware today in Spain of financial institutions and what I have to say the Supreme Court on mortgages linked to the Reference Index of Mortgage Loans (IRPH). The high court must decide In which cases can the reference of a mortgage to IRPH be considered abusive. Specifically, you will need to establish what is considered a lack of sufficient transparency to conclude that the bank acted in bad faith. The other big question that you have to resolve is how the contract should look after eliminating the IRPH for its abusive application.
Those affected by the IRPH await a favorable ruling that will allow them to recover all the overpaid for this index, whose price has always been higher than that of the Euribor. If the ruling favors those affected, They may claim that this reference be removed from their contracts and may recover the money collected improperly by its application.
Banks have started the day leading the Ibex but are now falling after the turn that has been seen in the markets.
In addition to this appointment, investors are aware of business results, such as those of Iberdrola, which gained 4.7% more until September. The electricity company has also announced the purchase of the US company PNM for 3,663 million) in Spain. Ericsson soars 7% after publishing its figures, something that Tesla will also do at the close of the US. On a macro level, the UK CPI for September rose 0.5%, as expected. Also, today multiple central bankers speak. Christine Lagarde, President of the ECB, has said that price stability is at the center of the ECB's work and that "the sweet spot is low inflation above zero". "It is a very bad idea for inflation to turn negative," he said.
Wall Street ended last day on the positive. At the close, Netflix published results that have disappointed due to the sharp drop in subscribers after the pandemic. The company yields 5%. In Asia, the green numbers have also dominated.
On the other side of the Atlantic, there is still talk of the fiscal stimulus package in the US, since Nancy Pelosi has expressed optimism regarding the possibility of the deal being closed imminently. The gap between the two parties has narrowed in terms of quantity, with Republicans increasing their offer to $ 1.9 trillion. Even so, there is still division.
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