The Spanish index moves away from 20,000 points amid inflationary tensions. Inditex and the rise in oil prices are the main causes of this decline, according to data from expansion.com.
The Ibex 35 moves away from 20,000 points, reaching intraday lows below 19,600 points due to the pressure from Inditex's results and the surge in oil prices. The price of Brent crude has surpassed the psychological barrier of 100 dollars, exacerbating inflationary tensions just before the anticipated rate hike by the European Central Bank.
The day is particularly challenging for the Spanish Stock Exchange, which leads the declines in Europe. Inditex, despite reporting better-than-expected sales figures, has seen its shares fall by up to 4% due to concerns about its profitability and costs, as reported by expansion.com.
Other major stocks in the index, such as Banco Santander and BBVA, are also recording declines, while companies in the energy sector, such as Repsol, benefit from the rise in oil prices. Inflationary pressure and the imminent ECB meeting keep investors on high alert.
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