Ibex 35 opened the week in the red, sliding to 8,666.27 points with a 0.6% drop. The move came one day after Credit Suisse announced it would be acquired by its rival UBS for 3,000 million Swiss francs, a deal that sent ripples through the European banking sector.
In early trading, banks led the decline. Banco Sabadell fell around 4.43%, Unicaja Banco about 3.54%, CaixaBank near 2.96%, Santander around 2.85%, and Bankinter slipped roughly 2.4%. These declines placed them among the weaker performers in the first hour, with BBVA down 2.17% and lagging behind heavier losses from ArcelorMittal and Repsol.
Conversely, a handful of utilities and industrials managed to pare losses and even post gains. Red Eléctrica led the gains at roughly 0.88%, followed by Indra at about 0.67%, Iberdrola near 0.34%, Enagás around 0.26%, and Acciona at approximately 0.25%. Endesa and Naturgy also logged modest advances, each hovering near 0.16% and 0.11% respectively, as a small cluster of stocks bucked the broader selling mood.
The broader European equity landscape opened lower as well. The major indices pointed downward across the continent: Paris down about 0.89%, Frankfurt down around 0.97%, London weaker by roughly 1.09%, and Milan losing about 1.64% at the opening bell.
Commodity markets reflected a risk-off tone as well. Brent crude, the global benchmark, traded down sharply, retreating about 2.74% to around $70.99 per barrel. In parallel, West Texas Intermediate eased about 2.81%, hovering near $65.09 a barrel, underscoring a cautious mood among energy buyers and traders alike.
On the currency market, the euro traded near parity against the dollar, with the exchange rate around 1.0651 dollars per euro. In sovereign debt markets, Spain’s ten-year government yield hovered near 4.1%, signaling a cautious sentiment among investors regarding European fixed income amid shifting risk appetites.