These are the factors that, according to the opinions and reports published major investment institutions, marked the recorded negative session yesterday Spain's financial markets and whose trigger was about election results that almost seem custom-made for the sole purpose to upset them.
To complete his worst fears just missed a major advance Podemos, a more direct influence on the formation of Pablo Iglesias over the next Executive.
"The inability of a government of center-right increases political uncertainty, a situation that is not positive for markets ", aimed at early in the morning from Deutsche Bank, Barclays added that it" can not rule out that new elections early next year. "
Therefore, Fidelity claimed that the current situation "is negative for the Spanish market as investors could decide to stay on the sidelines until the situation is clarified, and no progress on the front of the reforms until the government is formed" .
The result directly in the stock market it was sinking 3.6% suffered by the Ibex 35, which backed the main index of the Stock Exchange of Spain until the 9,365 points mark and minimum last September. But perhaps even more indicative that this sharp decline is the fact that the values that suffered most were the banking sector and those with a heavy reliance on government regulation.
So, CaixaBank ceded nearly 7.5%, 6.9% Banco Popular, Bankia more than 5% and Banco Santander, BBVA and Banco Sabadell were above the 4.5% plunged.
An authentic sangria, therefore, where the upturn was also important that suffered all -the Spanish debt risk premium rose about 10 points-. Aena, meanwhile, was also above 7% drop in another clear sign that investors have fear. In addition, Endesa is made 5.3% and Red Electrica and Enagas fell 4% .
In return to demonstrations of large investment institutions, Royal Bank of Scotland (RBS) conducted an exercise in which shelled the possible agreements and Government formations. The main stage which includes Alberto Gallo's team is that the Popular Party governs in minority, which would remain the reformist path but at a slower pace.
Another option is the aforementioned call for elections, while what appears to contemplate a grand coalition government. In this regard, Vincenzo Scarpetta, an analyst at think tank Open Europe, explained to Bloomberg that coalition talks will be difficult "given the existing hostility between the parties" .
But even so, what we all seem to rule out, at least for the moment, He is an executive with PSOE and we like big parties and in which a large number of political forces are included. Get to that point, RBS expects the PP an absolute majority in the Senate frenase proposals that were less favorable for the market.