The Spanish stock market experienced fluctuations throughout the day, ending slightly negative with a 0.5% drop below 11,000 points. Despite the political instability in Spain, which has been compared to an “Italian-style” scenario, businesses have expressed concerns about legal and political uncertainty impacting the economy. Various tax and regulatory measures have made investors uncomfortable, leading to a loss of international relevance in the investment landscape.
On the other hand, fund managers have seen greater inflows into conservative, fixed income products in recent weeks. The market remains relatively calm, with minimal disruptions from both domestic and international events. The Spanish risk premium remains low, and the debt market shows signs of stability despite the ongoing political situation.
The recent letter published by Spanish Prime Minister Pedro Sánchez has added to the political drama in Spain, but it seems that the market is unfazed by the noise and is staying on its course. Despite uncertainty surrounding Sánchez’s upcoming decision on whether to resign or continue as head of the Executive, banks have reported no client concerns about the situation in Spain.
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