After slogging through a horrendous April, Spanish stocks seem to be heading down that same path in May judging by how the Ibex 35 performed yesterday (markets were closed across Europe on May 1, except the Ftse 100). Yesterday the Ibex 35 was hit hard again as it lost 2.55% and closed at 6,831.9 points. This figure is a new annual low and just 0.2% above 2009 lows. After trading began on Wall Street, the Ibex plummeted and hit a daily low of 6,776.5 points.
Yesterday Ecofin members met to discuss new banking requirements as the Spanish financial sector were the hardest hit of all Ibex stocks. Bankia plunged 5.13%. Popular, Sabadell and Bankinter dropped more than 4%. And CaixaBank, Santander and BBVA lost around 3%. ?People think that banks aren?t cleaning up their balance sheets quickly enough,? explained Félix González from Capitalia Familiar.
