The Ibex falls almost 3% after marking annual highs and loses 8,500 points

Just as there was no reasons to explain the increases yesterday in the Spanish index, there are no clear reasons to justify the decreases this Tuesday. The stock markets of the Old Continent have been terribly quiet for a month and it seems that they have decided to react at the beginning of the week, thus eliminating the strong overbought of some indices.

Within the selective, the cuts in the airline IAG have stood out, which has crashed 7.76%, followed by Solaria, with decreases of more than 6%. In addition, other values ​​associated with tourism, such as Meliá and Amadeus, have left more than 5%.

Among the large stocks, BBVA has fallen 4.45% together with Bankinter (-4.28%), which will present its results for the first quarter this Thursday.

In addition, Enagás has dropped more than 3% after publishing its results (profit fell 22% in the first quarter due to lower regulated revenues), while Aena, Sabadell, Santander and Arcelor have also dropped very significantly.

In the business sphere, BBVA has brought together its shareholders and its president, Carlos Torres, has anticipated that there will be a large cut in the workforce.

Although the big news about layoffs has been confirmed in CaixaBank, which has proposed to the unions an ERE for 8,291 employees and the closure of 1,534 branches. This is the largest staff adjustment in history in Spanish banking, which will be mostly seen in Madrid, Barcelona and Valencia; and that the accused UGT has described as "wild and shameful".

At the macro level, the ILO unemployment rate in the United Kingdom fell to 4.9% in February from the estimated 5.1% and 5% previously.

It should also be noted the collapse of global tobacco companies after suffering yesterday on Wall Street after knowing the plans of Joe Biden. The US president would like to toughen current legislation to reduce the amount of nicotine per cigarette.

On the other hand, in Spain it stands out that the CNMV has communicated that it will no longer be mandatory for listed companies to publish their quarterly results. The announcement comes in the middle of the first quarter accounts season. The publication of the semi-annual figures will continue to be mandatory.

For its part, Wall Street registers losses for the second consecutive day after Friday's all-time highs. Focus today on the results of Netflix, which are published after the closing. Asia had a mixed sign session, with notable falls of 2% in the Nikkei. The Chinese central bank, which was meeting today, has finally not touched rates.

THE PRUDENCE OF XI JINPING

Chinese President Xi Jinping said Tuesday that his country will not seek hegemony regardless of how powerful it becomes and has called for "more just and equitable" global governance.

"No matter how strong it becomes, China will never seek hegemony, expansion or a sphere of influence, nor will it participate in an arms race," Xi said at the opening ceremony of the annual Boao Forum for Asia in the Chinese province. of Hainan.

Xi has also presented China as an advocate for globalization and the multilateral trading system, stressing that international norms should not be set by a few countries.

Without naming any country, Xi has stated that the great nations should behave in a way "commensurate with their status and with a greater sense of responsibility."

THE EMA SPEAKS ON JOHNSON & JOHNSON

Finally, the European Medicines Agency (EMA, for its acronym in English) has published a scientific recommendation this Tuesday on the Johnson & Johnson vaccine, which in Europe is marketed under the Janssen brand.

As expected, the EMA has confirmed that there is "a possible link" with very rare cases of blood clotting, but remains firm in the position that "the benefit-risk remains positive", so it advises its use .

OTHER MARKETS

The euro rises in value 0.11% and trades at $ 1.2046. Oil is down 2%, with Brent at $ 65.77 and West Texas at $ 61.73.

Gold and silver are up slightly, with the first at $ 1,775 and the second at $ 25.92.

Bitcoin and Ethereum cut positions slightly, to $ 55,814 and $ 2,173, respectively.

The yield on the 10-year American bond stands at 1.599%.