An easy year is not going to be this 2009 in Stock Exchange, not much less. The biggest fall of the year in Stock Exchange till now, produced yesterday has showed us his most bitter face, volatilizando all the profit and illusions that it had deposited after the shining beginning of year, and that little by little had been escaping of between the fingers in six consecutive descents meetings.
And the fact is that the world economic reality presses and gives constant symptoms of which it is possible that the recovery is longer than it foreseen. It is clear that every bad economic fact is going to mean a negative reaction on the part of the Stock Exchange, and although it seemed that gradually we were taking with calmer this information, the true thing is that when these are even worse than it was waited, the sales break loose in mass.
Yesterday it turned to see again moments of sales that might be studied from an economic logic (or illogical) as it wants to be understood. And the fact is that to see again Santander below 6 euros, keeps on seeming to me of the crushing illogical one.
Yesterday it was the bank sector the one that propitiated the biggest fall of the year in Stock Exchange, of little more than 4 % in the Ibex, of 4,68 % in the Eurostoxx500, of 4,6 % in the Cac of Paris, or of more than 5 % in the Ftse100 of London. Between the banks, falls as big as those of the Santander or the BBVA, in Spain, with more than 7 % and 6 % respectively, Societe Generale that fell down 11 %, Commerzbank 10 % or ING 9 %.
The "culprits", in this occasion, were three financial institutions: HSBC has untied the rumors from which he might need an additional injection for 30.000 million dollars. For his part, Deutsche Bank gave a few multimillionaire losses in the 4th trimester, while Citigroup keeps on trying to be restructured to settle his serious financial problems.
And skylight, before the delicate bank situation, and before the new rise of the crisis of confidence, the principal ones affected they always are usually the constructors who yesterday suffered new collapses again, like Railroad, OHL or It drives that they fell down about 6 %.
We have in these days the presentation of results corresponding to the 4th trimester of 2008. They all already assume that these will be very bad. It is necessary only to hope that they should not be even worse than they are waited.
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