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  • Investment: Optimism in the Stock Exchanges regarding a possible coronavirus vaccine

Everything that could be positive in the current viral scenario remains, however, the stock markets have taken a step back on Tuesday after the gains of the previous day. Despite Moderna's scientific advances in the search for a vaccine against Covid-19; Despite the rise in oil when all analysts thought it would return to negative this month and despite stimuli in both the US and the EU, markets are declining. It is basically a return to reality, since the general economic context continues to be marked by uncertainty and worsening macro prospects , so that what was extraordinary was more yesterday than today.

The falls are moderate in the main European indices, except for the Ibex 35 , which once again ranks as the worst performing selective of all. The main reference in Spain loses more than 2%, to 6,640 points, after shooting 4.7% on Monday, and it does so mainly weighed down by the financial sector and firms linked to renewable energy.

Companies such as Naturgy Energy (-4.9%), Acciona (-7%) or the wind turbine manufacturer Siemens Gamesa (-7.3%) are among the most punished companies, but ahead of all of them is Banco Sabadell.

The entity plummets more than 9% around 2:00 p.m. and thus deepens the downward trend that it has accumulated since the beginning of the year. Since January, its shares have contracted more than 71.5% and now only cost 0.283 euros. Its capitalization on Tuesday amounts to 1,590 million euros and begins to fall short of Bankia's 2,500 million euros.

"Their results in the first quarter were not much worse than those of the rest of the entities, so that does not seem to be the reason," says Joaquín Robles , analyst at XTB. Perhaps your exposure to the United Kingdom and doubts about the next Brexit can be a drag. "By capitalization it may seem interesting for a corporate operation, but we do not think that any bank is now looking for opportunities in this regard," adds Robles.

The rest of the banks are not doing much better in the session either. Bankia falls 7.5%; BBVA, almost 3.9%; Santander, 3.4% and CaixaBank, 2.3%. Only Bankinter slightly eases its decline to around -1.5%.

In the fixed income market , the fund announced yesterday by Germany and France has injected some calm into sovereign bonds. The Spanish risk premium has been lowered this session to 118 points, with a yield of the Spanish 10-year bond at 0.73%, compared to -0.44% for the German bund that is taken as a reference.

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