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Translated by:  MOS English Team – Johnlee

Spain’s main stock market index started the week with modest losses, following concerns over Communist China’s macroeconomic report that showed the economy had stalled due to the “Zero-COVID” Policy.

Image Source: reuters

Communist China’s economic activity slowed sharply and the slowdown was beyond expectations in April in the face of containment measures hurting consumption, industrial production and employment, raising fears that the economy will contract in the second quarter.

However, Shanghai announced that it intends to ease restrictions from June 1st, which slowed the stock market’s decline.

Image Source: nikkei

Elsewhere, all attention will return to macroeconomic data after the first-quarter corporate earnings season is over.

On Monday, the industrial survey of the Federal Reserve Bank of New York will be released, 12:30 GMT.  Although analysts at Spanish brokerage Renta 4 said that the most relevant data of the day “will be an update to the European Commission’s forecast, taking into account previous Forecasts go back to the fall of 2021, with the risk of a sharp downward revision before the outbreak of the Russian-Ukrainian war and a new wave of outbreaks in China.”

If the situation is close to the IMF’s most recently updated estimates in April, people could see estimates of the GDP in euro area downgraded by as much as 1.5 percentage points in 2022, with Germany and Italy being the most affected as they are more energy-dependent, the analysts added.

Image Source: anadolu

After rising 1.7% on Friday, Spain’s Ibex-35 index fell 21.80 points, or 0.26%, to 8,316.30 at 07:05 Beijing time on Monday, while the FTSE  Eurofirst 300 index of the large European stocks fell 0.32%.

In the banking sector, Santander declined 0.62%, BBVA shed 0.61%, Caixabank shed 1.00%, Sabadell shed 0.56% and Bankinter shed 0.71%.

Among large non-financials, Telefónica gained 0.06%, Inditex gained 0.05%, Iberdrola lost 0.33% and Cellnex gained 0.42%.

The oil company Repsol lost 1.44% on the backdrop of a 1.30% loss in Brent crude.

The International Airlines Group (IAG) also fell this time by 1.45%, after Ryanair Ireland showed caution on the sector’s development.


Edited and Proofread by: Linda Progress
Posted by: Peter Chen

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