Spanish bank faces losses in the stock market due to Turkish crisis
The European banking sector in general suffers the onslaught of the investment crisis in the Turkish market, due to the uncertainty that currently prevails regarding the country
The Turkish crisis driven by the tariff measures applied by Donald Trump caused losses in Spanish banks by the order of 2.41% in the stock market. The most affected bank is BBVA, given that Turkey concentrates 14% of its total loan portfolio.
The list of affected banks includes Banco Santander, Liberbank, Sabadell, Bankinter, Bankia and CaixaBank. However, Europe in general has been affected by distrust of investment in Turkey.
France and Italy are two countries that also have business in Turkish territory. In this sense, the French BNP Paribas and the Italian Unicredit are the most affected banks with falls of 0.97% and 5%, respectively.
The Central Bank of Turkey announced that it would inject 6 billion dollars into the financial system in order to guarantee banks’ liquidity and look for ways to strengthen their currency, severely affected by Trump’s measures.
The good news is that on Thursday, August 16, the banks listed on the Ibex 35 index showed a slight recovery of 1.03% on the trading day.
M.Pino
Source: Investing.com
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