Santander, BBVA Lead Declines in Spain on Political Instability
- All IBEX 35 companies fall, with CaixaBank tumbling 7.4%
- Spanish stocks among biggest 2015 losers in western Europe
Spanish Election Pushes Bond Yields to Five-Week High
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Spanish stocks dropped after elections on Sunday left no clear winner, signaling weeks of political instability ahead.
The IBEX 35 Index fell 3.6 percent, the most in four months, with all its shares down. As speculation grew that lenders and utilities would be among the most hurt if a new government modifies policies, Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA slid more than 4.7 percent, and CaixaBank SA plunged the most in two years. Iberdrola SA, the nation’s largest utility owner, lost 2.3 percent, while state-owned airport operator Aena SA sank 7 percent, the most since its shares started trading in February.