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Spanish Stocks Remain Under Catalan Pressure, Euro Shrugs

Spanish Stocks Remain Under Catalan Pressure, Euro Shrugs

Martin Essex, MSTA, Analyst

Talking Points

- The IBEX 35 index of Spanish stocks has steadied today but could well fall further as the independence movement in Catalonia continues to harm sentiment.

- The Euro remains unaffected, however, ahead of today’s key decision on monetary policy by the ECB.

What Does the Fourth Quarter Hold for the Euro, Equities, Oil and Other Key Markets? Find out here

The IBEX 35 index of Spanish stocks has steadied today but remains under pressure as investors worry about the independence movement in the Catalonia region. However, Euro traders are still ignoring the fraught political situation on a day dominated by the European Central Bank’s monetary policy meeting, which will likely end with the ECB cutting its bond-buying program.

The Spanish Senate is expected to approve Friday an article that will pave the way for the Catalan government to be sacked and direct control from Madrid imposed. Meanwhile, the Catalan Parliament will decide whether to declare independence, call new regional elections or do nothing ahead of the central government’s decision.

One possibility is that Catalan regional president Carles Puigdemont will be sacked or even arrested and there is also concern about possible civil unrest in Barcelona and the surrounding area. That continues to impact Spanish stocks, which are in a marked downtrend and could well weaken further.

Chart: IBEX 35 Daily Timeframe (April 24 – October 26, 2017)

Spanish Stocks Remain Under Catalan Pressure, Euro Shrugs

Chart by IG

Euro traders, however, remain unperturbed, concentrating instead on today’s monetary policy decisions by the ECB’s Governing Council. The central bank is widely expected to announce a reduction in its bond-buying program to take effect early next year. One possibility is that the Euro will weaken after the meeting as tighter monetary policy has already been largely priced in.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

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