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Stock markets fall on oil prices and ECB meeting: Ibex 35 drops 1.55% to close at 19,267 points
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The Corner
The sharp rise in oil prices and tighter expectations regarding central banks weighed on equities, causing the Euro Stoxx 50 to fall by 1.7 per cent and the Ibex 35 by 1.6 per cent.
As European markets closed, selling pressure intensified in the US following a disappointing reaction to the results of several technology companies.
The main catalyst of the day was the sharp rise in oil prices.
Whilst Nokia, Roche and Dassault Aviation reported figures above forecasts, the reception to technology results in the United States was cooler, raising doubts about the future profitability of the heavy investments made in artificial intelligence.
The rise in oil prices and the ECB’s more hawkish tone reinforced expectations that interest rates will remain high for longer.