Ibex: -5.8% in the first 5 sessions of August

To this was added the publication of industrial production index in Germany and Spain below the analyst consensus outlook, just a day after it became known that the Italian economy was back into recession and Germany published figures for factory orders well below expectations.

Subsequently, investors turned their attention to the monetary policy meetings of the Bank of England and European Central Bank (ECB). Neither the decisions of these banks nor the press conference of ECB President Mario Draghi  – we must wait for BoE’s meeting minutes – had a larger impact on markets, considering that there were no surprises.

The weak opening on Wall Street and the subsequent declines in American stocks with the increasingly complicated geopolitical scene, caused the European Index to drop positions closing at lows of the day. For its part, Wall Street briefly attempted to recover at the beginning of the session to finally end taking the path of descents and it closed above session lows.

Investors flee from risk assets as geopolitical tensions escalate between Russia and the West. In addition, the White House has authorized air strikes in Iraq before the advance of Islamic State jihadists. Traders turn from equities and industrial commodities to gold and core bonds.