Volatile nature, fear, anxiety, historical collapses, forecasts of recession in the United States, credit crisis... This explosive cocktail has knocked down 12,87 % to the Ibex 35 – the Spanish stock-exchange indicator – in the first month of 2008, the “blacker month” since there was created the index of reference of the Spanish Stock Exchange. If it was small, the investors were not enduring one so pernicious month from September, 2002, when the variable revenue sank 15,60 %, affected by the explosion of burbuja.com. Only two companies of the Ibex 35 rise in the year-Grifols (5,39 %) and Sogecable (1,28 %)–and an overwhelming one 90 % of those that they quote in the continuous one is in negative, what it takes that the selective one of the medium values, the Psychic Cap, and of the children, the Small, there fit falls of 12,21 % and of 14,50 %, respectively. Situation that scarcely differs from the rest of the world parquets. The Asians, the Americans and the Europeans have suffered a stock-exchange starter not to remember. And so, all the stock-exchange indicators have suffered his worst month from the explosion of the technological bubble.

Not even the aggressiveness in his reaction of the Central Bank in the United States (the Fed), which in a measurement without precedents cut away in 1,25 percentage points the types in little more than one week, managed to avoid the large red numbers of Wall Street, where the attention was still centred on the fear of the economic recession, the managerial results to the fall and the exhibition of the financial institutions to the crisis suboccupies first place. The agency of qualification of risks Standard and Poor's warned that the small banks, and many American financiers, can present in the short term important losses for his exhibition to the mortgages of high risk, which entire amount might go so far as to reach approximately 265.000 million dollars. In the opinion of the said agency, the European banks will not also escape (till now they have been more unwilling to reveal the level of possible losses of his accounts).

Economic and financial environment. J.J. Painting.