Shareholders, trading and share price
The global economy continued to grow in the second half of 2014, and at a slightly faster pace than the beginning of the year (up 3.0%), but performance varied from one geographical area to another: sustained improvement in the United States, reduced growth in Europe and Japan, and moderation in China and in other large emerging economies. The impact of the sharp slump in oil prices, which is positive for overall economic activity and exerts a downward pressure on prices, is a new factor that will widen the gap between exporting and importing economies, in a scenario marked by geopolitical tension and diverging monetary policies. Financial assets, interest rates and exchange rates reflect this scenario.
In this context, the main stock market indices have performed unevenly over the quarter. In Europe, the Euro Stoxx 50 fell by 2.5% and the Ibex 35 by 5.0%, while in the United States the S&P 500 gained 4.4%. The Eurozone's banking sector index, Euro Stoxx Banks, fell by 9.9%, partly reflecting the uncertainty surrounding growth and monetary policy measures. In contrast, in the United States, the S&P Regional Banks index gained 5.2%.
