Investors Await Fed Meeting
May 01, 2011
The IBEX-35 index of the 35 most liquid stocks on the Madrid Stock Exchange lost 39.78 points to 4012.26, and the Madrid General Index fell 2.98 points to 353.26. Among specific shares, Repsol lost 55 pesetas to 4,070. Traders said a rally in crude oil futures prices in the U.S. drove down Repsol stock, as the production costs for the state-run refiner and distributor could rise. Also, a week-long strike that began Monday at the Bilbao refinery of Repsol subsidiary Petronor further pressured the share, traders said. Investors were wary ahead of the Fed meeting. Little activity is expected Tuesday until after the meeting, traders said.
