Less than two days before knowing the new path for interest rates set by the European Central Bank (ECB).

Banco Sabadell and BBVA were the two banks that led the declines in the stock market this Tuesday in a markedly bearish day for the markets and less than two days before knowing the new path for interest rates set by the European Central Bank (ECB).

Specifically, Banco Sabadell was trading at US$1.98 around 11:00 a.m., 5.22% less than at Monday's close. BBVA registered a decrease of 4.55%, to US$ 10.1.

Although the declines of these two entities were the most notable, they were not the only ones. CaixaBank fell 4.46%, while Unicaja fell 4.13%; Bankinter, 3.43%; and Santander, 2.60%.

The uncertainty regarding interest rates is combined in the particular case of BBVA and Sabadell with the recent victory of Claudia Sheinbaum in the Mexican elections, as the polls were progressing. Although there has been no official statement from the candidate, a few days ago the newspaper 'Financial Times' reported that the Mexican Executive was considering the creation of a special tax on credit institutions.

Mexico is a particularly relevant region for BBVA, since it generates most of its profits there. Santander also has business in the country, although its geographic mix is more diversified than its competitor.

At the moment, the approval process of the public acquisition offer (OPA) for Sabadell continues as planned, since it will be a process of several months. The takeover bid itself has not yet been launched, as it needs authorization from the European Central Bank (ECB) and the National Securities Market Commission (CNMV). In parallel, yesterday BBVA already sent the operation to the National Markets and Competition Commission (CNMC).