Spain’s main stock index posted its fourth consecutive session of declines on Friday, moving further and further away from 8,000 points in an increasingly gloomy climate in the markets due to fears of recession.

The PMI data on business activity in the eurozone, which warned that the European economy may be entering a recession, discouraged investors even more, increasing losses on the floor from the middle of the day.

In addition, the announcement that the European Central Bank is assessing how to reduce anti-inflation aid to banks in a scenario of rises in reserve rates, produced an expected negative reaction in the banking sector.

Outside the euro zone, Britain has joined the fight against inflation by announcing tax cuts and measures that have brought back unpleasant memories of past recessions.

Thus, the selective Spanish stock market Ibex-35 closed with a fall of 191.20 points on Friday, 2.46%, to 7,583.50 points, while the index of large European securities FTSE Eurofirst 300 lost 2, 29%.

In the banking sector, Santander (BME:  ) lost 3.07%, BBVA (BME: BBVA ) fell 2.86%, Caixabank (BME: CABK ) lost 2.52%, Sabadell (BME ) fell 1.26%, and Bankinter (BME: BKT ) fell 1.48%.

Among the large non-financial stocks, Telefónica (BME: ) fell 0.54%, Inditex (BME: ITX ) lost 3.84%, Iberdrola (BME:) dropped 1.64%, Cellnex (BME : ) fell 1.27% and oil company Repsol (BME: REP ) lost 5.33%.