2018 started off with a rally by markets, buoyed by confidence and the positive impact of the tax reform approved in the US. However, several factors caused stock markets in general to end the quarter in the red, including:

• Fears that the pick-up in economic activity will feed through to inflation.
• Faster hike in interest rates by central banks than expected.
• Concerns in the economy of further trade duties following those imposed by the US.

In this climate, Santander shares outperformed the main indices: SAN (-3.4%), Ibex 35 (-4.4%), DJ Stoxx Banks (-5.9%) and DJ Stoxx 50 (-6.7%).

Overall, the market showed a general decline in total shareholder returns in the quarter, with Banco Santander outperforming the main indices: Santander (-2.4%), Ibex 35 (-3.9%), DJ Stoxx Banks (-4.9%) and DJ Stoxx 50 (-5.8%).

At 30 March, Banco Santander was the number one bank in the euro area by market cap, with EUR 85,441 million. Santander shares had a weighting of 2.4% in the DJ Stoxx 50 and 8.2% in the DJ Stoxx Banks index. On the Spanish market, its weighting was 16.7% in the Ibex 35 index.

In the quarter, 5,316 million Santander shares were traded, for a cash amount of EUR 30,442 million — the highest volume for any Euro Stoxx constituent — with a liquidity ratio of 33%. 20.8 million shares were traded daily, for a cash amount of EUR 119 million.