Market Data 
- Spain’s eastern province of Valencia was hit by intense, historic rainfall.
- 62 people were killed in flash floods in the region.
- The region is a big part of Spain’s economy, with significant auto and manufacturing industries.
Historic flash floods in eastern Spain killed 62 people and roiled the region.
The floods, brought about by torrential rains, killed 62 in the province of Valencia, regional emergency services said, citing a provisional death toll.
Though heavy rains are common in the region in fall — part of a phenomenon known as “cold drops” — this one was extreme.
According to Spain’s State Meteorological Agency, it was a historic storm, the worst of the 21st century and more severe than anything since 1987.
Images and videos from the region showed brown water surging through fields, blocking roads, and hitting some built-up areas.
The flooding seemed not to strongly hit Valencia, the regional hub and Spain’s third-largest city.
Per a Spanish government briefing, the auto industry is the most significant in Valencia province. It also mentioned chemicals, manufacturing, agri-food and IT.
It was not immediately clear whether particular industries or companies had been strongly affected by the floods.
Valencia’s government advised against road travel in the province due to “heavy” rain warnings in alert texts sent to residents in the early hours of Wednesday, local time.
In an X post on Wednesday, Spain’s transport minister said there would be no train service on the railway line connecting Valencia to Madrid, the Spanish capital, until at least 10 a.m. local time.
On Tuesday, Spain’s Prime Minister Pedro Sánchez said he was closely following reports of missing people and damage caused by the storm and that all emergency services were being dispatched in response to the storm.
In an X post on Wednesday, Valencia city mayor said the province is facing one of the “most difficult and painful” moments in its history.
