The Spanish stock market began the week without a clear trend: the Ibex 35 index closed at 17,692.90 points, gaining a symbolic 0.01% and, for the first time in six sessions, avoided a decline. The caution was driven by several factors at once — from a sharp rise in oil prices to anticipation of major decisions from global central banks and upcoming corporate earnings reports.
The impact of oil and geopolitics
The rise in oil prices once again became a key factor for European markets. Brent crude jumped 3% and exceeded $108 per barrel, intensifying inflationary concerns. The situation was influenced by failed attempts by the US and Iran to reach an agreement on the Middle East, although a new initiative from Tehran to open the Strait of Hormuz slightly eased tensions. Despite pressure on commodity markets, Asian indices Nikkei and Kospi hit record highs thanks to strong demand for technology companies, while Wall Street saw moderate corrections.
Ibex 35 performance and growth leaders
Within the Spanish index, Indra posted the largest gain: the company’s shares rebounded by 5.03% after a sharp decline on Friday triggered by news of China imposing export restrictions on a number of European defense and aerospace companies. On Thursday, Indra will release its quarterly report, and analysts expect double-digit revenue growth. Among energy sector companies, Acciona (+2.11%), Acciona Energía (+2.82%), Solaria (+2.55%), and Repsol (+1.58%) stood out, supported by the success of Germany’s Nordex, which is controlled by Acciona. Meanwhile, shares of companies sensitive to borrowing costs came under pressure: Cellnex fell 1.01%, Telefónica dropped 2.01%, and infrastructure giants Ferrovial, ACS, and Sacyr also ended in the red. Outside the main index, Línea Directa decreased by 0.67% after publishing its results, while Tubos Reunidos plunged 37.5% due to bankruptcy risk.
European markets and corporate deals
Caution also prevailed on other European exchanges. Germany’s Dax and France’s Cac both fell by 0.19%, the UK’s FTSE was down 0.56%, while Italy’s Mib edged up by 0.04%. Investors followed corporate news: Intertek rejected EQT’s offer, leading to a 2.22% drop in its shares. Meanwhile, Apollo agreed to purchase part of the French Forvia business, and Nordex and Galp showed positive dynamics following their earnings reports. Even sports achievements were reflected in the markets: Adidas shares rose 1.14% after a historic marathon result.
Debt market, currencies, and crypto assets
Inflationary pressure from rising oil prices has once again affected the debt markets: German bund yields exceeded 3%, while Spanish ten-year bonds approached 3.5%. US Treasuries are trading above 4.3%. Currency rates remain stable as markets await decisions from the Fed and ECB: the euro holds at $1.17, the pound at $1.35. Gold corrected below $4,700 per ounce, and bitcoin fell below $77,000, pausing its 30% growth since the beginning of the year.
Amid geopolitical uncertainty and inflationary pressures, the Spanish market remains highly sensitive to external signals. As noted by russpain.com, political and economic decisions in Europe and globally have a direct impact on the dynamics of the Ibex 35 index, especially in light of recent disagreements within Spain’s right-wing parties over foreign policy and the war in Iran — more on this in the article about the internal crisis in the PP and Vox coalition.
