Spain's Ibex 35 ended higher despite weaker GDP data and a late loss of momentum. Solaria jumped nearly 9% after its sharp fall, while Repsol dropped more than 2% as oil prices declined.
Solaria climbed nearly 9%, while Repsol lost more than 2%. Those moves shaped a volatile session for Spain's Ibex 35. The index closed clearly higher despite confirmation that Spanish GDP growth in the second quarter was one tenth below expectations. Gains weakened near the close. They held.
Solaria made the biggest move. The company recovered after plunging the previous day on the release of major financial results and a cut to its target capacity for 2026. The rebound came from traders closing short positions. There was no new operational announcement.
The University of Michigan’s final September consumer sentiment index stood at 48.1, down from 51.7 in August. The reading was slightly above the preliminary estimate but still marked a significant deterioration in household confidence.
That distinction matters. The day's strongest percentage gain followed an extreme sell-off. Solaria showed how quickly trading positions can deepen losses and fuel recoveries when investors reassess expectations. Acciona and Caixa also gained more than 2%.
Repsol went the other way.
The energy company was the worst performer on the Spanish index as oil prices fell. Repsol remains the Ibex 35 stock most exposed to crude prices. Its shares are vulnerable when the commodity loses ground. Solaria's rebound and Repsol's decline gave the session an uneven profile, even though the benchmark finished higher.
Recent Spanish market reviews placed the Ibex 35 near the 19,600–19,800-point area, with energy and banking stocks exerting a notable influence on intraday moves. The European Central Bank also reported that the euro-area economy expanded by 0.6% quarter on quarter in the second quarter of 2026, providing a broader growth backdrop for Spanish assets.
Markets outside Spain also sent mixed signals. One-year inflation expectations in the United States rose to 4.6% from 4%. That was the highest level since June. Consumer sentiment weakened as well.
The University of Michigan's September survey put the final sentiment index at 48.1, compared with 51.7 in August. The result was slightly above forecasts. US indexes still moved higher.
Bond trading added pressure. The yield on the US 10-year government bond rose above 5.2% after weak demand at Treasury auctions. Investors demanded a larger premium to hold public debt as inflation stayed high, bond supply remained heavy and uncertainty persisted over interest rates. Reuters linked the rise in Treasury yields to weaker consumer confidence, higher inflation expectations and sensitivity to auction demand. The move also matched earlier market data that showed fund managers increasing their cash holdings.
Gold and silver gained as crude prices fell. The source material links that inverse relationship to the beginning of the war in the Middle East in 2026. The geopolitical factor added to the commodity story, but it did not change the immediate market drivers.
Spanish GDP data did not stop investors from buying during the session. The figure still matters. It arrived alongside higher inflation expectations, rising US yields and sharp commodity moves.
The ECB's broader euro-area growth figure offered some support for Spanish assets. It did not erase the pressure from weaker domestic data or the sharp moves in individual sectors. Money was moving selectively.
The Ibex 35 finished in green. Solaria's short-covering rebound and Repsol's oil-driven decline showed that specific trades, rather than a broad improvement across the market, carried the index higher.
