Solaria climbed nearly 9%, while Repsol lost more than 2%, shaping a volatile session for Spain's Ibex 35. The index closed higher despite confirmation that Spanish GDP growth in the second quarter was one-tenth below expectations. Gains faded near the close but held.
Solaria made the biggest move. The company recovered after plunging the previous day following the release of major financial results and a cut to its target capacity for 2026. Traders closing short positions drove the rebound; there was no new operational announcement.
That distinction matters. The day's strongest percentage gain followed an extreme sell-off. Solaria showed how quickly trading positions can deepen losses, then fuel recoveries as investors reassess expectations. Acciona and Caixa also gained more than 2%.
Repsol moved in the opposite direction.
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, leaving its shares vulnerable when the commodity loses ground. Solaria's rebound and Repsol's decline gave the session an uneven profile, even as the benchmark finished higher.
Recent Spanish market reviews placed the Ibex 35 near the 19,600 to 19,800-point area, with energy and banking stocks exerting a impressive influence on intraday moves. The European Central Bank 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%, the highest level since June. Consumer sentiment also weakened.
The University of Michigan's September survey put the final sentiment index at 48.1, compared with 51.7 in August. The reading came in slightly above the preliminary estimate and forecasts, but still marked a impressive deterioration in household confidence. US indexes nevertheless 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 and bond supply remained heavy. Uncertainty over interest rates added to the pressure. Reuters linked the rise in Treasury yields to weaker consumer confidence and higher inflation expectations, while sensitivity to auction demand also played a part. The move also matched earlier market data showing fund managers increasing their cash holdings.
Gold and silver gained as crude prices fell. The inverse relationship was linked to the beginning of the war in the Middle East in 2026. The geopolitical factor added to the commodity story but 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 and rising US yields. Sharp commodity moves added to that backdrop.
The ECB's broader euro-area growth figure offered some support for Spanish assets. It did not erase pressure from weaker domestic data or sharp moves in individual sectors. Money moved selectively.
The Ibex 35 finished higher. Solaria's short-covering rebound and Repsol's oil-driven decline carried the index higher, though the market did not improve broadly.
