The Ibex 35 ended the week higher, led by Cellnex as Telefónica dropped sharply. SpaceX revived concern over Starlink competition, though its US spectrum deal still needs FCC approval.
A spectrum deal in the United States put Telefónica under pressure during an otherwise strong session for Spanish equities.
The company fell more than 4% after SpaceX agreed to acquire additional frequencies in the United States for telephone services. The transaction covers a nationwide portfolio from Grain Management with up to 14 MHz of paired spectrum in the 800 MHz band. It still requires final approval from the US Federal Communications Commission, or FCC.
Starlink is not entering the European market through this deal. Investors are pricing in a possible future rival while telecom growth remains limited.
The wider market moved in the opposite direction. European shares advanced as crude prices and government bond yields eased, giving investors room to buy despite disappointing data from the United States. The Dax and the UK's FTSE 100 both gained more than 1%. The Ibex 35 finished the week with several companies up by over 3%.
The FCC has authorized SpaceX to launch up to 15,000 second-generation Starlink satellites optimized for operations using global 2 GHz spectrum.
Cellnex led the Spanish benchmark higher. Sector optimism helped, but lower financing pressure mattered just as much. SpaceX's spectrum purchases strengthened the view that satellite services and terrestrial towers may develop together rather than compete immediately for the same role. Cellnex also benefited from falling debt yields because its heavily leveraged structure makes financing conditions especially important.
That contrast drove the session. The same SpaceX announcement helped tower companies while hurting telecom operators.
According to CNBC and Bloomberg reports, shares of US operator AT&T came under pressure as investors assessed the prospect of a new mobile competitor. Verizon and T-Mobile also faced pressure.
The FCC has also considered an auction of 25 MHz of primary spectrum for satellite connections to ordinary smartphones, alongside discussions about a further 482 MHz for supplemental satellite coverage services. These proceedings show that direct-to-device connectivity is becoming a broader regulatory issue, not just a single SpaceX transaction.
For Telefónica, the concern is a future European rival rather than an immediate Starlink launch. The company is trying to increase revenue by more than 1% a year. A satellite service could make that target harder to reach if it becomes an additional option for customers in the coming years.
SpaceX says the low-band spectrum could remove one of the main technical barriers to Starlink's mobile ambitions and complement spectrum already held in the 2 GHz range. After regulatory approval, the company plans to combine its satellite infrastructure with terrestrial deployment so compatible devices can stay connected in a wider range of conditions, including indoors. The planned ground network and spectrum deal therefore point to a US-focused expansion of Starlink Mobile, not a commercial launch in Spain or elsewhere in Europe.
ArcelorMittal also gained more than 4% after receiving support from an analysis house. Its rise added strength to a session lifted by individual recommendations and a friendlier market backdrop. The recovery was broad enough to lift the benchmark even as Telefónica suffered a sharp setback.
On 9 October, the Ibex 35 rose 1.02% to close at 19,121.9 points after two declining sessions. ArcelorMittal and Cellnex were among the notable leaders. Telefónica was one of the weakest shares, according to Bolsamanía's market report.
United States markets also rose despite less comfortable economic signals. One-year inflation expectations increased by a tenth. The University of Michigan consumer sentiment reading came in below both the previous month and expectations. Treasury yields rose on Wall Street as well, but investors focused more heavily on the expectation that OpenAI's annualised revenue could reach 70 billion dollars by the end of 2026.
Commodities added another layer to the session. Gold rose despite higher American bond yields. Doubts about the metal remain as the conflict in the Middle East continues and higher interest rates weigh on its outlook. Bitcoin also advanced during the day but still recorded a negative week.
Lower yields revived interest in leveraged infrastructure stocks while the same technology shift unsettled traditional telecom operators. Cellnex benefited from the prospect of satellites and towers operating within a broader mixed system. Telefónica took the hit because Starlink represents a possible future challenge to modest revenue growth.
No immediate European launch appears in the material. Friday's move therefore reflected expectations rather than a completed market entry. The next regulatory step is FCC approval of the Grain Management transaction.
The conditions attached to the 800 MHz licenses will determine how the spectrum can be used. Deployment of Starlink Mobile's ground network remains another milestone. Comparable applications or commercial offers outside the United States have yet to appear in the material.
