The Spanish stock market has experienced one of those days that They are recorded in the newspaper archivesThe Ibex 35 has not only achieved clearly surpass the 16.700 point markbut also to close at levels never seen before, consolidating a rally that has been building session after session in recent weeks.
In an international context of less market tension and with investors once again betting on equities, the Madrid stock exchange has relied on Its major heavyweights, with Inditex and the banking sector playing a particularly prominent role.to string together a prolonged upward streak and position itself as one of the most prominent indices in Europe in this final stretch of the year.
New all-time high for the Ibex 35 above 16.700 points
At the close of trading, the Ibex 35 had advanced around a 0,97% increase, to 16.746 pointsThis represents its highest closing level ever. During trading, the index reached intraday highs of around [amount missing]. 16.759 points, confirming that the buying impulse is still very much present.
With this rise, the index has now recorded a consecutive gain. nine consecutive days in the green and is clearly moving above the psychological threshold of 16.700 points, consolidating what are now the seventh all-time highs of the year. For the moment, this year is positioned as one of the most bullish in the history of the Spanish index, with a revaluation of close to 44% since January.
The index movement has not been isolated, but has occurred within an environment of widespread gains in major European stock marketsAlthough gains were somewhat more moderate in the rest of the continent's markets. By midday, the Ibex was clearly trading above 16.600 points and nearing its previous record highs, ultimately confirming the jump at the close.
Among the stocks that have most boosted the index are Grifols A (+3,57%), Inditex (+2,66%) y Acciona (+2,46%)accompanied by the positive performance of several financial institutions and other heavyweights on the stock exchange. On the negative side, the following stood out: Redeia (-1,44%), IAG (-1,36%) y Bankinter (-1,23%)which have acted as a partial brake on the index's advance.
Inditex drives the rally after solid results and analyst support
If there is a proper name in the session, it is that of InditexThe Galician textile group has established itself as the main catalyst of the Ibex 35 In recent days, thanks to better than expected results There has already been a wave of improved recommendations and target prices from analysis firms.
In the first nine months of its fiscal year, the company has obtained a net profit of 4.622 millones de euros, which represents an increase of approximately 3,9% compared to the same period of the previous year, accompanied by Sales at record highs and solid marginsThis combination of profitable growth and strong cash generation has been enthusiastically received by the market.
Following the publication of the results, Inditex shares rose by around 8% in the previous sessionAnd they have maintained their positive tone today, with further gains that have continued to push the Ibex 35 towards new highs. Throughout the week, the stock has accumulated double-digit gains, becoming de facto the driving force behind the selective rally.
The analysts' support has been overwhelming. The firm Berenberg has raised its target price to 62 euros per share (from 52 euros), which implies a upside potential close to 16% Regarding recent closures. For its part, Dz bank recommends 'buy' the stock and sets its target price at 61 EurosWhile Bank of America It also maintains its buy recommendation and adjusts its rating to 60 euros per title, with an upward trajectory of around 12% from previous levels.
Taken together, these reviews reinforce the idea that Inditex remains one of the fundamental pillars of the Ibex 35This is due both to its weight in the index and its ability to drive the entire market when it exceeds expectations. The strong performance of the business, both in physical stores and online, is behind this renewed vote of confidence.
Banking and large-cap stocks are driving the index's momentum.
The Ibex 35's strong performance cannot be explained solely by Inditex. financial entities They have once again become the day's key performers, in a context of increased risk appetite and a rotation towards cyclical stocks. Gains in BBVA, Banco Santander, CaixaBank y Sabadell have given an additional boost to the index.
In terms of recommendations, Goldman Sachs has revised upwards the target price of Banco Santander until the 11,10 euros per share, from the previous 10,8 euros, which leaves a upside potential close to 20% According to their estimates. For BBVAThe US bank maintains its buy recommendation and sets a target price of 22,50 Euros by title.
Meanwhile, analysts at Goldman Sachs itself, Chris Hallam and Sofie Peterzens, They have shown clearly optimistic about the European banking sector looking ahead to 2026. In his opinion, investors' attention will shift from interest rates and loan volume to the profit growth and operational efficiencyfactors that should translate into a higher return on capital for the entities.
Within the sector, it has also played a prominent role. Santander for its shareholder remuneration program. The entity has reported that it has already executed nearly 84,6% of its €1.700 billion share buyback planLaunched at the end of July. So far it has acquired approximately 169 million treasury shares, for an approximate amount of 1.437 billion, at an average price close to 8,53 euros.
Besides the banks and Inditex, other big names on the stock exchange include Acciona, CaixaBank, Griffols o Sabadell have registered significant increases, while values ​​such as Repsol, Iberdrola or Telefónica They have shown more mixed behaviors, although without deviating from the clearly bullish tone of the index as a whole.
Telefónica, workforce adjustments and stock market potential
Apart from movements strictly linked to the level of the index, Telefónica It has also been in the news for corporate reasons. The operator has raised reduce the scope of the workforce reduction plan by 5%. which affects Telefónica Global Solutions, Telefónica Innovación Digital and Telefónica SA, three of the seven subsidiaries included in the employment regulation file that is currently being negotiated.
The unions have described the proposal as insufficientThis suggests that negotiations will remain complex in the coming sessions. Despite this context of workforce adjustments and internal restructuring, the market continues to see potential in the company. an attractive dividend and some room for stock market recovery In the medium term, with estimates of potential revaluation of just over 11% for the next twelve months.
At the middle section of the sessionTelefónica showed slight increases, placing it among the most stable performing stocks within the index, neither among the top performers nor the worst performers, reflecting a certain prudence on the part of investors awaiting the resolution of the labor process.
Other European stock markets: moderate gains and focus on the ECB
The European context has generally been constructive for equities. EUROSTOXX 50 It has been noted around one 0,47%, up to the 5.721 point zone, while the CAC 40 in Paris has progressed around a 0,43% and the German DAX has added up to nearly a 0,88%, fluctuating around 23.890 points. In London, the 100 FTSE It closed with a more modest revaluation, close to 0,2%-0,25%.
In general, the main cities of the Old Continent maintain a positive but cautious toneWe are closely watching the next signals from the European Central Bank. The latest inflation data points to a a more pronounced slowdown in prices in the eurozoneThis fuels speculation about when a cycle of rate cuts might begin.
The market is discounting that the ECB could provide more clues in the coming weeks Regarding the timeline for potential monetary easing over the next year, the indices are advancing without major disruptions, supported by reasonably solid corporate earnings and the perception that peak inflation has passed.
In this environment, the Ibex 35 is behaving as one of the indices with the best upward momentum in Europe, boosted by the pull of banking, consumer-related stocks and companies with a strong international presence.
Wall Street, Asia and the global context: the Fed in the spotlight
Across the Atlantic, the session was somewhat more subdued. The main Wall Street indexes showed light intakes of benefits Following the recent days of progress. Dow Jones It moved practically flat, with minimal drops around 0,04%, Whereas the S & P 500 yielded around a 0,1% and the Nasdaq Composite backed away around a 0,2%.
On the macroeconomic front, one of the key events of the day has been the weekly data of unemployment benefit applications in the United StatesInitial requests have fallen to around 191.000 requests, compared to 218.000 the previous week, a better figure than the market consensus expected and which continues to point to a very resilient labor market.
However, other labor indicators show different nuances. The consulting firm ADP It was recently reported that the US private sector It destroyed about 32.000 jobs in Novembercompared to the 47.000 jobs created in October. Furthermore, US companies have announced some 1,17 million job losses in the first eleven months of the year, 54% more than in the same period of the previous year and the highest level for that segment since 2020.
This mix of data continues to fuel the expectation that the The Federal Reserve could cut interest rates at their next meeting. Renta 4 analysts point to the possibility of a cut in 25 basis points in December, and the market manages to grant a probability close to 98% This scenario is pending the release of the underlying private consumption deflator, the Fed's preferred inflation indicator.
In Asia, the focus has been on Japan. The index Nikkei It has been fired near a 2% after a 30-year debt auction with the increased demand since 2019, even though the market already considers it highly likely that the Bank of Japan to raise interest rates in DecemberThis strength has helped to sustain the overall tone of risk assets.
Fixed income, currencies and commodities: relative calm in the markets
In the debt market, the session has been marked by relatively subdued movements, with slight gains in sovereign bond yields. The performance of the 10-year Spanish bond is situated around 3,23%-3,25%, with rebounds close to the basis point, while the German Bund around the 2,77%. The Spanish risk premium It remains stable around 47 basis points.
El Public treasure has taken advantage of the positive market conditions to place around 3.360 billion euros in government bonds and noteswithin the expected mid-range. In the auction, it has achieved to reduce the profitability offered in the five-year benchmarkThis reflects a reasonable appetite for Spanish debt in the current interest rate environment.
In the foreign exchange market, the The euro remains virtually unchanged against the dollar.with the crossing near the area of $1,165-$1,17 per euroThe slight daily adjustments have not significantly changed the outlook of recent weeks, in which the single currency has fluctuated within a relatively narrow range.
The energy raw materials They continue to show some volatility, although the tone of the session has been bullish. barrel of Brent, a reference in Europe, is located in the environment of 63-63,5 dollars, with increases of around 0,7%-1,2%, while the West Texas Intermediate (WTI), a benchmark in the United States, advances to the 59-60 dollars with increases close to 1%-1,5%.
In the precious metals segment, the physical It remains at high levels, around $4.200-$4.240 per ouncewith very limited intraday variations. In the crypto universe, the bitcoin oscillates close to $93.000 per unit, trying to consolidate recent gains and avoid a deeper correction after its strong recovery in recent months.
Detailed behavior of Ibex 35 values
The Ibex 35's record close was accompanied by a very disparate performance among the index's components, with a clear positive bias towards cyclical and financial stocksAmong the biggest increases, in addition to Grifols A (+3,57%) e Inditex (+2,66%), companies like Acciona (+2,46%), CaixaBank (+2,34%), BBVA (+2,19%) y Sabadell (+1,99%).
Other titles with a more industrial or infrastructure-related focus, such as ACS, ArcelorMittal, Ferrovial or SacyrThey have shown moderate progress, contributing to reinforcing the feeling of a fairly diversified rally within the index. Among defensive stocks, performance has been more mixed, with Iberdrola, Endesa or Enagás alternating slight ups and downs.
On the downside, the following have stood out redea, with drops exceeding 1,4%, IAG, which has fallen by around 1,3%, and Bankinterwith declines of around 1,2%. Companies such as [names of companies] also closed in negative territory. Acerinox, Logista or Merlin Propertiesalthough without tarnishing the overall tone of the market.
In short, the day has shown that the The Ibex 35's momentum rests mainly on the index's heavyweights. —banks and Inditex, above all—, but also a wide range of stocks that, without being absolute protagonists, have added points to the advance of the index.
With the Ibex 35 installed in all-time highs above 16.700 pointsInvestors are approaching the final stretch of the year with a constructive tone, supported by a combination of solid corporate earnings, somewhat more dovish monetary policy expectations, and a less tense international environment than in previous months. The challenge from now on will be to see if the index can... maintain this level of demand in a scenario where any macro data or surprise in results can serve as an excuse to collect some of the accumulated profits.
