The main benchmark index of the Spanish stock market, the Ibex, closed the session marking a new historic high by surpassing the threshold of 20,000 points. The selective index has appreciated 0.21% since yesterday and 14% so far this year. Good corporate results and the drop in oil prices due to the de-escalation of the conflict in Iran are behind this new stock market milestone.
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The index had surpassed the psychological level early in the morning, but then turned slightly red as it fell towards 19,900 points to, shortly after, recover the lost ground. Specifically, Brent crude fell 5% at the close of the European session, nearing 80 dollars.
The main market catalyst, the increase in hopes for the end of the Iran war, came after the United States Treasury Secretary, Scott Bessent, expressed his confidence that it is possible to reach an imminent agreement with Iran that would allow the Strait of Hormuz to be opened to commercial ship traffic.
Likewise, the positive tone that has accompanied the Spanish selective index over the last month is supported by good corporate results, especially from Spanish banks, which are posting record profits. ArcelorMittal and Amadeus were the biggest gainers of the day, with an appreciation of 4% and 2%, respectively. On the other side of the coin are Acciona and Acciona Energía, which lost 7% and 2%, after the Entrecanales Franco family sold 3% of the Spanish company for 359 million euros.
The main stock markets in Europe closed with widespread gains and Milan rose 1.26%; the Euro Stoxx 50 index, 0.94%; Frankfurt, 0.77%; London, 0.2%; and Paris, 0.61%. Meanwhile, across the Atlantic, the S&P 500 and the Dow Jones reached historic highs boosted by lowered expectations that the Federal Reserve will raise rates at its next meeting and strong results from the U.S. giants leading the AI race.
In the fixed income market, the yield on the Spanish sovereign bond maturing in 10 years reached 3.533%, after closing Monday at 3.591%. Thus, the risk premium against German debt has fallen to 42.7 points. Regarding currencies, the euro appreciated 0.10% against the dollar at the close of the European session, crossing at an exchange rate of 1.1521 dollars per euro.
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