Ibex 35 rises 0.24% in mid-session to 19,730.70 points, boosted by the increase in crude oil prices following a projectile strike on a tanker in Oman.
Ibex 35 is trading this Tuesday with a moderate advance of 0.24% in mid-session, standing at 19,730.70 points. The Spanish index remains positive thanks to the surge in oil, which has skyrocketed after an incident in the Strait of Hormuz: an unknown origin projectile struck a tanker, causing a fire on board.
Oil rises due to tensions in the Middle East
The Brent crude, a European benchmark, rises 1.40% to $73 per barrel, while West Texas Intermediate advances 1.23% to $69. This increase is a response to geopolitical uncertainty in the region, crucial for crude transit.
The UK Maritime Trade Operations Centre (UKMTO) confirmed that a tanker was hit by an unknown projectile on its port side while sailing south, eight nautical miles east of Limah (Oman). Fortunately, the incident has not caused any casualties or environmental damage.
Additionally, Saudi Arabia has cut the price of its oil for Asian buyers, offering it at a discount compared to the regional benchmark for the first time since 2020. According to analysts at Renta 4, this reflects that Saudi prices were not competitive enough given the availability of cheaper supply from other producers.
Telefónica and Inditex lead the gains in Ibex
In the Spanish market, the top gainers in mid-session are Telefónica (+1.46%), Inditex (+1.39%), Logista (+1.37%), Amadeus (+1.28%), and Bankinter (+0.85%). On the downside, Acciona leads the declines with a drop of 4.13%, followed by Solaria (-1.37%), Ferrovial (-1.35%), Acciona Energía (-1.23%), and ACS (-1.13%).
The general shareholders' meeting of Inditex votes this Tuesday on the appointment of former Caixabank president José Ignacio Goirigolzarri as a new independent director, a move that strengthens the profile of the board of the Galician textile company.
Meanwhile, analysts at Bankinter anticipate a profit-taking session in the technology sector, coinciding with SpaceX's inclusion in the Nasdaq 100 index and following preliminary results from Samsung, which expects to earn 19 times more in the second quarter, reaching a record of €51 billion.
The Treasury places €5.616 billion in treasury bills and the euro weakens against the dollar
In the macroeconomic sphere, the Spanish Public Treasury has allocated €5,616.97 million in a treasury bill auction this Tuesday, within the expected medium range. It has raised the yield for six months but cut it for one year, in a context of still high interest rates.
In the fixed income markets, the yield on the Spanish 10-year bond rises to 3.446% from 3.427% at Monday's close, while the risk premium stands at 48.25 basis points. The euro has weakened by 0.11% against the dollar, down to $1.1428.
The main European markets are trading mixed: the British FTSE 100 advances 0.50%, the French Cac 40 by 0.41%, the German Dax loses 0.41%, and the Italian FTSE MIB rises 0.33%. The Euro Stoxx 50 drops by 0.37%.
For investors, the day leaves a firm Ibex supported by oil, but with caution over profit-taking in technology and geopolitical uncertainty. The evolution of crude oil and decisions from OPEC+ will continue to shape the direction in the coming sessions.
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