Ibex 35 is trading flat around 19,700 points, weighed down by Samsung's plunge in Seoul (-7%) despite multiplying its profits by 19. Logista, Inditex, and Telefónica are pulling the index up on a mixed day in Europe.
The Spanish stock market is struggling to find direction this Tuesday. The Ibex 35 is trading practically flat, with a slight upward trend allowing it to flirt with the 19,700 points mark. The index is caught between two forces: the push from heavyweights like Inditex or Telefónica and the drag from the falls of Acciona, which is down more than 5% after discounting dividends, and Solaria, which is down 1.7%.
Investor attention is focused on Samsung's results, which have caused a stir in the Seoul stock market. The South Korean company multiplied its profits by 19 in the second quarter, reaching 89.4 trillion won (51 billion euros). However, the market expected more and punished the stock with a 7% drop, dragging down the Kospi, which lost nearly 5%.
European markets moving at two speeds
Europe is moving at two speeds. The Italian Mib is trading with doubts but in positive territory, while the English FTSE 100 is up 0.3% and the French Cac is up 0.2%. The exception is the German Dax, which is down 0.7%, weighed down by Siemens Energy (-7%) —after Barclays downgraded its recommendation from 'equal weight' to 'underweight'— and Infineon (-6.3%).
In the Ibex, the top performers are Logista (+1.5%), Inditex (+1.4%), and Telefónica (+1.3%). On the negative side, in addition to Acciona and Solaria, Ferrovial stands out, down 1.4%. Técnicas Reunidas records the largest drop on the Spanish stock market, over 5%, coinciding with the 20th anniversary of its stock market debut. Meanwhile, Cirsa rises more than 3% after announcing a senior secured bond issuance of 500 million euros maturing in 2032.
Wall Street points to red and oil rebounds
Wall Street futures are in the red. The Nasdaq would drop nearly 0.8% after Samsung's setback, while the S&P 500 would fall 0.2%. In the commodities market, oil rebounds by 1%, reaching $72.6 a barrel, following an attack on a ship in the Strait of Hormuz, raising geopolitical tensions in a key area for energy supply.
Wallbox, the provider of charging solutions for electric cars, surged 35% on Wall Street yesterday after receiving permission to continue trading on the New York Stock Exchange. Today, however, it is down 3% in pre-opening trades.
For investors, the day leaves a clear message: caution continues to dominate. Corporate results set the pace, and any disappointment, like Samsung's, can provoke sharp corrections. Those with positions in technology or industrial stocks would do well to closely monitor upcoming macroeconomic references, such as the employment data in the U.S. to be published this week.
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