The Ibex 35 retreats 0.4% at the opening, dragged down by the rise in oil prices following the attacks in the Strait of Hormuz and doubts about Western leadership in artificial intelligence after the success of the Chinese model Kimi K3.
The Ibex 35 has started the session with a decline of 0.4%, positioning itself below 19,200 points. The drop occurs in a context of increasing geopolitical tension in the Middle East, where incidents involving oil tankers in the Strait of Hormuz and new missile attacks from Iran have raised the risk of crude supply disruptions. Nearly 20% of the world's oil passes through this route, which has pushed the price of Brent crude above 90 dollars per barrel.
Oil boosts Repsol and punishes tourism
The rise in crude oil has had an uneven effect on the Spanish index. On one hand, Repsol has become the top performer in the Ibex 35, with an increase of 1.88%, benefiting directly from the rising cost of the raw material. On the other hand, companies in the tourism sector are experiencing the largest declines, amid fears that rising fuel prices will make travel more expensive and reduce demand. The market anticipates that the conflict between Iran and the United States could keep oil prices elevated for weeks.
European stock markets are also trading in negative territory, in line with the bearish close in Asia. The South Korean index KOSPI has fallen 4.46%, weighed down by a collapse in technology stocks. The trigger has been the temporary suspension of new registrations for the Kimi K3 artificial intelligence model from the Chinese company Moonshot, due to excessive demand. The success of this model has reignited the debate about China's ability to develop advanced AI at lower costs, calling into question American leadership in this sector.
Chinese artificial intelligence shakes up semiconductors
The fear that increasing Chinese competitiveness will reduce investment in high-performance chips has caused widespread declines among semiconductor manufacturers. Investors are concerned that more efficient models like the Kimi K3 could decrease future demand for these components. This scenario has generated a correction in Asian and European stock markets, adding to the doubts about the high valuations of companies linked to artificial intelligence.
Meanwhile, both gold and bitcoin are registering slight declines on a day marked by risk aversion. Analysts point out that the combination of geopolitical and technological risks is causing a rotation of portfolios towards more defensive assets, although so far without significant movements.
For individual investors, today's session reinforces the need to diversify and pay attention to sectors most exposed to geopolitical tensions, such as energy and tourism. Those looking to position themselves in the Ibex 35 can do so through ETFs like LYXIB.ES, which replicates the index without buying or selling fees for the first 100,000 euros of monthly trading. There are also investment plans that allow for the combination of various assets with contributions starting from 15 euros.
The session will continue this afternoon with the opening of Wall Street, where the focus is expected to be on macroeconomic data and the evolution of US futures. Manuel Pinto's live seminar at 15:30 will analyse the keys of the day.
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