The Spanish index closed at 19,267 points, weighed down by the ECB's decision to maintain rates and by the rise in oil, which surpassed 100 dollars for the first time in two months.
The Ibex 35 closed Thursday's session down 1.55%, at 19,267 points, on a day marked by the European Central Bank (ECB) meeting and the escalation of oil prices above 100 dollars a barrel. The Spanish index thus lost the 19,300 point level, in a context of growing geopolitical tension and doubts about inflation.
The ECB decided to keep interest rates at 2.25%, a decision expected by the market, but which failed to calm investors. Madison Faller, global investment strategist at JP Morgan Private Bank, noted that monetary authorities are likely to need to see a rapid drop in energy prices and no greater impact on the economy. However, she warned: “These conditions seem increasingly difficult to meet.”
“These conditions seem increasingly difficult to meet”
Geopolitical tensions in the Middle East have once again placed inflation and oil prices at the centre of attention. The Houthis announced a drone and missile attack on two Saudi oil tankers in the Red Sea, which drove Brent crude to 100 dollars, up 7.19%. West Texas Intermediate (WTI) also rose 6.29%, to 92.29 dollars.
On the macro front, analysts at Renta 4 reminded that the Federal Reserve (Fed) meets next week. The market assigns a 30% probability to a rate hike and a 70% chance of rates remaining unchanged. This uncertainty weighed on European and US stock markets.
In the Ibex 35, energy-linked companies and corporate results marked the session. Repsol rose 3.65%, boosted by the rise in oil prices, while Solaria advanced 1.98% and Rovi, 3.38%. Indra stood out with a rise of 7.08%, and Cellnex added 4.29%. On the negative side, IAG was the most punished stock, down 3.88%, followed by Banco Santander (-3.86%), Grifols (-3.49%), BBVA (-2.83%) and Acciona (-2.45%).
Outside the Ibex, Atresmedia and Vidrala also reported results. Overall, the Spanish 10-year bond raised its yield to 3.689%, compared to 3.632% the previous day, and the risk premium over German debt stood at 46.29 basis points. In the currency market, the euro depreciated by 0.37% against the dollar, to 1.1369 dollars per euro.
European stock markets closed in the red: the British FTSE 100 fell 0.73%; the French Cac 40, 1.64%; the German Dax, 1.55%; the Italian FTSE MIB, 2.80%; and the Euro Stoxx 50, 1.69%. On Wall Street, the Dow Jones lost 1.06%, the S&P 500 1.45% and the Nasdaq 100 2.56%, affected by Tesla's drop, which exceeded 13%.
Among safe-haven assets, gold fell 2.39%, to 4,052 dollars an ounce, while bitcoin retreated 1.70%, to 64,913 dollars. The session reflected a clear risk aversion movement, with soaring oil prices and equities under pressure.
For investors, the key will be the upcoming Fed meeting and the evolution of the conflict in the Middle East, which will continue to influence oil prices and inflation. Meanwhile, the Ibex 35 faces a scenario of uncertainty that could extend into the coming sessions.
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