The Spanish benchmark is trading higher on a day marked by the earnings of major companies. Banco Santander, Iberdrola and Naturgy lead the gains despite geopolitical tensions in the Middle East and rising oil prices.
The Ibex 35 has closed the session positively, supported by the corporate results presented today by several of its heavyweights. Banco Santander, Iberdrola and Naturgy have been the main catalysts, on a day when tensions in the Middle East and the rise in oil prices continue to weigh on investor sentiment.
Banco Santander has been one of the standout stocks. The entity has published accounts that confirm the strength of its business model, based on geographical and activity diversification that allows it to grow even in an uncertain environment. The acquisitions of TSB and the future integration of Webster strengthen its international profile and expand its sources of revenue generation. Although part of these strengths is already priced in and profit growth is expected to normalise, the bank maintains solid fundamentals, a high capital generation capacity, and an attractive shareholder remuneration policy.
The energy companies have also shown resilience. Iberdrola continues to strengthen a model increasingly supported by regulated assets, which provide stability and visibility to its revenues. Naturgy has once again demonstrated its ability to generate cash and maintain a high shareholder remuneration. Meanwhile, Enagás is going through a transitional phase where the market is beginning to value the improvement in the regulatory framework, its international expansion, and the development of new hydrogen-related infrastructures.
On the opposite side of the table are mainly the companies related to tourism, penalised by the rise in oil prices and the risk that higher energy costs will affect their margins and demand.
The session has been conditioned by the geopolitical scenario. After eleven days of clashes, Iran has threatened to attack the interests of the United States and its allies, as well as those countries that support a possible US offensive against its nuclear facilities or other strategic centres. This is compounded by the threat from the Houthi rebels in Yemen, backed by Tehran, against Saudi oil tankers crossing the Red Sea, which increases the risk of new energy supply disruptions.
Oil continues its recovery, and in Europe, natural gas prices keep climbing. The TTF contract exceeds 62 euros per MWh and has accumulated an increase of nearly 50% since the end of June. High temperatures, geopolitical tensions, and still insufficient reserves ahead of winter are once again placing energy risk among the main concerns of the market.
In the United States, declines in major tech stocks weighed on the S&P 500, despite most of its components finishing in positive territory. The market is now awaiting the results from Alphabet, which will be published tonight, to see if the huge investments in artificial intelligence are beginning to translate into higher revenues, profits, and margins. The euphoria that propelled the seven tech giants to historic highs is beginning to moderate: the index that groups them is trading below the S&P 500 for the entirety of 2026, an unusual situation.
Doubts about the profitability of artificial intelligence are compounded by pressure from the debt market. The yield on the 30-year US bond remains above 5% for the longest period since the financial crisis began, reflecting concerns about the growth of public debt and persistent inflation. Part of the blame lies with the high energy costs.
Gold is also advancing, as investors hold onto hopes for a possible de-escalation between the United States and Iran. A potential ceasefire would reduce pressure on oil, alleviate inflationary risks, and decrease the likelihood of further monetary tightening by the Federal Reserve. However, the main reason for these increases may be the rising demand from major central banks, notably China.
For investors, the day leaves a clear message: corporate results remain an anchor for the markets, but geopolitics and energy set the pace. The evolution of oil, gas, and tensions in the Middle East will be key in the coming sessions, as will macro data and the results from major US tech companies.
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