The Ibex 35 has ended February breaking highs since early June 2008, reaching 11,347.3 points and with a revaluation of 15.11% since the beginning of 2025.
During the week, the Madrid selective has experienced an increase of 3.05%, while in the month it has accumulated a rise of 7.91%, thanks to the presentation of results from companies and despite the threats of tariffs from the US president, Donald Trump, to Mexico, Canada, China, and Europe. Additionally, in today’s session, it has achieved an increase of 0.58% compared to yesterday’s close.
XTB analyst Manuel Pinto points out that the Ibex 35 has led the advances of the main global indices. He highlights the rise of Grifols, which has managed to improve two key indicators, as pointed out by the Gotham report in January 2024, such as the reduction of its leverage ratio and the increase in its cash flow.
Indra has also risen sharply, thanks to the boost in its sales and projects and in the face of Europe’s increased spending in the defense sector, and IAG, whose results have positively surprised thanks to the growth in air traffic, its operational efficiency, and the fall in fuel spending.
On the other hand, Puig has fallen in the stock market because, despite its good results—led by the fragrance segment—the forecasts for 2025 «have disappointed,» as well as Telefónica, where the «low cash generation» expected for the coming months is a concern.
Regarding international stock markets, it is explained that Wall Street continues to be «in a bad state.» The S&P 500 has fallen by almost 3% this month, mainly due to Trump’s tariff threats and the possibility that they will lead to a «global trade war.»
«Trump has weighed down on the market in recent days after confirming that the 25% tariffs on Canada and Mexico would come into effect from March 4, while Chinese imports would face an additional 10% tariff. These measures could harm US growth, worsen inflation or employment, and possibly cause recessions in Mexico and Canada. China has already promised all necessary responses to US measures,» says the expert.
In today’s session, marked by a flood of results, the biggest increases have been in Amadeus (+4.69%), IAG (+3.80%), Acciona (+3.22%), Cellnex (+1.95%), Acerinox (+1.89%), and Colonial (+1.33%). On the other hand, the most pronounced declines have been recorded by Puig (-6.78%), Grifols (-3.41%), Rovi (-2.03%), Enagás (-1.57%), Merlin (-1.42%), and Ferrovial (-1.02%).
Looking at the macroeconomic agenda, it has emerged today that Germany’s unemployment remained stable in February at 6.2%, while inflation stood at 2.3% year-on-year, the same as recorded in January.
In the afternoon, the US PCE inflation for January was published, one of the Federal Reserve’s reference measures when guiding its monetary policy, which remained in line with market expectations, easing by one-tenth compared to the previous month. However, personal spending turned out to be «much lower than expected,» according to Pinto, which is a new cause for concern due to the «sharp drop» in consumption.
The main European stock markets have closed with increases, except for Frankfurt, which remained stable. London has appreciated by 0.61%; Paris by 0.11%; and Milan by 0.08%.
On the other hand, the price of a barrel of Brent crude oil, a benchmark for the Old Continent, stood at $73.16, a decrease of 1.19%, while Texas fell by 0.84% to $69.75.
In the currency market, the euro against the dollar was at 1.0406 ‘green bills’, with a slight appreciation of 0.08%, while in the debt market, the interest demanded on the Spanish 10-year bond remained stable at 3.042%, with the risk premium over the German bond at 63.1 points.
FUENTE