The Ibex 35 closed on Wednesday with a 0.52% increase, reaching 13,840.2 points, continuing to hit historical highs in the wake of the trade truce between China and the United States and the relief offered by inflation data in the latter country.
The Spanish selective has strung together five consecutive positive sessions on Wednesday – its best streak in two months – and closed above 13,800 points for the first time since May 2008, while it has accumulated a 19.36% revaluation so far this year.
Among the references that have had an impact on the market, the US CPI for the month of April stood out, which was «better than expected» by the market consensus, with the general rate at 2.3% – lower than the estimated 2.4% and the previous month – and marking lows since March 2021; meanwhile, the core rate remained at 2.8%.
The US CPI «was supported by a less than expected impact of tariffs up to now (either because goods have been imported before the bulk of tariffs or because importers have assumed the higher cost) and by a deceleration in certain services (travel, recreation),» said analysts at Renta 4, who considered the data to be «heading in the right direction,» although still above the Federal Reserve’s (Fed) 2% target.
This inflation data helped the US S&P 500 index erase losses from the end of February and, especially after the tariff announcements in April by US President Donald Trump, managed to turn positive in the year-to-date compared to the 2024 close.
At the close of European stock exchanges this afternoon, the S&P 500 was up 0.3% for the year, while the Dow Jones Industrial Average and the technology-heavy Nasdaq were down 1%.
Under the Spanish macroeconomic umbrella, it was reported that the CPI rose 0.6% in April compared to the previous month and trimmed one-tenth of its year-on-year rate, to 2.2%, its lowest value since October last year, when it stood at 1.8%, according to the definitive data published this Wednesday by the National Institute of Statistics (INE), which coincides with the preliminary data released at the end of last month.
In the business field, still marked by the results season, Telefónica published its accounts for the first quarter of this year before the market opened, recording net losses attributed to 1.304 billion euros compared to profits of 533 million euros in the same period of 2024.
These ‘red numbers’ include accounting losses of 1.731 billion euros from the sale of its businesses in Argentina and Peru, partially offset by the 427 million euros in net profit from its continuing operations, that is, those that remain within its perimeter. However, the company confirmed its forecasts for 2025 and the distribution of a dividend of 0.3 euros per share for this year.
On the other hand, Técnicas Reunidas reported a net profit of 27.6 million euros between January and March this year, a 35% increase compared to the same period in 2024, while Audax Renovables recorded a record operating profit (Ebitda) of 33.3 million euros, up 6%.
HBX Group, on the other hand, lost 227 million euros in the first half of its fiscal year, ending on March 31, an 86% increase from a year earlier, as reported by the parent company of the bed bank Hotelbeds, which debuted on the stock exchange on February 13.
In addition, Merlin Properties earned 84.2 million euros in the first three months of 2025, an increase of 30% compared to the same period last year, after increasing revenues by 8.4%.
Meanwhile, Ferrovial reported an operating result of 496 million euros in the first quarter of 2025, more than three times the 152 million euros it obtained in the same period of the previous year.
MAPFRE LEADS THE GAINS
In this context, within the Ibex 35, the best results were for Mapfre (+3.62%), Merlin (+3.23%), Ferrovial (+3.18%), Unicaja (+2.49%), Bankinter (+2.02%), Endesa (+1.95%), Santander (+1.68%), Sabadell (+1.45%), ACS (+1.4%), CaixaBank (+1.39%), and BBVA (+1.32%).
On the other hand, the most pronounced declines were recorded by Grifols (-3.51%), Telefónica (-2.24%), Solaria (-2.17%), Puig (-1.87%), IAG (-1.8%), and Inditex (-1.38%).
Most major European stock exchanges have opted for corrections: London lost 0.21%, while both Paris and Frankfurt each lost 0.47%, with Milan being the exception and joining Madrid in the increases, rising by 0.7%.
At the close in Europe, the price of a barrel of Brent quality oil, a benchmark for the Old Continent, stood at 66.12 dollars, down 0.77%, while Texas fell 0.69% to 63.24 dollars.
In the currency market, the euro against the dollar was at 1.1203 ‘green bills’, up 0.15% from the previous day, while in the debt market, the yield on the Spanish 10-year bond closed at 3.314% after adding two basis points, with the risk premium against the German bond at 62 points.
On the other hand, the troy ounce of gold depreciated by 2.1% and was trading at 3,180 dollars, while Bitcoin fell by 1% to 104,000 dollars.
FUENTE