The Ibex 35 closed Tuesday’s session at 13,769.1 points, representing a 0.83% increase compared to the previous day. This has resulted in the Spanish stock market index reaching a new high since 2008.
Investors are still digesting the announcement of the trade agreement between the US and China, while also awaiting the US April Consumer Price Index (CPI).
Specifically, both countries announced a significant reduction in tariffs applied to each other for an initial period of 90 days, following the discussions held in Switzerland over the weekend to resolve their trade differences.
In the Spanish business sector, still influenced by the earnings season, Grifols released its first-quarter results on Monday after the market close, reporting a profit of 60 million euros. This was nearly triple (+179%) the earnings from the previous year, surpassing expectations.
On the other hand, Ercros reported a loss of 12.2 million euros in the first quarter of this year, compared to a profit of 3.1 million euros in the same period in 2024. The Portuguese company Bondalti Ibérica and the Italian company Esseco have launched separate Public Tender Offers (OPAs) for Ercros, which are currently ongoing.
Additionally, ACS achieved a net attributable profit of 191 million euros in the first three months of 2025, an 8% increase compared to the same period last year.
On the macroeconomic front, the Spanish Treasury sold 2,739.05 million euros in a treasury bill auction, within the upper end of the expected range. The yield offered to investors for the three-month reference reached its lowest since December 2022, while the interest for the nine-month issuance increased.
Furthermore, the Leibniz Institute for Economic Research in Europe (ZEW) reported a significant improvement in German investor confidence in May, following the formation of a new government led by Friedrich Merz. Expectations of a de-escalation in trade tensions with the US and controlled inflation in the Eurozone also contributed to this positive sentiment.
Internationally, the US Consumer Price Index (CPI) in April stood at 2.3% year-on-year, indicating a slight deceleration from March.
At the close of the session, Grifols was the top gainer (+6.46%), followed by Acciona Energía (+5.43%), Fluidra (+3.8%), IAG (+3.38%), Unicaja (+3.06%), and Solaria (+2.47%).
Among the few companies that ended the session in negative territory were Rovi (-1.02%), Mapfre (-0.73%), Endesa (-0.51%), Enagás (-0.50%), and CaixaBank (-0.27%).
In this context, the Ibex 35 stood out from other major stock indices. London fell by 0.02%, while Paris rose by 0.30%; Frankfurt by 0.31%; and Milan by 0.39%.
The price of Brent crude oil closed the European session at $66.36 per barrel, up by 2.16%, while West Texas Intermediate (WTI) reached $63.45 per barrel, up by 2.42%.
In the bond market, the yield on Spanish 10-year bonds rose to 3.299%, resulting in a 61.9 basis point spread against German debt.
As for the foreign exchange market, the euro appreciated by 0.80% against the dollar at the end of the European trading session, reaching an exchange rate of 1.1176 US dollars for every euro.
