Ibex Accelerates, Testing New Highs with Inditex's Support

The Spanish stock market is defying global caution, with the Ibex index accelerating and approaching historic highs, bolstered by strong performance from major companies like Inditex. This surge contrasts with a more subdued mood across European markets and a general sense of investor prudence worldwide.

Global markets are navigating a complex landscape. The persistent conflict in the Middle East continues to cast a shadow, particularly as peace talks between the US and Iran remain stalled. Simultaneously, the technology sector, a recent market driver, is showing signs of losing momentum. This has led to significant declines in Asian stock markets, with South Korea's Kospi index experiencing a notable drop of 5.5% and Japan's Nikkei down 1.2%.

The semiconductor industry, a key beneficiary of the artificial intelligence boom, is facing increased investor caution. Disappointing results from Broadcom have triggered a risk reduction across the sector. While AI demand remains strong, market expectations had become exceptionally high, meaning even positive results may not suffice without continued upward revisions in forecasts.

Adding to global uncertainty, Hezbollah rejected a new ceasefire in Lebanon, and Israel indicated no troop withdrawal, undermining US-led efforts to halt the fighting and reach a peace agreement with Iran. In this environment, oil prices have seen a slight dip, though they are still poised for a weekly gain due to earlier hostilities that raised concerns about prolonged energy crises. Brent crude futures are stable around $95 a barrel, on track for a weekly increase of over 3%.

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the markets were underestimating the complexities involved in restoring shipping through the Strait of Hormuz to a level.