Report by Álvaro Romero Mateu
European stock markets lost some of the momentum seen the previous day. The market is once again looking to the Middle East: doubts over a possible agreement between the United States and Iran have pushed oil prices higher once again and reignited fears of more persistent inflation.
Against this backdrop, the IBEX 35 (down 0.4%) traded close to the 18,000-point mark with moderate declines, whilst the EuroStoxx 50 (down 0.3%) and the STOXX 600 (up 0.2%) remained largely stable.
In Asia, the session was mixed. South Korea and Japan closed with strong gains, supported by the technology sector, whilst the Chinese and Hong Kong stock markets ended in negative territory. The market remains closely focused on semiconductor manufacturers following Nvidia’s results.
In Spain, the IBEX 35 remained close to 18,000 points, with oil and bond yields limiting risk appetite. Naturgy stood out within the index, rising by nearly 4%, offsetting some of the pressure on other blue-chip stocks.
In Europe, the mood was more cautious due to high energy prices and expectations of higher interest rates for longer. Eutelsat stood out with strong gains following the interest generated by SpaceX’s upcoming IPO in European space companies.
In the United States, the main indices were trading with moderate declines at the midpoint of the European session. Nvidia’s results were positive in terms of figures and forecasts, but the market reaction was muted due to already very high expectations surrounding artificial intelligence. At the close of European trading, the S&P 500 was down 0.4% and the Nasdaq 0.4%.
Fixed Income
A day of slight rises in sovereign bond yields, particularly in the United States, where the market remains focused on inflation and the cautious message from the Federal Reserve.
The yield on the 10-year German Bund stood at around 3.10%, whilst the yield on the 10-year US Treasury hovered around 4.61% after rising by 3bp. The movement reflects a market that remains sensitive to oil prices and interest rate expectations.
