Aena, Amadeus, IAG and the banking sector recorded the sharpest rises in a session in which the Spanish index rose above 19,000 points for the first time in its history following news that the United States and Iran will sign a Memorandum of Understanding on 19 June in Switzerland.
Reported by the Consejeros Editorial Team
The Ibex 35 and the rest of the European stock markets opened on Monday with a strong appetite. In the case of the Spanish index, it is up 1.3% two hours after the opening and has managed to break the 19,000-point mark for the first time in its history. This optimism is mainly due to the draft peace agreement between the United States and Iran in the Middle East, which investors had been waiting for for some time.
The agreement is due to be signed on 19 June in Switzerland. The Strait of Hormuz will reopen once the agreement is signed, with US President Donald Trump stating that time is needed to clear the mines from the strait. Trump noted that the reopening will take place without the collection of tolls and that the United States will immediately end its naval blockade. However, it remains unclear how this reopening of the sea passage fits in with Iran’s claim to sovereignty over it and its right to collect tolls.
As a result of this convergence of positions, the price of Brent crude has fallen a further 4% to $83 a barrel, a level far removed from the $126 highs reached during the Iran war.
The fall in oil prices has made IAG one of the top gainers in this session. The airline holding company is seeing reduced pressure on fuel costs, and its shares are rising towards the €5.2 mark. Gains are also accelerating in other transport-related stocks such as Aena and Amadeus.
Meanwhile, the banking sector, which is heavily represented in the Ibex 35, is once again proving decisive in the climb towards new records. The economic outlook is brightening due to the collapse in oil prices, and the sector’s two giants, Banco Santander and BBVA, are once again leading the gains on the Ibex.
