The IBEX 35 closed the session this Thursday with a rebound of 1.21% and climbed to 17,663 points, in a day of relief marked by good macro data, the rise of technological values and Trump’s retreat with his threat to impose tariffs on the EU at the expense of Greenland.
At the close of the session in Europe, the DAX, the CAC and the FTSE were trading up 1%, while the Dow Jones gained 0.7% and the Nasdaq gained 0.8%.
After a year in office, investors should be accustomed to Trump’s peculiar tactic to put pressure on his negotiations, consisting of issuing threats and then backing down (known as TACO trade), although to the strategists’ defense, the danger of invasion this time seemed very real.
For now, the American president will not use brute force, although he intends to roam freely on the frozen island under the umbrella of NATO, a solution that has suited the market, even if it is the least bad.
Macro data drives purchases
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The good tone of equities was also supported by a battery of macroeconomic data that confirmed the strength of the US economy.
He GDP in the third quarter was revised slightly upwards, thanks to more dynamic exports and a lower drag on inventories.
Added to this were some stable weekly unemployment benefit claimsaround 200,000, and solid growth in personal spending in November, a sign that consumption remains the main driver of growth.
The data is very comfortable for the Fed, reinforcing the argument that there is no pressure to lower interest rates. “Strong growth with high bond yields tends to favor equities over fixed income,” said Lale Akonermarket strategist at eToro.
Europe shakes off the political noise
In Europe, the securities most linked to the cycle and most exposed to tariffs benefited the most, as is the case of car manufacturers in Germany or luxury producers.
At the corporate level, the session left notable movements. Volkswagen rose more than 4% after reporting higher-than-expected cash flow in its automotive division, while Michelin rose nearly 3% after publishing preliminary cash figures also above forecasts.
Analysts insist that, beyond the political noise, the focus is once again on the fundamentals. “It is key to look beyond the geopolitical headlines: growth remains solid, inflation is contained and double-digit profit growth is expected,” summarized Julius Baer.
Bankinter, protagonist in the IBEX 35
In the IBEX 35, the news was in Bankinter, which closed the session with a drop of 1.48%, after the record in results went unnoticed in the market, with analysts focusing on the cost of deposits.
However, the biggest drop was suffered by Repsol, the red lantern of the IBEX 35 after falling 2.8%, while Redeia closed with a drop of 0.4% and Inditex corrected 0.3%.
At the top of the IBEX 35, Arcelormittal broke higher with a rebound of more than 6%, ahead of the 4% increase that Puig and Acerinox advanced, the 3% increase in Grifols and the 2.98% advance for Banco Santander, thanks to a rise in Jefferies’ valuation.
The session keys
- He IBEX 35 closed with a rebound of 1,21%until 17,663 pointsdriven by geopolitical relief, macro strength in the US and the pull of technology values.
- The European stock markets accompanied the movement, with increases close to the 1% on DAX, CAC and FTSE, as Wall Street advanced around 0,7%-0,8%.
- The market celebrated the reverse of Donald Trump with its threat of tariffs to the EU for Greenland, a new episode of the so-called TACO trade.
- US macro data reinforced risk appetite: upward revision of GDP, stable weekly unemployment and consumption that continues to support growth, a comfortable scenario for the Fed.
- In the Spanish selective, Bankinter fell despite breaking record results, Repsol was the red lantern, while ArcelorMittal led the climbs and Santander Bank It advanced almost 3% after an improvement in valuation.
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