The IBEX 35 fell 1.03% at the opening to reach 17,915 points. Strong punishment for BBVA, which fell 6.39%, while Telefónica and Indra fell 1.3%. On the advance side, ArcelorMittal rises 2.25% and Logista scores 1.95%.
The Madrid selective comes from a day of ups and downs yesterday Wednesday in which it ended up closing with a minimum decrease of 0.09%, dragged down by the strong falls of Indra (-5.68%) and Banco Santander (-3.48%). The latter put a record profit on the table in 2025, but was affected by the announcement of the purchase of Webster Bank in the US.
Today the results season accelerates with three other IBEX 35 companies having presented accounts: BBVA, ArcelorMittal and Logista.
The earliest of all has been BBVA, which obtained an attributable net profit of 10,511 million euros in the whole of 2025, which represents an increase of 4.5% compared to the previous year and a new record for the entity chaired by Carlos Torres. The bank has also announced a complementary dividend of 0.60 euros per share, which will be payable in April 2026. If the interim dividend already paid in November, of 0.32 euros, is added, a distribution of 0.92 euros is reached against the 2025 results. This represents a distribution of 5,249 million euros, the highest figure in its history.
ArcelorMittal closed 2025 with a net profit of $3,152 million, more than double that of a year before, in a year marked by the volatility of the steel market. At an operational level, it generated an EBITDA of $6,541 million in 2025, 7.3% lower than the previous year, affected by the weakness of North America, India and Brazil. The steel giant opens the door to an improvement in shareholder remuneration, with a dividend of $0.60 per share that must be ratified by the board.
Logista Integral closed the first three months of its 2026 fiscal year (from October to December) with a net profit of 71 million euros, 8.4% lower than that registered in the same period of the previous year. However, adjusted operating profit (adjusted EBIT), the main reference used by the company to measure the progress of the business, increased by 2%, to 100 million euros, also raising its margin on economic sales to 22%, compared to 21.4% a year before.
In other news, the board of directors of Inditex has approved a temporary program to buy back its own shares that will affect a maximum of three million securities, representing 0.096% of its share capital, and with a maximum amount of 180 million euros. The purpose of this program is to allow the company to comply with the obligations to deliver shares to certain managers and employees as part of the incentives.
In the macroeconomic agendainvestors had breakfast with December factory orders, with a rise of 7.8%. Eurozone retail sales have also been released (which fell 0.5% in December compared to November), and later we will have the initial applications for unemployment benefits from the US. However, the main protagonists of the day are the European Central Bank (ECB) and the Bank of Englandwhich announce their monetary policy decisions, although the market does not expect movements in interest rates.
“Assuming that neither of the two entities is going to modify their reference interest rates, the most relevant thing will be what both committees say about potential future reductions in their official rates, and it is more likely that the BoE will be the most open to a new movement in this regard,” he explains. Juan J. Fernández-Figares, director of analysis at Link Securities. «Nevertheless, the renewed weakness of the dollar, if it persists, which could cause a decrease in inflation in the region greater than anticipated, could ‘play in favor’ of further rate cuts in both the Eurozone and the United Kingdom.»
Wall Street futures point to a mixed opening, with S&P 500 and Nasdaq moving positively and the DOW JONES lagging further behind. Yesterday in regular trading the sign was the opposite: the Dow Jones rose 0.53% and closed less than 90 points from its all-time highs from last January (49,590.20 points), while the S&P 500 fell 0.51% and the Nasdaq ended up falling 1.51%, heavily burdened by sales in securities linked to artificial intelligence.
Today investors have to evaluate the accounts presented last night at the closing by Alphabet, which beat analysts’ expectations with earnings per share of $2.82 on revenues of $113.83 billion, compared to the $2.63 and $111.43 billion expected. Today it will be the turn of another magnificent one, Amazon, which will also publish accounts at the closing.
During the Asian session, the red numbers have dominated in the main stock markets due to fears about the technology sector. Tokyo’s Nikkei 225 index fell 0.73% to 53,895.50 points, while South Korea’s Kospi fell 3.86%. In China, the CSI 300 fell 0.6%.
In raw materials markets, Oil prices fall sharply after US and Iran agree to hold talks in Oman on Friday, easing concerns that a possible military conflict between the two countries could disrupt supplies to the producing region in the Middle East. European benchmark Brent oil falls 1.45% to $68.47 per barrel, while West Texas futures fall 1.4% to $64.22.
Gold falls 1.8% to $4,875 per ounce in its spot variety.
The dollar appreciates in relation to the basket of main currencies, after yesterday the US Secretary of the Treasury, Scott Bessent, reaffirmed his government’s commitment to the currency before a congressional committee. The exchange rate between the euro and the dollar stands at 1.1789 dollars for each single currency.
In fixed income, the ten-year Spanish bond offers a return of 3.248%, which leaves the risk premium against Germany at 37.37 points.