The year has been more than positive in national equities with increases that exceed 40% and 2026 promises to continue with increases in the index. Renta 4 Banco has presented its Investment Strategy for 2026 with a message of optimism without being risk-free. The entity believes that the economic cycle will continue to be favorable and that the stock markets still have powerful support, but warns that, after three years of strong increases, the margin of error is narrowing and the selection of securities will be decisive to continue generating profitability. The Ibex 35, they estimate, could reach 17,300 points next year, a potential close to 5%. You may be interested: Renta 4 foresees 2026 with an Ibex at 17,300 points.
Central banks will continue to support the good performance of risk assets. In fact, the FED has been the last to move with a cut of 25 basis points. A reduction that opens a scenario of opportunities for the great values of the Ibex 35 with a strong presence in the US. From ACS, Grifols and Acerinox, whose business depends largely on the North American market, to Iberdrola, Santander and Ferrovial, which bill multimillion-dollar sums there, the US sets not only the income but also the expectations of revaluation on the stock market. See: Six Ibex 35 values with muscle in the US to watch after the Fed cut.
Although if we talk about potential, there is a selective value that can boast of being the one with the most: less than a month before the end of the year, Cellnex is the red lantern of the IBEX 35 in 2025, with a cumulative fall of 16.5% that contrasts with the strong rise of 44% that the Madrid selective has recorded. But this punishment does not dent the confidence that fundamental analysts place in the value. According to data compiled by Reuters, Cellnex receives a majority ‘buy’ recommendation. In fact, a total of 28 analysis houses cover its shares, and of them 21 recommend ‘buy’ and 7 even advise ‘strong buy’. 4 recommend ‘hold’ and the remaining 3 recommend selling. Don’t miss: The stock with the most potential on the Ibex 35 starts the counter for its dividend.
The most important thing, at this time in the market, and without being crystal stock market fortune tellers, is to be able to predict the market trend, and, therefore, what values have a path from now on in the Spanish stock market. Hence we look at the Ei Trend Portfolio to analyze the three Spanish values that it includes. See: Three Ibex 35 values ’in trend’ to make a portfolio.
The first of them is Enagás, which has risen, since its inclusion in the portfolio, by 2.3%. This is a value added to the portfolio on October 15 after exceeding the projected decreasing maximum of 13.61 euros per share, with more trading and a MACD oscillator in a clear upward trend after correcting bullish excesses.
The premium Investment Strategies department analyzes, from a technical point of view, companies listed in the oil and energy sector such as Enagás, Naturgy, Iberdrola, Grenergy, Endesa, Ecoener, Redeia, Audax, Repsol, Acciona Energías Renovables and Solaria.
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And outside our borders? Oracle has become the focus of attention for the worst aspects of AI. If there are those who clearly speak of a bubble, it is immediately reflected in this value that has once again elevated its founder to the fore and then sank the value by 37% in just three months. The corporate software manufacturer highlights that its earnings per title reached $2.26 compared to the $1.64 expected by the market while revenues disappointed with $16,060 million compared to the $16,210 expected on Wall Street. Therein lies the big problem: less revenue and more spending with concerns about how the company can monetize it. Don’t miss: Oracle sinks after the results: rise and fall due to AI
And when it comes to AI, it is important to talk about how it is related to energy and data centers. A search on ChatGPT uses much more energy than one on a traditional Google search engine. If the current pace continues, by 2030 AI data centers could account for up to 20% of US electricity consumption.
But be careful, this is not that it is bad; There are opportunities here too: energy infrastructure, smart grids, fast renewables… Micro becomes macro… BlackRock’s perspectives are not simply that the market changes, but that the very structure of the economy is being redefined. AI is not a fad; It is a productivity lever that is changing the world. See: The AI revolution, the end of 60/40 and a new investment order: this is how BlackRock sees the future.
There are more and more voices that believe that the AI phase, everything that is data centers, semiconductors, all that is highly valued and has already been discovered, but «behind that there is a great industrial demand for industrial metals such as copper, aluminum, zinc, stainless steel, everything that is the infrastructure irons, I think that we are already seeing a resurgence in the prices of raw materials for all of them at the end of 2025, and it will probably continue throughout 2026. And we think that it is another way to play all those capex plans that you are seeing worldwide in all the infrastructure that requires AI, and combined energy,» says José Lizán, gpresident and manager of the Rreto Magnum Sicav fund at Quadriga Funds (Auriga Bonos). In the end, the second derivative of AI and all capex is the energy demand that is going to come and the part of copper, aluminum, zinc, silver, industrial metals that has to be associated with it. And we believe that having exposure to the entire industrial metals sector and to all the companies that are exposed to that cycle, for me, has to be essential for 2026. See: «Industrial metals and energy cannot be missing from the 2026 portfolios»
Without leaving the American market, Warren Buffet has little left at the head of Berkshire Hathaway but one of his last moves at the head of his portfolio involves the divestment in Bank of America and the triumphant entry into Google, which has boosted the value of Alphabet on the stock market. More than calculated movements, which represent the continuation of the trend. Don’t miss: Warren Buffet makes his last move: Escape from Bank of America and boost Google.
Wall Street seeks to end 2025 on a good note, continuing that of last year, with the indices showing increases three weeks before the end of the year. At the moment, the S&P 500 is up 16.66% so far this year, the Nasdaq 100 is up 22.2% and the Dow Jones is up 12.6%. Within this group, the most bullish value so far in 2025 is Sandisk, which surprises the market (especially in recent weeks) by scoring 526% since the beginning of the year. They are followed by Western Digital, which scores 278%, Robinhood, which adds 266%, Seagate, which gains 236%, and Micron, which adds 194%, and completes the top 5. See: S&P 500 securities that lead the increases and with a long-term bullish path