The IBEX 35 fell 0.23% to 17,130.50 points at the opening this Monday. The most penalized stock is Enagás, which fell 0.95%, while Iberdrola fell 0.93%. On the advance side, Grifols rose 0.68% and ArcelorMittal gained 0.55%.
The Madrid selective is coming off a once again positive week in which a revaluation of 1.87% was recorded, also achieving a new historical maximum on Friday at 17,169.80 points at the close (17,218.30 points intraday). Ten days before the end of the year, the index has accumulated a revaluation of just over 48%, the second highest in its history, only surpassed by the 54.2% in 1993.
The best value in the year is Indra, which records a revaluation of 185% in the accumulated value of 2025, in the heat of the plans of European governments, including the Spanish one, to increase defense spending to adapt to the new global geostrategic scenario. However, some bears seem to think it has gone too far. So, The American fund AQR Capital has increased its bearish bet on Indra to 0.9%compared to the short position it had on December 10, which stood at 0.82%, according to CNMV records. It must be taken into account that only short positions greater than or equal to 0.5% are published in the CNMV.
The red lantern is, today, Puig Brands, with a drop of just over 14% in the year. The good news is that it has rebounded 14.26% from its annual lows, set in mid-October. In addition, fundamental analysts give it a majority recommendation of buy and an average target price of 19.64 euros, with an upside potential of 31.10% compared to last Friday’s close.
Among the leading companies this Monday, it must be taken into account that today Telefónica signs the agreement with the unions for the employment regulation file (ERE), which will ultimately affect a minimum of 4,539 people in seven teleco subsidiaries, and for the extension of the three agreements that protect the companies affected by the process. Telefónica will reduce its workforce by around 26% in the seven affected subsidiaries, which currently have a total of 17,248 employees.
Naturgy is also under the spotlight after the latest movements in its shareholding. According to publication Five Daysthe company is moving towards a Spanish hard core led by Fainé. While, The Confidential highlights that Naturgy has hired BBVA to refinance 1,300 million in its international subsidiary.
S&P Global Ratings has raised Endesa’s outlook to ‘positive’ from ‘stable’, confirming its ‘BBB/A-2’ credit ratings, after adopting the same decision on its parent company, Enel, amid the expectation that the Italian company will continue to “make selective investments in networks and contracted long-term renewable energies, while keeping its net debt under control.”
This Monday’s macroeconomic agenda is very light, highlighting just the GDP of the United Kingdom, which grew by 1.3% year-on-year in the third quarter, the production price index (PPI) of Italy for November, the Spanish trade balance for October and in the US with the Chicago Fed activity index for September. The highlight of the week will come tomorrow, with the publication of the US GDP, which is expected to show a growth of 3.2% in the world’s largest economy.
This week will be shorter than usual, due to the celebration of Christmas, so investors will only count in practice, with half of the active days on the Stock Market (Monday, Tuesday and reduced activity sessions on Wednesday in most Western markets), so a reduction in activity volumes is expected, says Íñigo Isardo Rey, of Link Securities. “Active operators and managers will begin to position their portfolios towards the year 2026, a year that we predict will be positive, based on the control of inflation and business results,” he points out.
In the European stock markets, the DAX opens with slight falls, above 24,282 points, the FT-100 drops 0.3%, to 9,858.11 points, the CAC-40 loses 0.15%, to 8,139 points, the EURO STOXX 50 opens at 5,756 points and the FTSE MIB starts flat in the 44,757 points.
Wall Street futures point to a timidly bullish opening on Monday after the major indices closed with gains last Friday, managing to make up for a week that had been very complicated. The S&P 500 managed to add 0.1% during the week, while the Nasdaq advanced 0.5%. However, the DOW JONES lost 0.7% for the week despite rising 0.38% on Friday.
During the Asian session, the stock markets rose, driven by the gains of the technology sector on Wall Street. The Nikkei 225 index in Tokyo closed with a rise of 1.84% to 50,420.50 points while the yen approached historical lows against the euro and the Swiss franc and the rise in interest rates put pressure on Japanese public debt. In China, the CSI 300 index rose 0.95% on a day in which The People’s Bank of China (PBoC) has decided to keep rates unchanged for the seventh month consecutive.
In commodity markets, oil prices are rising after authorities reported that the US had intercepted an oil tanker in international waters off the coast of Venezuela, increasing uncertainty over supply. Benchmark Brent oil futures in Europe rose 1.06% to $61.11 per barrel, while US West Texas futures rose 1.10% to $57.14.
The euro rose 0.09% against the dollar, leaving the exchange rate at 1.1723 dollars for each single currency.
In fixed income, the Spanish ten-year debt bond offers a return of 3.333%, which leaves the risk premium against Germany at 42.40 points. The benchmark US bond pays 4.165%.