This Friday, Spanish equities broke the good trend they had set in recent days due to the hope of a quick peace in the face of the war in the Middle East. But the truth is that the session has gone from less to moreso investors have finally kept the good, in a new day of extreme volatility marked, once again, by a stratospheric double-digit rebound in oil, which has clearly corrected at the close, despite the fact that the price of crude oil is still above $100.
Despite it being a day in Spain in the middle of Easter with more than half the country on vacation, the truth is that the negative trend has continued until the last hour of the session in which investors have opted for purchases in the United States, with a change of bias, and The losses, which in the Ibex 35 have reached close to two percentage points at some points in the session, have been greatly reduced at the end of this Thursday.
Thus, the IBEX 35 closes the day with cuts of 0.14% to 17,555.90 points with the falls of values such as ArcelorMittal 2.23%, Banco Sabadell 1.92% and Banco Santander 1.73% and the increases experienced by Repsol 3.90%, Redeia (REE) 2.59% and Cellnex 2.53%.
A session marked by the early morning office of the president of the United States, Donald Trump, stating that The US would maintain attacks against Iran without committing to a specific timetable to end the war, stoking investor fears of possible prolonged supply disruptions.
Regarding the Strait of Hormuz has indicated that it will ‘reopen itself’ after the end of the conflictwithout giving further explanations, while he highlighted that the conflict in the Middle East will continue «between two and three more weeks», which did not please some investors who yesterday were already reading that the war was ending with the strong purchases in the global stock markets.
The lack, therefore, of news and a quick exit that the market read strongly yesterday, instilling buying spirit and good tone among investors, dissipated, as we say, with a final tone of smaller cuts, marked, like the last month, by extreme volatility.
The reason is found in the news that comes from the IRNA agency and that indicates that Iran and Oman are drafting a protocol to monitor transit through the Strait of Hormuz.
In the Spanish market, prominence in the falls for those who have been the most reviled since the war with Iran began with the steel mills and IAG (Iberia) to which Indra joined, due to the change of its president.
On the contrary, the positive part came from Repsol and the energy, renewable, utilities and renewables.
Banks deserve special mention, especially Banco Santander and Banco Sabadell, among the hardest hit due to the new problems coming from the US regarding private credit. Today Blue Owl limits repayments from private credit funds to 5% following a high level of applications, the same as when the problems first arose.
As for the news, pay close attention to Indra, who turned positive again, just as happened yesterday. Scribe Angel, resigned on Wednesday afternoon from his position as director and president of Indra in the face of pressure from the State Society of Industrial Participations (SEPI)as communicated by the company’s Board of Directors to the CNMV.
His successor will be, the engineer and former CEO of CriteriaCaixa, Ángel Simón, as the company confirmed to the CNMV this Thursday, as non-executive president along with the company’s first executive and CEO, José Vicente de los Mozos.
It is also news, Puig since heis advancing in negotiations to merge with the American cosmetics giant Estée Lauder in an operation that would consist mainly of a share exchange, as reported by Bloomberg News on Wednesday, which bases its information on people familiar with the matter.
The two family businesses announced last month that they were studying a merger that would result in a beauty products group valued at $40 billionwhich would bring together brands such as Tom Ford, Carolina Herrera, Rabanne and Clinique under one roof.
As part of the agreement, the president of Puig, Marc Puig, would be part of the board of directors and is expected to play a crucial role in the integration of the two companies, according to the article.
In addition, Grifols A fully refinances all maturities in 2027 following a significant expansion of the senior secured loan. worth 3,000 million euros. The funds will be used, around the closing date of the operation, to refinance existing tlb maturities scheduled for 2027 and to fully redeem €740 million in senior secured bonds also maturing in 2027.
Regarding the recommendations, for Repsol, Berenberg maintains his buy recommendation and raises the target price from 18 to 29 EUR, 24%, for which it remains the best value on the Ibex 35 so far this year.
For Amadeus, Barclays maintains its overweight recommendation and reduces the price target from 73 to 66 EUR. In the case of Redeia (REE), Jefferies raises its recommendation from hold to buy with a raised target price from EUR 15.80 to EUR 16.50. And for Indra, Goldman Sachs maintains its buy recommendation and reduces the target price from 85 to 80 EUR, 31.3% higher.
Already in the rest of Europe, the EURO STOXX 50 fell 0.62% to 5,696 points, the Dax cuts 3.49% to 23,164 points, the CAC 40 of Paris gives up 0.24% to 7,962 points and the FT 100 London breaks with gains of 0.74% to 10,441 points.
And on Wall Street, opening levels after the news from Iran and Oman on the Strait of Hormuz, after a clearly negative start due to the double-digit rise, especially in West Texas in the US.
Among the protagonists, Tesla, which reported 358,000 vehicle deliveries in the first quarter, 14% less than the previous quarter, while 370,000 were expected. The company has recorded year-on-year declines in deliveries during the last two quarters of 2025. It lost more than 4.5% in opening.
Eli Lilly & Co is one of the main protagonists of the session, after learning that its weight loss pill, called Foundayo, already has approval from the FDA, the United States Food and Drug Administration. The drug received authorization in just 50 days, becoming the fastest approval process for a drug in its class and marking an advance in treatments for overweight.
In this way, the DOW JONES Ind Average moves at opening levels of 46,563 points, the S&P 500 gains, at the close of the Spanish stock market, 0.08 to 6,580% and the Nasdaq OMX advances 0.55% to 21,842 points.
In fixed income, asset returns drop after this news and The Spanish 10 bond is trading at 3.477% with cuts of 0.20% and the German bund places its profitability at 2.9908% while falling 0.16%. The risk premium ends the day at 48.20 basis points and rises 2.6%.
The futures of the barrel of oil are today the main protagonists with the increases again but nuanced by almost half in the European case and 5% lower in the American case. Brent gained 5% to $106 and West Texas gained 8.8% to $108.92.
Meanwhile, Gold remains negative with cuts of 2.23% to $4,705 per asset.
For its part, the Euro Dollar is exchanged for 1.1553 units, with the single currency falling by 0.33%, while Bitcoin drops 3% to $68,854 per asset.