The IBEX 35 closes with a rise of 0.93% this Tuesday to mark new historical highs at 17,354.90 points. In intraday trading, it has reached 17,384.90 points. The most bullish value has been Indra, with a rise of 2.62%, compared to the 2.43% that Acerinox has advanced. On the decline side, Grifols fell 1.19% and Fluidra 0.09%.
The main index of the Spanish stock market reaches the last day of 2025 having accumulated a spectacular revaluation of 49.67% in the year. It is the second highest in history, only surpassed by the 54.2% that was recorded in the now distant 1993. In December, the accumulated advance is 6% waiting for tomorrow’s trading, when it must be remembered that the market will close earlier than usual (2:00 p.m.).
Waiting for this last session, the best value of the Ibex 35 in 2025 has been Indra, with a rise of more than 180% in the heat of the plans of European governments (including the Spanish one) to increase defense spending to adapt to the new geostrategic scenario. Today the company has made headlines after announcing that it has closed the purchase of 89.68% of Hispasat from Redeia (REE) for 725 million euros.
But in an index as heavily banked as the Spanish one, the banks have been the true drivers of the advances. Special mention for a Banco Santander that consolidates above 10 euros after rising more than 130% in the year. On the opposite side, Puig Brands has accumulated a drop of -15% in the year and Cellnex is close to double-digit punishment.
This Tuesday, Acerinox has especially shone, taking the opportunity to achieve new historical highs. The steel company, which will pay a dividend in January to its shareholders, also offers double-digit potential, according to analyst consensus.
In other news of the day, Repsol has reached a new milestone in the decarbonization of transport by having 1,500 service stations, 1,429 in Spain and 71 in Portugal, which supply Nexa Diesel of 100% renewable origin. This advance reaffirms the company’s commitment to renewable fuels and expands the range of technologies available for the mobility of its customers, thus fulfilling the objective set in the update of the 2024-2027 strategic plan.
Today it was also known that BBVA’s Director of Regulation and Internal Control, Ana Fernández Manrique, has sold shares in the bank for almost 300,000 euros. According to CNMV records, it formalized the sale on December 23 by selling 15,000 BBVA securities at an average unit price of 19.6 euros per share.
In the Continuous Market, it must be taken into account that Talgo has called an extraordinary general meeting for February 3 in which the departure of the CEO and the ratification of new members of the board of directors will be voted on.
On the macroeconomic agenda of the day, investors had breakfast in Spain with the figures for the advance CPI and retail sales. The CPI leading indicator places its annual variation at 2.9% in December, one tenth less than that registered in November. While the annual rate of the General Retail Trade Index at constant prices stood at 6.0% in the series corrected for seasonal and calendar effects.
However, the most relevant event of the day will take place with the European stock markets closed. Thus, in the afternoon and in the US, The minutes of the meeting held on December 18 and 19 by the Federal Open Market Committee (FOMC) of the Federal Reserve will be released. At this meeting the Fed cut rates by 25 points, to the range of 3.50% to 3.75%. Although the decision had been anticipated by the market, it was very divided, with no less than three officials voting in favor of maintaining rates (2) or cutting them further (1).
Pending the publication of the minutes, falls dominate Wall Street, with the DOW JONES and S&P 500 on their way to their third consecutive negative day. Although the year has been quite remarkable for the New York stock market, with the Dow on track for its best year since 2021, doubts are emerging in recent days, making the Christmas rally increasingly unlikely and moving the indices away from their highs.
Meanwhile, advances have dominated European financial markets. The EURO STOXX 50, the main indicator of the Old Continent, has risen 0.76%, compared to the 1.02% that the German DAX has gained. In Paris, the CAC 40 rose 0.69% and in London the FTSE 100 rose 0.79%.
During the Asian session, the Nikkei 225 index in Tokyo closed its last session of 2025 at 50,339.48 basis points, since the Tokyo Stock Exchange will not open its doors tomorrow due to a holiday. Although today it has fallen by 0.3%, the annual balance is more than positive, since it has appreciated more than 26% in the year.
In raw materials markets, oil prices remain on the rise after the rebound experienced yesterday. European benchmark Brent oil rose 0.18% to $61.60 per barrel, while US West Texas futures rose 0.46% to $58.35. Both contracts closed up more than 2% in the previous session after Moscow accused kyiv of attacking President Vladimir Putin’s residence, stoking fears of supply disruptions.
The euro fell 0.14% in its exchange rate against the dollar, leaving the exchange rate at 1.1756 dollars for each single currency.
In fixed income, the Spanish ten-year debt bond offers a return of 3.285%, which leaves the risk premium compared to Germany at just 43.28 points. The US ten-year bond pays 4.126%.