The Ibex 35 closed the session with strong gains of more than half a percentage point despite initial doubts. The day promised to be volatile and delivered, with other European indices even rebounding more strongly, boosted by the news that the U.S. Supreme Court ruled against Trump’s tariffs.
Software Sector Leads Gains
Amadeus led gains on the Ibex 35, rising 3% and recovering earlier weekly losses to complete the session nearly flat. Concerns surrounding software companies due to the impact of artificial intelligence continue to weigh on the Spanish market. The banking sector also performed well, with Bankinter in the spotlight after confirming a dividend of €0.15 per share. Investors are now questioning whether banks will be able to maintain these attractive payouts amid the ongoing mortgage war.
Telefónica declined by around 1%, while Puig also showed weakness. The company received a positive reception to its earnings report, but a lack of clear guidance for 2026 weighed on the stock as the week progressed.
Luxury Goods Surge on Moncler Results
The CAC in France and the MIB in Italy rose by more than 1%, driven by optimism in the luxury goods sector. Moncler’s results impressed the market thanks to an acceleration in the final quarter. The company’s performance in Asia also remained significantly stronger than in other markets, with particularly strong growth in China. This led to a more than 13% increase in its share price. In the U.S., indices rose following the Supreme Court’s decision against Trump’s tariffs. This represents a significant setback for the former president, and coupled with his own decisions to reduce some tariffs, it’s clear that the tariff policy was a failure. Meanwhile, the PCE data for December came in higher than expected, registering 2.9% and 3% for the core figure, while annualized GDP growth for the latest quarter was only 1.4%. This was the worst-case scenario – rising inflation and slowing growth – but the decision on the tariffs is having a greater impact.
Gold had a solid session, with gains of more than 1%, while silver rebounded with increases of 5%. This week was expected to be quiet due to the market closure in China, so we could see significant movements again next week.
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