IBEX 35 Rises Despite Fresh Political Uncertainty
Spain’s IBEX 35 index rose to around 19,160 on Monday, remaining resilient despite fresh domestic political uncertainty. Prime Minister Pedro Sánchez called an early general election for November 29 after Congress rejected two housing decrees aimed at addressing the housing crisis. The index was also supported by lower oil prices and easing bond-market pressure. On the data front, Spain’s services PMI rose to 58.3 in September from 57.8 in August, matching July’s three-and-a-half-year high, although cost pressures intensified and business sentiment weakened. Among major stocks, Merlin Properties rose 3.22%, while Banco Santander gained 1.88% and Telefonica advanced 1.54%. On the flipside, Acciona fell 2.43%, followed by ArcelorMittal at 2.30% and Enagas at 1.86%.
Spain’s IBEX 35 index rose to around 19,160 on Monday, remaining resilient despite fresh domestic political uncertainty. Prime Minister Pedro Sánchez called an early general election for November 29 after Congress rejected two housing decrees aimed at addressing the housing crisis. The index was also supported by lower oil prices and easing bond-market pressure. 8 in August, matching July’s three-and-a-half-year high, although cost pressures intensified and business sentiment weakened.
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