Costa News Spain Breaking News | English News in Spain.
The Bolsa de Madrid reached a new milestone, but it also served as a reminder that this rally is uneven: only a few heavyweight sectors have been able to make the most progress, and Spain is not the main story.
What propelled the Ibex towards a new peak?
The banking sector was the strongest driver on the day, with many lenders posting gains of over 2%.
ArcelorMittal, IAG and shares related to global growth, as well as travel, helped boost the index in Madrid.
Not all of the markets joined in. The laggards were the renewable and utility stocks, while the oil-linked names were pressured during the session by the sharp drop in crude prices.
Spain still climbed despite the global background.
The record was set on a day that the global markets were anything other than calm. The media covered the heavy movements in precious metals and commodities, as well as new nerves about US monetary policy following political headlines from Washington.
Spanish equities pushed through the noise, helped along by strong performances in other parts of Europe as well as a late Wall Street improvement.
What to Watch Next
The trade on Tuesday has already demonstrated how quickly euphoria fades. After Monday’s record-breaking close, the Ibex slipped back from its previous highs, as other markets cooled. This showed that this rally is still susceptible to global sentiment.
The next big test will be whether market leaders continue to deliver. Investors pay attention to central bank decisions and the earnings of banks.
Sources:
