Markets stayed cautious after the Trump‑Xi meeting, with oil above $100 and rising debt yields. The Spanish Ibex index stayed down even though Repsol provided some support.
Amadeus, the third most bearish stock on the Ibex this year, received a boost as Deutsche Bank analysts raised its valuation by 23% and reinstated it as a buy recommendation.
Barclays reiterates its optimism on Repsol, pointing to three positive catalysts that support further investment in the company now that oil prices have hit $100 per barrel, boosting its share price on the Spanish Ibex index.
In August, the Spanish Ibex index recovered to near 20,000 points amid a new escalation of conflict in Iran that pushed oil prices above $90 per barrel, prompting concerns about inflation. Repsol was the top performer on the index.
Geopolitical developments have taken a negative turn, with the prospect of a US‑Iran agreement fading under new US demands. Oil price pressures have revived, hampering the push for new record highs on European stock markets. After two days of stagnation, the IBEX 35 is testing fresh highs, led by Repsol and Amadeus.