September started with doubts in the markets. Eurozone inflation rose to 3.3%, oil prices stayed above $90, and expectations of further rate hikes pushed debt interest higher. The IBEX 35 deepened its decline after losing the 20,000-point barrier at yesterday’s close, with Cellnex and Amadeus acting as a brake.
European stock markets opened mixed, with the Spanish IBEX 35 edging up towards the 20,000-point level it fell from a week ago, amid the backdrop of the Jackson Hole meeting and Nvidia results.
The week began with markets driven by a plunge in oil prices. Attention then shifted to the technology sector, especially the correction affecting the most speculative AI‑related investments. South Korea’s KOSPI fell 10%, while the IBEX 35 managed to withstand these pressures and remain close to its record highs.
The Spanish Ibex 35 index recovered to 18,276 points with a 0.55% gain, driven by major holdings Santander and Inditex. European markets benefited from lower oil prices despite broader tech sector weakness from Broadcom’s disappointing results.