The IBEX 35 opened Friday with little change, in a session marked by doubts over tech sector valuations and a renewed uptick in geopolitical uncertainty. Nevertheless, the index maintained a positive tone for the week as a whole, with a 1.5% rise.
Despite frequent swings driven by questions over AI, geopolitical conflicts, and tariff uncertainties, the Spanish stock index is on track for an accumulated gain of 3.3% in February—its eighth consecutive positive month and its best monthly streak since 2006.
On international markets, concerns persisted Friday regarding the valuations of technology companies. Strong results from Nvidia, a benchmark in the artificial intelligence sector, failed to impress demanding investors, dragging Wall Street lower.
"The message is clear: this is no longer about whether AI is the future, but about how much you are willing to pay for that future. (...) It's not enough for companies to simply post good numbers; the price of money is what matters," said Sergio Ávila, analyst at IG, referring to the market's focus on interest rates. "The (US stock index) S&P 500 today is caught between two forces: reasonable earnings and the shadow of inflation."
This analyst highlighted that the main macroeconomic reference of the day would be the US price index (1330 GMT).
"If the data supports rate cuts later on, the S&P gets some breathing room. If not, we'll see more rotation into defensive sectors, value stocks, and companies with strong cash positions and controlled debt," he explained.
On the geopolitical front, an Omani mediator involved in nuclear talks between the United States and Iran offered an optimistic reading after the latest round of negotiations, but signs of progress that could avert possible US strikes remained elusive.
Meanwhile, Pakistan's defense minister spoke of "open war" against Afghanistan following overnight airstrikes on Taliban government targets.
Against this backdrop, at 0805 GMT on Friday, Spain's IBEX 35 was down 27.90 points, or 0.15%, at 18,468.70 points, while the FTSE Eurofirst 300 index of leading European stocks was up 0.07%.
In the banking sector, Santander lost 0.68%, BBVA was little changed, Caixabank gained 0.33%, Sabadell fell 0.30%, Bankinter rose 0.07%, and Unicaja Banco dropped 0.37%.
Among major non-financial stocks, Telefónica slipped 0.36%, Inditex advanced 0.38%, Iberdrola lost 1.25%, Cellnex fell 0.29%, and oil company Repsol dropped 0.29%.
Among companies reporting quarterly figures on Friday, as earnings season nears its end, Merlin Properties stood out with a 5.25% rise, Solaria climbed 7.82%, and Grifols fell 4.38%.
(Reporting by Tomás Cobos; editing by Benjamín Mejías Valencia)
