The Ibex 35 closes up 0.40% at 18,989.80 points

The Spanish stock market holds up better than Europe in a session of weak PMIs: Ibex 35 today

Ibex 35 today closed at 18,989.80 points, up 0.40% and 76.30 points. To me, that looks like a stronger close than the percentage suggests: while Europe turned red after soft PMI readings, Madrid found support in Repsol and in the defensive tone of utilities such as Iberdrola and Endesa.

Prices at the close on 23 October 2026 (17:35, Madrid time).

How the IBEX 35 closed: better than its neighbors despite the macro hit

The index traded between a low of 18,803.60 and a high of 18,992.10 points before finishing very close to the upper end of the range. That leaves a simple reading: there was selling pressure during the session, but the Spanish market absorbed it better than other European exchanges.

The comparison helps. The Euro Stoxx 50 fell 0.31%, the Stoxx Europe 600 0.31%, the DAX 0.75% and the CAC 40 0.36%, while the FTSE MIB rose 0.36% and Lisbon gained 0.07%. It is not a brilliant close, but it is a better relative one, and that is no small detail in a weak week.

What moved the Spanish stock market today

The first driver of the day was the deterioration in eurozone PMIs. France disappointed with manufacturing at 49.3 and services at 48.4; Germany held up better in industry, at 54.2, but weakened in services, at 51.7; and the eurozone aggregate came in at 52.4 for manufacturing and 51.7 for services. The message does not invite euphoria: growth is losing some momentum just as the cost of money continues to weigh on valuations and financing.

The second channel was more helpful for Spain. The euro fell to $1.1202, Brent slipped to $111.65 and Wall Street opened mixed, with the S&P 500 lower and the Nasdaq 100 futures higher. That mix favored an Ibex that is very sector-driven: energy pulled strongly thanks to Repsol, and utilities acted as a counterweight to weakness in airlines, renewables and some industrial names.

Biggest gainers and losers

Repsol was the big story of the close, jumping 4.25% to 29.46 euros, well ahead of the rest. Behind it came Endesa, up 2.08%, Rovi, up 1.18%, and Naturgy, up 1.11%; Cellnex added 0.96% and Iberdrola 0.74%. When the index holds up while Europe is falling, it is almost always worth looking there before focusing on the headline figure.

On the weak side, Indra fell 3.51%, IAG 3.12% and Solaria 2.35%. Telefónica also suffered, down 1.73%, as did ArcelorMittal, down 1.11%, while Amadeus lost 0.56%. The pattern is fairly clear: pressure on growth, tourism and cyclicals; money seeking relative refuge in traditional energy and regulated businesses.

Sectors: who led and who dragged

For me, today’s sector picture is more revealing than the close itself. Oil and gas, utilities and part of the defensive profile led, with Repsol, Endesa, Iberdrola, Naturgy and Cellnex supporting the index. Renewables, travel and industry were the laggards, with Solaria, IAG, Indra and ArcelorMittal among the worst performers. That split fits a market that continues to reward visible cash flow and punish cyclical sensitivity when data soften.

What to watch next week (Madrid time)

• Monday 26/10, no economic calendar reference included for the European morning.
• Wednesday 28/10, 19:00, FOMC statement; 19:30, Fed press conference.
• Thursday 29/10, 14:15, ECB interest rate decision; 14:45, press conference.
• On Monday 26/10, Wall Street will open at 14:30 and close at 21:00 in Madrid.

My take

I am left with two ideas. First: the Ibex has once again behaved better than Europe, but it has done so because of its composition, not because the macro backdrop has improved. When the index rises with Repsol surging and utilities strong, while European PMIs cool, I see more defense than real appetite for risk. That does not invalidate the move; it simply puts it in context.

What would make me change tone would be seeing the index settle above today’s intraday high of 18,992.10 points, and do so with broader participation from banks and cyclicals. If that does not happen, I will keep reading this rebound as a tactical hold within a weak week, with a 1.74% decline over five sessions. The main risk is quite clear: that Thursday 29 October’s ECB meeting at 14:15 keeps a hawkish bias in an environment where activity is losing traction. The market often asks for easy money too soon. I prefer to remain skeptical until the data say otherwise.

For further reading

• My previous analysis: European stocks today: the IBEX 35 opens up 0.31%
• Stock market investing guide — basic concepts for making better decisions

This article is general financial information and does not constitute investment advice. Investing involves the risk of loss of invested capital.