The IBEX 35 dropped to 9,551 on Wednesday, snapping its 6-day rally, as investors digested latest economic data which showed a slower-than-expected moderation in Germany's inflation and a pick-up in the Spain's one. Meanwhile, the US GDP and private employment reports came soft. The renewables sector suffered the biggest losses after ORSTED.CO, the world's largest offshore wind farm developer revealed it could face U.S. impairments of around $2.3 billion. Acciona Energia (-2.6%), Solaria (-2.3%), and Iberdrola (-2.3%) led the decrease. Among other laggards, Grifols fell by 1% due to the downgrade in recommendation from Morgan. Meanwhile, Unicaja and Laboratorios Farma limited the decline, up by 1.8% and 1.1%, respectively. Market's focus will now switch to the US PCE price inflation and US non-farm payrolls.
Historically, the Spain Stock Market Index (ES35) reached an all time high of 16040.40 in November of 2007. Spain Stock Market Index (ES35) - data, forecasts, historical chart - was last updated on August of 2023.
The Spain Stock Market Index (ES35) is expected to trade at 9099.82 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 8419.02 in 12 months time.