Ibex 35 Surpasses 18,000 Points Amid Positive Earnings and Economic Growth Outlook

The Ibex 35 index closed January 2026 with a robust 3.2% gain, breaking the 18,000-point barrier for the first time, signaling strong investor confidence despite global uncertainties. According to economic analysts, a bullish January traditionally correlates with an 80% chance of a positive year-end for the Spanish market, setting a favorable tone for the months ahead.

The recent earnings season has started on a strong note, particularly within the financial sector, which is expected to catalyze growth across other listed companies. Spain's renewed position among the world's top 12 economies and anticipated economic growth of 2.2% this year, as forecasted by Mapfre Economics, underpins this optimism.

Globally, the U.S. economy is projected to expand by approximately 2%, the Eurozone by 1.1%, and China is expected to stabilize global growth with rates between 4.5% and 5%. However, inflationary pressures persist, largely attributed to tariffs, with U.S. price increases expected to remain above 3%. This has kept central banks like the Bank of England and the European Central Bank steady on interest rates, maintaining them at 3.75% and 2.00%, respectively.

Investor sentiment also reflects cautious optimism given the sturdy performance in sectors such as artificial intelligence, energy, defense, and infrastructure. However, challenges remain; major European banks, including Sabadell, face difficulties highlighted by poor results and leadership changes. In the U.S., tech giant Amazon's announcement to boost investments by 50% to $200 billion by 2026 depressed its shares by 11% after hours, reflecting concerns over heavy spending amid inflation and uncertain returns.

Meanwhile, cybersecurity firms Fortinet and Gen Digital have bucked some negative trends, posting positive earnings with stock gains of 5% and 10%, respectively. Upcoming U.S. employment data, delayed by a government shutdown, poses an additional element of uncertainty to the market outlook.

Overall, Spain's stock market exhibits resilience with promising earnings momentum and solid macroeconomic fundamentals, yet remains cautious given ongoing global economic and geopolitical challenges.