IBEX Holds Firm as Global Tech Selloff Deepens
Spain’s benchmark resisted pressure from Asia and the U.S., with telecom and utility shares among its strongest performers.
Key takeaways
- The IBEX 35 climbed above 19,300 intraday as technology shares fell in global markets.
- Telecom and utility shares helped offset losses in cyclical stocks.
Spain’s IBEX 35 resisted a global selloff in technology shares, briefly rising above 19,300 points intraday. As of 07:18 UTC on Oct. 15, the index stood at 19,295.8, up 0.34% from the previous close.
The pressure followed U.S. inflation data that came in above expectations annually, strengthening expectations of possible Federal Reserve rate increases. The Nasdaq fell 1.88% in the previous session, while Asian markets also dropped sharply.
Cyclical shares, including ArcelorMittal, BBVA and Santander, faced selling pressure. Telecoms such as Telefónica and Cellnex, along with utilities, were among the IBEX’s stronger performers.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
